According to a prominent analytics firm, crypto investors driven by FOMO (fear of missing out) are rushing to invest in Bitcoin while crypto traders are selling off their BTC holdings. Santiment, on the social media platform X, states that Bitcoin’s recent surge of nearly $90,000 has reignited the optimism of BTC holders.

The analytics firm also notes that FOMO for BTC is reaching its peak as market participants anticipate a potential surge in Bitcoin’s price to reach six figures. They state that traders are now speculating on how quickly the market value of Bitcoin will reach $100,000. This price was unimaginable just a few months ago, but the sentiment has quickly changed after a 70% surge since the crash on August 5th.

As Bitcoin reaches a new all-time high, Santiment observes that traders who positioned themselves before the upward burst are using the rally to sell their coins. They mention a significant increase in profit-taking transactions as traders try to sell at the top. Additionally, funding rates on Binance and Bitmex indicate that margin and leverage longs are aggressively looking to take advantage of further price increases.

Despite the market exuberance, Santiment suggests that Bitcoin still has the potential to reach much higher levels as long as deep-pocketed investors continue to accumulate BTC. They point out that whale and shark wallets with at least 10 BTC have accumulated a total of 234,150 BTC, currently valued at $19.76 billion. The continued confidence and accumulation of these large key stakeholders have played a significant role in the rise of cryptocurrency. However, the fear, uncertainty, and doubt of the crowd, along with their inconsistent faith in crypto, have also contributed to this historic run by allowing whales to buy at low prices.

Currently, euphoria is high, though not at the levels seen in mid-March during Bitcoin’s previous all-time high cycle. Prices can be expected to climb as long as whales continue to buy more and the retail crowd keeps selling their cheap coins during small dips.

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

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