- Bitcoin (BTC) price just crossed the $65K mark.
- Traders are urged to tread with caution as the Crypto Fear & Greed Index is now within the November 10, 2021, figures.
- BlackRock and Fidelity reap on the buying spree as they corner 79% of total spot Bitcoin exchange-traded fund (ETF) inflows.
Bitcoin Price Peaks at $65,500
BTC just peaked at $65,500 today as anticipation for its halving and strong demand for spot Bitcoin ETFs continue to dictate its flow. As of this writing at around 9:00 AM UTC, the digital asset is trading at the $65,100 line with gains above 5% on the 24-hour chart.
The developments now boost Bitcoin’s market cap to $1.277 trillion, which greatly contributes to the approximately $2.5 trillion overall market cap of the cryptocurrency market. The same timeframe also sees its trading volume pop by around 82% as $40.38 billion worth of BTC moved between wallets and exchanges.
The massive buying pressure triggered so much volatility within the BTC ecosystem as prices went between $61,649 and $65,494 in just a day. The numbers now nudge Bitcoin prices closer to its all-time high (ATH) of $68,789 by 5%. This creates a renewed optimism that the digital currency may be on its way to a new ATH ahead of the halving.
Buyers Beware
Investors, especially those who are new to crypto trading, are urged by experts to exercise restraint as FOMO is beginning to take over the market. Based on the current Crypto Fear & Greed Index by Alternative.me, the dial on the scale is now set at 82, which indicates “Extreme Greed” as the sentiment of the consensus.
It should be noted that the ratings do not even reflect the real-time emotion of the market, so this could be higher by the next update if Bitcoin manages to hold the line at $65K today. Furthermore, readers are reminded that the present score is now near the 84 “Extreme Greed” exhibited by the market the day before Bitcoin went on an ATH on November 10, 2021.
Spot Bitcoin ETFs Feast on the FOMO
Benefiting a lot from the market frenzy are the spot Bitcoin ETF providers, particularly BlackRock and Fidelity. As of last week’s market close in the US, the two Wall Street powerhouses cornered 79% of the inflows in the sector.
The ensuing craze now leaves BlackRock with $10 billion in assets under management in around seven weeks following its spot Bitcoin ETF approval by the US Securities and Exchange Commission (SEC) in January. Its feat significantly dwarfed the performance of gold-backed ETFs, which took two years to reach such heights.