Crypto Sentiment Shifts To Neutral Following Bitcoin ETF Hype As $116M In Liquidations Hit Traders
Portfolio Pulse from Mehab Qureshi
The Crypto Fear and Greed Index has shifted to 'neutral' for Bitcoin sentiment, scoring 52 out of 100, after a brief period of 'extreme greed' following the U.S. approval of spot Bitcoin ETFs. The index, which analyzes various market metrics, reflects a cooling of enthusiasm since October 2023. In the past 24 hours, $116.62 million in trader liquidations occurred, with significant losses in cryptocurrency long positions, including $19 million in Bitcoin and over $20 million in Ethereum. Bitcoin's price spiked to $49,000 post-ETF approval but has since retreated, trading at $42,544, down 0.41%.
January 15, 2024 | 4:08 am
News sentiment analysis
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NEGATIVE IMPACT
Bitcoin sentiment has cooled to neutral, with significant liquidations and a price retreat from recent highs. The price is currently down slightly.
The shift to a neutral sentiment and recent liquidations suggest a cooling off period for Bitcoin, which could lead to a short-term negative impact on its price.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Ethereum has seen over $20 million in position liquidations, indicating potential downward pressure on its price in the short term.
The large amount of liquidations for Ethereum long positions could contribute to a bearish outlook for ETH in the short term.
CONFIDENCE 70
IMPORTANCE 70
RELEVANCE 80