Bitcoin sentiment has dramatically shifted from “extreme fear” to “greed” and “FOMO” within just a few days, driven by a 12% gain over the last week.
On July 16, crypto analytics platform Santiment posted on X, advising caution amidst the sudden bullish trend.
They warned that investors should be careful when “the crowd has collectively become so bullish without many signs of fear.”
Santiment attributed the market’s optimism to investors favoring the potential election victory of Donald Trump and his crypto-friendly running mate JD Vance in November.
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During the period from July 13 to July 16, the Crypto Fear & Greed Index for Bitcoin sentiment flipped from “extreme fear” to “greed” as the crypto market rallied.
Bitcoin has surged by 12.8% in the last week, currently trading at $64,508, according to TradingView data.
Bitcoin exchange-traded funds (ETFs) have also shown strength, with eleven spot Bitcoin funds seeing net inflows of $300.9 million on July 15.
Leading the inflows were funds from BlackRock and Ark 21 Shares, each with $117.2 million on that day, as reported by FarSide Investors.
Bitcoin’s price rebounded from a July 5 low of $53,500, which followed significant sales by German government-linked entities and negative sentiment due to fears about $8.5 billion in BTC being returned to creditors of the collapsed crypto exchange Mt. Gox.
After Bitcoin surpassed the $62,000 mark, several analysts told Cointelegraph that an improving macro-environment suggests that the worst “is likely behind us.”
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