Bitcoin Surge Sparks FOMO as Traders Take Profits and Whales Continue Accumulating

An analytics firm has observed that Bitcoin’s recent surge to nearly $90,000 is driving FOMO (fear of missing out) among retail investors, even as seasoned traders sell their holdings.

Santiment reports that Bitcoin’s rapid rise has reignited optimism, with many speculating that it could soon hit $100,000—something unimaginable just months ago after the August 5 crash.

🧐 Bitcoin’s rise (now $87.1K) has been so rapid that traders are now speculating how quickly we see a $100K market value. Though this price was beyond comprehension just 2-3 months ago, the community has quickly changed its tune after a +70% surge since the August 5th crash. pic.twitter.com/rVxD3EumAc

— Santiment (@santimentfeed) November 11, 2024

While Bitcoin is setting new highs, Santiment notes that early investors are taking profits, causing a surge in sell transactions. At the same time, margin trading on exchanges like Binance and Bitmex shows traders betting on further price increases.

However, the firm remains optimistic about Bitcoin’s potential, attributing its rise to continued accumulation by large investors (whales), who have added over 234,000 BTC worth nearly $20 billion in the past year.

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As long as whales keep buying and retail investors sell during dips, Bitcoin’s upward momentum could continue, although current market euphoria is still lower than previous all-time highs.

Kosta Gushterov