The crypto market is experiencing significant sentiment changes as leading digital assets continue their upward trajectory. The fear and greed index has entered the 60 zone, indicating slightly greedy market conditions.
Bitcoin Rise and Its Market Impact
Today, the fear and greed index entered the greed zone for the first time in six weeks, last seen on July 31. A major drop occurred in early August when Bitcoin fell below $54,000. However, starting from October 10, the price began to rise, reaching $68,375 on October 16.
Market Analysis Based on Data
According to IntoTheBlock, 95% of Bitcoin holders are currently in profit, 3% are near their initial investment, and 2% face losses. While short-term profit-taking is expected, this number shows many investors are waiting for further growth.
Impact of ETFs on Bitcoin Dynamics
One of the main drivers of Bitcoin’s rise is the increased demand for spot ETFs in the U.S. Over the past four days, these investment products have attracted more than $1.6 billion, with $458.5 million on October 16 alone.
The crypto market continues to evolve with Bitcoin’s rise and increased greed among investors. How the rising demand for ETFs will affect the future dynamics will become clear in the near future.