Recently, the cryptocurrency market continues to show strong bullish sentiment, with the Fear and Greed Index rising to 72, clearly in the "Greed" zone. This index comprehensively considers factors such as market volatility, trading volume, and social media activity, indicating that retail investors' interest and risk appetite continue to rise. Meanwhile, long-term Bitcoin holders have begun to transfer assets as prices increase, with 8,511 BTC idle for 3-5 years being moved within 24 hours, which may signal an imminent market fluctuation. Currently, BTC is priced at 117,987.55 USDT, and market analysts believe that new demand is absorbing old coins, but early investors' profit-taking behavior is worth noting.
Crypto Market Sentiment Remains Greedy, Fear Index Rises to 72
The cryptocurrency market continues to show bullish sentiment, with today's Fear and Greed Index rising to 72, firmly in the 'Greed' zone. This comprehensive indicator weighs multiple market factors, including volatility (25%), trading volume (25%), social media activity (15%), surveys (15%), Bitcoin dominance (10%), and Google search trends (10%).
Historical data shows that such high indices are usually associated with strong market momentum but often signal short-term corrections as traders take profits. The current reading indicates that despite recent market volatility, retail investors' interest and risk appetite continue to remain high.
Long-Term Bitcoin Holders Transfer 8,511 BTC During Price Increase
Bitcoin's bullish momentum has triggered significant on-chain activity, with long-term holders reallocating idle tokens. A batch of 8,511 BTC held for 3-5 years was moved within 24 hours, marking the 22nd major activation event this year.
This transfer is associated with a surge in Coin Days Destroyed (CDD), which jumped from 5 million to 29 million. Market analysts interpret this as new demand absorbing old coins, with the average idle period dropping from 42 to 33 days.
Such transfers historically signal volatility as accumulated supply enters circulation. The current reallocation indicates that early investors are taking profits during Bitcoin's upward trend while maintaining confidence in their core holdings.
Texas House Passes Bitcoin Strategic Reserve Bill SB 21
The Texas House has approved the Bitcoin Strategic Reserve Bill SB 21, which is now submitted to the governor for final signature. The bill passed with 101 votes in favor and 42 against, aiming to establish a state-level crypto asset reserve with a minimum market value of $50 billion.
This legislative action demonstrates Bitcoin's growing institutional recognition as a strategic asset. The proposed Texas Bitcoin strategic reserve may set a precedent for other states considering similar crypto investment frameworks.
US Senator Claims Majority Support for Bitcoin Replacing Gold Reserves
US Senator Cynthia Lummis released an infographic claiming 80% of Americans support converting national gold reserves to Bitcoin. This claim aligns with her long-standing position of modernizing US reserve assets.
"This is exactly what I've always advocated—Americans are ready to upgrade our reserve assets," Lummis stated, positioning Bitcoin as a natural evolution of traditional gold holdings. This statement comes as institutional investors' interest in cryptocurrencies as an alternative store of value continues to grow.
