BTC Fear & Greed Index shifts from fear range for the first time since October 23

The Bitcoin Fear & Greed Index has shifted to a neutral (51), up 22 points from last week’s firm fear reading of 29 when Bitcoin crashed to the $107,000 level on October 23. The index sharply rose from 28 (fear) on September 26 to 74 (greed) on October 5 before plunging to 22 (extreme fear) on October 17.

The index jumped 11 points from fear to neutral in 24 hours, rising from a reading of 40 (fear) to 51 (neutral), as confidence in Bitcoin rebounded over the weekend. Trump’s announcement on China tariffs on October 10 triggered a sharp drop from 71 (greed) to 24 (extreme fear) as $19 billion of crypto leveraged positions were liquidated. 

The shift in sentiment comes as data from the Bitcoin analytics platform Glassnode confirms a decline in BTC selling pressure. The platform’s X account suggested that a reversal in the current Bitcoin trend is underway, as negative sentiment and selling pressure appear to have already peaked.

According to the post, spot and futures Cumulative Volume Delta (CVD) have flattened since the October 10 flush, indicating subsiding selling pressure over the past few days.

BTC dominance rises in 24 hours

Cryptorank data shows that BTC’s dominance rose by 0.12% to over 55%, as BTC settled at $115,566 in the last 24 hours amid the positive shift in sentiment. Bitcoin’s spot volume gained 31.1% to over $75 billion, while its market cap surged 2.76% to reach over $2.3 billion over the same period. 

Meanwhile, historical BTC dominance data from Coingecko also reveals that the coin’s dominance was 57.55% in the past week (-3.3%), 56.21% (-1.9%) in the past 30 days, 60.14% (-0.8%) in the past three months, and 55.12% in the past year. Lookonchain claims that this dominance is driven by investor confidence.  

However, the Cryptorank chart also shows that BTC’s dominance has been moving sideways in the 54%-55% range since mid-October. Bitcoin has maintained a market share of 57.8% this week.

Bitcoin enters a silent phase of accumulation

Cryptopolitan reported five days ago that BTC appears to be entering a period of silent accumulation, as selling pressure on exchanges has dropped significantly. CryptoQuant analysts also noted that short-term sentiment is fragile, although the netflow trend presents a different picture. They explained that even though daily inflows are noisy, the 30-day average provides a clearer picture, adding that the strongly negative trend indicates accumulation.

The analysts also claimed the current pattern suggests that investors hold their assets off-exchange, rather than exiting the market entirely. They referenced historical data, saying that this dynamic often precedes renewed upward momentum. On-exchange Bitcoin reserves have declined since the beginning of this month.

CryptoQuant’s BCMI (Bitcoin Combined Market Index) has also retraced to the neutral zone, the midpoint between undervaluation and overvaluation during the coin’s market cycles. Previous cycles in 2024 and 2020 indicate that a retest of the 0.5 level marks the end of a corrective phase, which also precedes new expansion phases. 

The CryptoQuant team emphasizes that all components indicate a structural mid-cycle correction, rather than a macro top. Meanwhile, they believe momentum could resume to a new local high if BCMI rebounds from 0.5 to 0.6. However, extended consolidation may follow if it breaks below 0.45.

The team further explained that Bitcoin’s MVRV of 1.8, which is well below the historical valuation levels above 3.0, and the SOPR of nearly 1.02, indicate a balance between profit-taking and accumulation. They believe this is the cooling period when speculative activity declines and long-term value metrics reset. 

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