Greed Holds as Market Momentum Builds: What is the Market Sentiment

The crypto market remains firmly in "Greed" territory, with CoinMarketCap’s Fear & Greed Index clocking in at 69/100 on July 19. Despite a modest 24-hour dip from 71, the index has now held above 60 for 11 consecutive days.

According to CMC AI data, this sustained sentiment signals cautious optimism—but not yet the overexuberance often associated with major tops.

Fear & Greed Index Shows Controlled Optimism

The current reading of 69/100 reflects a neutral-to-bullish mood. It’s well below the 2024 high of 88 (“Extreme Greed”) and suggests the market is embracing risk—but with restraint. The broader crypto market cap has risen 18% over the past 30 days, giving investors reason to stay confident. However, the absence of euphoria may indicate there’s room to run before sentiment overheats. CMC’s AI-powered momentum algorithm views this as a healthy foundation for further growth, especially if technical and on-chain metrics align.

Derivatives Data Flags Speculative Conviction with Leverage Risks

Perpetual futures volume surged 31% to $601.86 trillion in the past 24 hours, highlighting a sharp uptick in leveraged trading. Open interest fell slightly to $758 billion, but remains near all-time highs—pointing to sustained trader conviction. Meanwhile, BTC liquidations dropped 83% to just $26.5 million, far below the weekly average of $959 million. According to CMC AI data, this flush of overleveraged long positions may have reset the field for bulls, reducing immediate squeeze risk.

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Still, average funding rates now sit at 0.011%, up 185% month-over-month. That signals an increasingly crowded long market, which could create headwinds if sentiment shifts sharply. While current data suggests strength, traders should monitor for any rapid spikes in open interest or liquidation volumes.

ETH ETF Flows Flip BTC, Fueling Altcoin Rotation

In a notable trend shift, daily ETH spot ETF inflows ($402 million) have surpassed those for Bitcoin for the first time. This influx of capital into Ethereum is accelerating an altcoin rotation across Layer 1s and DeFi ecosystems, reshaping short-term positioning. As institutional interest broadens, the ETH/BTC ratio and ETF behavior will be key metrics to watch going into Q3.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.