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The Crypto Fear and Greed Index has returned to levels not seen since Bitcoin (BTC) recorded its all-time high (ATH) of $69,044 back in November 2021.
Following the recent surge in the market leader’s price, which boosted it to above $35,000, the index now stands at 72 out of a possible score of 100, rising from 66 yesterday and a neutral 50 as recently as last week.
A reading above 50 indicates that investor are more bullish and getting ”greedy,” while a very high reading suggests they are becoming too greedy and risk running into a market correction.
A reading of zero indicates “extreme fear“ while 100 shows “extreme greed,” says provider Alternative.me.
Bitcoin Boom
The last time the index reached a score of 72 was on Nov. 14, 2021. That was just four days before Bitcoin established its ATH of $69,044. In the months that followed, the index tumbled to its lowest-ever score of 7 on Jun. 16, 2022 after the collapse of the Terra ecosystem.
Growing Spot Bitcoin ETF Anticipation
Booming market sentiment can be attributed to the flurry of spot Bitcoin exchange-traded fund (ETF) applications that have been filed by fund management titans including BlackRock and Fidelity with the US Securities and Exchange Commission (SEC).
Most recently, BlackRock, one of the world’s biggest asset managers, has made significant progress towards receiving approval for its spot BTC ETF application.
Meanwhile, Bloomberg analyst Eric Balchunas speculated that it is only a matter of time before a number of BTC ETFs receive approval.
The iShares Bitcoin Trust has been listed on the DTCC (Depository Trust & Clearing Corporation, which clears NASDAQ trades). And the ticker will be $IBTC. Again all part of the process of bringing ETF to market.. h/t @martypartymusic pic.twitter.com/8PQP3h2yW0
— Eric Balchunas (@EricBalchunas) October 23, 2023
BTC price recorded its largest single-day rally in more than a year on Oct. 24 with a 14% gain. The growing level of excitement for spot Bitcoin ETFs prompted cryptocurrency investment firm Galaxy Digital to predict that the price of BTC could rise by more than 74% within the first year of a BTC ETF approval.
Galaxy Digital research associate Charles Yu estimated in a blog post that the total addressable market size for Bitcoin ETFs could reach $14.4 trillion shortly after the first BTC ETF approval.
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