After 13 days in an ‘extreme greed’ phase of Bitcoin euphoria, the drop to $61,000 has pushed investor sentiment back into plain ‘greed,’ according to Coinglass. As of press time, Bitcoin is trading at $63,700, just 13% down from its all-time high.
At a level of 74 out of 100 on the fear and greed index scale, current sentiment aligns with the optimism shared by the market ahead of the expected spot Bitcoin ETF approvals at the start of January.
Over the past year, Bitcoin has spent just 11 days in the fear phase, with most time spent in the neutral sentiment zone at 48% (178 days) and greed just behind at 44% (163 days).
The last time Bitcoin sentiment saw a prolonged period of fear was January 2023, and extreme fear hasn’t been seen since November 2022.
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