More than 187,000 coins bought! The battle between retail investors and Wall Street spreads to Bitcoin

Data compiled by JPMorgan Chase (155.37, -0.78, -0.50%) show that as Bitcoin continues to hit new highs, small retail investors and big banks are once again in fierce competition.

Strategist Nikolaos Panigirtzoglou and others said in a report on Friday that retail investors have bought more than 187,000 bitcoins so far this quarter, compared with about 205,000 last quarter. Data from Bitcoin funds, capital flows and company announcements show that institutions bought about 173,000 of the world's largest cryptocurrency during the same period, compared with nearly 307,000 last quarter.
While far from bulletproof, statistics suggest that Bitcoin inflows have become more evenly matched since institutions took over late last year. Wall Street’s embrace was once cited as a key reason for Bitcoin’s accelerated rise in 2020, when banks and asset managers announced plans. Now, as the Reddit-fueled hype of internet-famous stocks cools and newer assets such as digital art hit record highs, retail investors (some of whom have received $1,400 stimulus checks) are taking control.
"For many retail investors who trade cryptocurrencies, Bitcoin is a way to make a living during the COVID-19 pandemic. The ups and downs of Internet celebrity stocks have caused many people to lose a lot of money, but Bitcoin has maintained an amazing bullish trend, which has made most people winners," said Ed Moya, senior market analyst at Oanda Corp. "Recently, retail investors have become active again because of the popularity of NFTs (non-fungible tokens), and stimulus checks have also arrived."
Bitcoin broke through $60,000 for the first time last weekend after U.S. President Joe Biden signed the $1.9 trillion stimulus bill into law, but fell back below that level on Monday morning. Bitcoin has risen about 990% over the past year.
Source: Jinshi Data