According to Coinglass data, the total Bitcoin holdings on the entire network increased by 10.71% in the past 24 hours, reaching $20.494 billion. At the same time, the Fear and Greed Index has reached its highest level since mid-November 2021 when the price of Bitcoin reached $69,000.
The approval of the first Bitcoin spot ETF by the U.S. Securities and Exchange Commission (SEC) this week is eagerly awaited by the market. Currently, according to Coinglass data, the total Bitcoin holdings on the entire network increased by 10.71% in the past 24 hours, reaching $20.494 billion.
Among them, the Chicago Mercantile Exchange (CME) has a Bitcoin futures contract holding of 132,900 BTC, with a market value of approximately $6.23 billion, ranking first. The Bitcoin futures contract holding of the cryptocurrency exchange Binance is 97,200 BTC, with a market value of approximately $4.59 billion, ranking second.
The contract holdings have increased by 10.71%|Source: Coinglass
The market sentiment has entered the “extreme greed” zone.
It is worth mentioning that the market sentiment score of Bitcoin is currently 76 (out of 100), indicating “extreme greed.” This is the highest score since the price of Bitcoin reached $69,000 in mid-November 2021.
Fear and Greed Index
It is understood that the cryptocurrency fear and greed index evaluates market sentiment based on six key performance indicators: volatility (25%), market momentum and trading volume (25%), social media (15%), surveys (15%), Bitcoin dominance (10%), and trends (10%).
Looking back six months ago, when asset management giant BlackRock applied for a Bitcoin spot ETF on June 15 last year, the market sentiment score was 41, indicating “fear.” However, within the following six days, when other asset management companies followed BlackRock’s footsteps, the market sentiment score soared to 59, entering the “greed” sentiment.
The change in data highlights the influence of Bitcoin spot ETF on market sentiment in the past six months, as well as the positive response from investors to major financial institutions participating in the cryptocurrency market.
BlackRock leads the application for spot ETF, and the market is still in a state of fear on the first day.
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