‘FOMO’ sentiment re-emerges as Bitcoin reclaims $70,000

Bitcoin has reclaimed the $70,000 level, fueling analysis that “FOMO” (fear of missing out) is spreading across the market.

According to Cointelegraph on the 10th (local time), on-chain data analytics platform Santiment said optimistic investor sentiment on social media has been rising again since Bitcoin broke above $70,000.

Santiment noted that the share of positive mentions is increasing across crypto communities on X, Reddit and Telegram, saying, “The crowd is being encouraged by President Trump’s remarks about the possibility of ending the war and the downtrend in oil prices.”

Santiment added, “The greater the uncertainty, the more investors look for alternative assets,” and said, “Crypto markets trade 24/7 globally and are not tied to any specific government or financial system, so they tend to react quickly.”

Institutional investment flows were also seen as influencing market sentiment. Ryan McMillin, chief investment officer (CIO) at Merkle Tree Capital, said Bitcoin has recently shown strong resilience even amid geopolitical shocks.

McMillin said, “Bitcoin has actually demonstrated strength even in a challenging market environment,” adding, “Cooling inflation, the possibility of appointing a new Fed chair, and progress on the CLARITY Act are all positive factors for the market.”

He added, “Short positions could come under pressure, and if liquidity tightness emerges in the short term, there is also a possibility of a short squeeze pushing Bitcoin toward $80,000.”

Still, overall investor sentiment has yet to fully recover. The Crypto Fear & Greed Index is currently at 15, remaining in the “extreme fear” zone.