Crypto Market Sentiment Shifts to Greed as Bitcoin Price Rises

The cryptocurrency market has been on a bullish trend since early August, led by Bitcoin. This recovery follows a prolonged bear market that persisted from October last year.

Since the start of August, the total crypto market cap has grown significantly, increasing from $2.06 trillion to over $2.91 trillion in just six weeks, adding nearly $1 trillion in value.

This sudden increase raises questions about whether it signals the start of a cryptocurrency bull market.

The Fear & Greed Index, which measures market sentiment, has returned to 59 as of writing, indicating a shift from fear to greed. Notably, this is not far off from reaching extreme greed levels around 70, although extreme greed tends to appear near the end of an uptrend.

Additionally, Bitcoin ETF inflows have seen massive net inflows of $999 million, with BlackRock, Ark & 21Shares, and Fidelity leading the charge with $381.37 million, $289.12 million, and $238.84 million, respectively.