The sharp rise in the cryptocurrency market in recent weeks has led to a significant shift in investor sentiment. The Crypto Fear & Greed Index rose to 81 points, reaching its yearly high, shifting market sentiment into the "extreme greed" zone. Just one month ago, the index was in the "fear" zone, highlighting the rapid change in investors' risk appetite. Last week, the index stood at 41 points, at a "neutral" level.
Bitcoin ($BTC) continues its upward trend, trading at $79,252, gaining approximately 0.67% in the last hour.
However, the Fear & Greed Index on the BitcoinSystem On-Chain data terminal currently shows a "greed" level of 74 points.
High volatility is observed in derivative markets. According to liquidation data over the past 24 hours, leveraged positions worth a total of $424.5 million were liquidated. Of this amount, $334.2 million were long positions, and $90.3 million were short positions.
Bitcoin's on-chain indicators also provide important signals regarding the current market structure. With Bitcoin's current price around $79,252, the fact that the market price is significantly above the Realized Price level (mentioned as ~$53,000 in context) suggests a significant portion of investors are taking profits.
The MVRV Ratio is 1.49. This value indicates that Bitcoin's market capitalization is approximately 49 percent above its realized value, but remains well below the much higher levels seen during overheating phases of past bull markets.
The Net Unrealized Profit/Loss (NUPL) indicator at 0.33 also indicates that Bitcoin investors overall are holding unrealized profits. The SOPR indicator at 1.0193 shows that Bitcoins moving on-chain are being spent at an average profit. An SOPR value above 1 is considered a signal that profit-taking by investors is ongoing.
The Puell Multiple, which compares miner revenue to the Bitcoin price, is at 0.93. A value close to 1 suggests that miner revenues have not yet reached excessively high levels compared to historical averages.
*This is not investment advice.
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