Retail Enthusiasm Builds Ahead of Crypto Milestones: Bitcoin Halving, Ethereum Upgrade, and Potential ETF Approval”
A recent report highlights a surge in retail investor activity as significant catalysts approach in the cryptocurrency market, including the bitcoin halving, the Dencun upgrade of the Ethereum blockchain, and the potential approval of spot ether ETFs.
During the fourth quarter of 2023, platforms like The Block, Paypal, and Robinhood observed increased trading volumes. JPMorgan analysts suggest that retail investors played a significant role in driving the market rally witnessed in February.
Bitcoin, the leading cryptocurrency, has seen a 30% surge in the past month, while the Coindesk 20 index registered a 24% increase, according to CoinDesk indices data.
The renewed interest from retail investors is attributed to anticipation surrounding upcoming crypto events. While the market has already priced in the first two catalysts, analysts remain cautious about the approval of spot ether ETFs by the SEC in May, estimating only a 50% chance of approval.
This uptick in retail participation is evident in on-chain cumulative bitcoin flows, with smaller wallets showing increased activity—a sign of heightened retail investor engagement.
JPMorgan notes that platforms like The Block, PayPal, and Robinhood, as well as crypto exchange Coinbase, all experienced heightened trading activity and increased investor flows during the final quarter of 2023.
Read more:
Pingback: US Lands On MOON After 50 Years: NASA Artemis! Watch Now - BE UPDATED