A renowned analytics firm, Santiment, has stated that crypto investors driven by FOMO (fear of missing out) are eagerly investing in Bitcoin, while crypto traders are selling off their BTC holdings. Santiment revealed on the social media platform X that Bitcoin’s recent surge of nearly $90,000 has reignited the optimism of BTC holders.

According to Santiment, FOMO for BTC is reaching its peak as market participants anticipate a potential surge in Bitcoin’s price to reach six figures. The firm stated, “Bitcoin’s rise has been so rapid that traders are now speculating how quickly we will see a $100,000 market value. Although this price seemed unimaginable just two to three months ago, the community has quickly changed its tune following a more than 70% surge since the crash on August 5th.”

As Bitcoin reaches a new all-time high, Santiment points out that traders who positioned themselves before the upward burst are taking advantage of the rally to sell their coins. Santiment noted, “Bitcoin is witnessing a significant spike in profit-taking transactions as traders attempt to sell at the top. Meanwhile, funding rates on Binance and Bitmex indicate aggressive margin and leverage longs looking to capitalize on further price increases.”

Despite the market exuberance, Santiment emphasizes that Bitcoin still has the potential to reach even higher levels as long as deep-pocketed investors continue to accumulate BTC. Santiment stated, “In the past year, whale and shark wallets, which hold at least 10 BTC, have accumulated a total of 234,150 BTC (now worth $19.76 billion). The rise of cryptocurrency can largely be attributed to the ongoing confidence and accumulation by these large key stakeholders. However, the consistent fear, uncertainty, and doubt (FUD) among the crowd, along with capitulation and inconsistent faith in crypto (enabling whales to buy at low prices), have also contributed to this remarkable run.”

Currently, Bitcoin is trading at $87,964, experiencing a decrease of over 1% for the day.

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Source: Santiment/X