Bitcoin Sentiment Soars to 89, Highest Since March

Bitcoin's sentiment has reached its highest level since March 2024, according to CryptoQuant analyst Darkfost. His sentiment measure briefly entered the 'extreme greed' range during Bitcoin's recent rise and peaked at 89 on an index tracked by him.

The reading has since cooled down as Bitcoin tries to hold its price, which is currently near $77,300, according to CoinGecko data. This comes after a 24-hour price fluctuation spanning roughly $76,400 to $79,600.

Darkfost's measure incorporates Fear & Greed data alongside other inputs and shows that sentiment readings above 89 are more relevant when investor behavior changes alongside price movements.

U.S. spot Bitcoin ETFs recorded $462.7 million in net outflows during the Sep. 8-11 trading week, which is a different measure of market activity from Darkfost's sentiment reading.