Bitcoin Rally Shows Limited Leverage Build-up Amid Market Greed
The crypto market's fear and greed index has retreated to 65 after reaching a high of 74, according to Alternative.me. This moderation in sentiment comes despite Bitcoin's impressive 22.4% weekly gain, which pushed its price above $79,000.
However, open interest (OI) in Bitcoin futures has fallen to near a five-month low, indicating that the recent rally may not be driven by aggressive long accumulation. The drop in OI suggests that traders are not heavily leveraged, with funding rates remaining below 10% annualized.
CryptoQuant's Bull Score has risen significantly, reaching its highest level since October 6, 2025, indicating a strong bullish trend. The firm estimates that visible spot demand is growing at the fastest pace since late December, and analysts are seeing simultaneous increases in spot and futures demand for the first time since early October 2025.