According to Coinglass data, the total Bitcoin holdings on the entire network have increased by 10.71% in the past 24 hours, reaching $20.494 billion. Meanwhile, the fear and greed index has reached its highest level since mid-November 2021 when the price of Bitcoin reached $69,000.
This week, the market is eagerly awaiting news from the U.S. Securities and Exchange Commission (SEC) regarding the approval of the first Bitcoin spot ETF. Currently, according to Coinglass data, the total Bitcoin holdings on the entire network have increased by 10.71% in the past 24 hours, reaching $20.494 billion.
Among them, the Chicago Mercantile Exchange (CME) has the largest Bitcoin futures contract holdings with 132,900 BTC, valued at approximately $6.23 billion, ranking first. The Bitcoin futures contract holdings of the cryptocurrency exchange Binance are 97,200 BTC, valued at approximately $4.59 billion, ranking second.
Contract holdings have increased by 10.71% in the past|Source: Coinglass
The market sentiment has entered the “extreme greed” territory. It is worth mentioning that the data shows that Bitcoin’s market sentiment score is currently 76 (out of 100), indicating “extreme greed.” This is the highest score since mid-November 2021 when the price of Bitcoin reached $69,000.
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 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, as other asset management companies followed in BlackRock’s footsteps, the market sentiment score skyrocketed 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 and the positive response from investors to major financial institutions participating in the cryptocurrency market.
BlackRock leads the way in applying for spot ETF, market still in fear sentiment on the first day
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