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With Bitcoin rising over 10% in the previous week, opinion toward the currency has drastically shifted from “extreme fear” to “greed” and “FOMO” (fear of missing out).
Caution Advised Amid Sudden Bullish Reversal
Regarding the unexpected positive turnaround, crypto analytics company Santiment cautioned X in a July 16 report. According to the site, investors should exercise caution as “the crowd has collectively become so bullish without many signs of fear”. Investors’ positive view of the possibility of Donald Trump and his crypto-friendly running mate JD Vance securing an election triumph in November helped to explain much of the market’s newly acquired hope.
Crypto Fear & Greed Index and ETF Inflows
Amid a crypto market comeback, the Bitcoin mood tracker Crypto Fear & Greed Index moved from “extreme fear” to “greed” between July 13 and July 16. Based on TradingView statistics, Bitcoin has increased 12.8% over past week and is now trading at $64,508.
With the eleven spot Bitcoin funds nettting a total of $300.9 million in net inflows on July 15, Bitcoin exchange-traded funds (ETFs) have also showed indications of strength. With similar $117.2 million inflows on the day, BlackRock and Ark 21 Shares topped the field according FarSide Investors statistics.
Following a period of German government-linked BTC sales and worries about the $8.5 billion in BTC being paid back to creditors of the bankrupt crypto exchange Mt. Gox, the price of Bitcoin recovered off its July 5 low of $53,500. Several experts observed that an improving macro-environment would suggest the worst “is likely behind us” if major territory was reclaimed over the $62,000 level.
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