Data indicates Bitcoin market sentiment has surged into extreme greed territory following a new high above $111,000. The Bitcoin Fear & Greed Index, an indicator of investor sentiment, has risen, suggesting a potentially overheated market. Historically, extreme greed can signal market tops.
The Fear & Greed Index currently stands at 78. This is lower than previous peaks of 87 in December and 84 in January. It remains to be seen if demand will sustain Bitcoin's current trajectory.
Whales have withdrawn a significant amount of Bitcoin from Binance. Net outflows from the platform totaled 2,190 BTC, approximately $237 million. This suggests large investors may be moving Bitcoin into self-custodial wallets for long-term holding.
Currently, Bitcoin is trading around $108,400, reflecting a 4% increase over the past week.
This article is based on our author's analysis of materials taken from the following resources: Alternative.me, CryptoQuant.