Crypto Jobs Flat Despite BitCoin Rally

Since the January 10th approval by the SEC of Bitcoin ETFs, bullish investors have injected over $8 billion into 11 available spot funds, and catapulted the leading cryptocurrency to a new record price of $69,210 on Tuesday morning.

The crypto rally began well before the official approval, with analysts and investors anticipating both the ruling and the increased scarcity to follow a “halving event” due sometime in April (every four years, the reward for mining a single Bitcoin is cut in half to ensure scarcity and guard against inflation).

But according to LinkUp’s job data, hiring across the crypto-verse has remained flat since the start of the year, apparently unmoved by the ETF revival.

Check out the chart below, rendered by our Job Listings Description Search tool on LinkUp Compass. This unique dashboard enables users to filter our dataset of over 270 million active and historical job descriptions by keyword—think industry, job title, skillset, etc.—to capture a wide range of hiring trends in real time.

In this case, we filtered against the keyword “cryptocurrency” to determine how the industry has responded to the recent influx of investor confidence. Expecting to see some level of hiring increase, we found a virtual flatline instead: over the last three months, daily active listings for crypto jobs have hovered around 1,200. It may be that crypto companies are waiting to see how long present enthusiasm persists in an infamously volatile market before they pony up for internal growth—e.g., though Bitcoin did beat its record on Tuesday morning, its blue ribbon price had tumbled 10% by Tuesday afternoon.

Keep ahead of the industry curve with LinkUp job market data. And stay tuned for more of our Notes from The Evidence Lab, where we showcase the engaging interface and unmatched specificity of our job market dataset.

Fig. 1: Daily Active Listings since 1/1/2024 by Keyword: CRYPTOCURRENCY

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