Bitcoin Hits 2-Year High in Sentiment as Spot Demand Rises

Bitcoin's sentiment has reached its strongest level since March 2024, according to CryptoQuant's Unified Sentiment Index, which climbed above 89. Analyst Darkfrost notes that this reading indicates extreme greed, often a market turning point.

The index, on a scale of -100 to +100, shows that investors are at an euphoric level similar to March 2024. However, spot momentum fell 30% over the past week, and spot volume for Bitcoin has risen nearly 10% in the last 24 hours.

Darkfrost also points out that extreme readings on the sentiment index typically signal a pivot point for the market. He notes that while Bitcoin's price is staying below $80,000, the sentiment is already cooling toward more normal levels following the euphoric spike.