Уверенность биткоин-инвесторов растет: индикатор жадности сигнализирует о бычьем тренде Headline: Bitcoin Investors Gain Confidence: Greed Indicator Signals Bullish Trend

On January 15, a widely recognized indicator of market sentiment indicated «greed» for the first time since October, reaching a score of 61 after an extended period of «fear» and a series of liquidations totaling $19 billion.

Just a day prior, the indicator was in a neutral position at 48.

This shift in sentiment coincided with a rebound in the price of Bitcoin, which surged to $97,704 — the highest level in the last two months (according to CoinGecko). The last time the price exceeded $97,000 was in mid-November, when the market was experiencing «extreme fear» due to a significant pullback from historical highs.

Analysts at Santiment noted a withdrawal of retail investors from the asset, with the number of addresses holding a non-zero balance decreasing by 47,244 over three days.

Experts referred to the departure of the «impatient crowd» and the drop in exchange supply to a seven-month low (1.18 million BTC) as a bullish sign.

Santiment believes that the prevailing pessimism on social media could fuel a rally towards new all-time highs.

While Bitcoin’s price is recovering, user comments are becoming increasingly «bearish.»

Typically, the market trends contrary to popular expectations. Currently, the indicators of fear, uncertainty, and doubt have peaked over the past ten days.

According to Santiment, the atmosphere of distrust creates ideal conditions for growth, which could push the price back to $100,000 for the first time since mid-November.

The current increase is based on on-chain metrics rather than speculation, according to CryptoQuant analyst Carmelo Aleman.

The expert highlighted the dynamics of the Value Days Destroyed (VDD) indicator, which measures the activity of coin movement by weighing it according to volume and time of inactivity. High values indicate the spending of older coins, while low values suggest the circulation of recently acquired assets.

In January 2026, the VDD metric dropped to 0.53, a historically low level indicative of the network primarily moving «young» coins.

Long-term holders are refraining from taking profits despite the price rise. The market is in a healthy accumulation phase: demand is absorbing supply without facing selling pressure from «old» capital.

Aleman emphasized that the current breakthrough past resistance is driven by genuine market strength. The situation will remain favorable as long as VDD continues to show low values. A sustained increase in this metric would signal the onset of asset sell-off by long-term investors.

The 31% drop in open interest (OI) in bitcoin derivatives since October indicates a significant «cleansing» of the market from excessive leverage. This could signal a price recovery, believes CryptoQuant analyst known as Darkfost.

He noted that historically, reduced leverage marked market bottoms. This process «restarts» the market structure, laying the foundation for a potential bullish trend.

The expert pointed out that if Bitcoin continues to decline, OI may decrease even further, indicating a deeper correction. However, the current momentum suggests a positive scenario.

An increase in price accompanied by a drop in open interest typically indicates a forced or voluntary closure of short positions (short squeeze). Traders betting on price declines realize losses and exit the market, reducing selling pressure.

In this case, the rally is driven by genuine spot purchases rather than speculative capital. Since the beginning of the year, Bitcoin has risen nearly 10%, confirming the strength of the trend.

According to CoinGlass, the total OI across all exchanges is currently around $65 billion, which is 28% lower than the peak in early October ($90 billion), aligning with CryptoQuant’s calculations.

Optimism is also present in the options market. On the Deribit exchange, the maximum volume of positions is concentrated at the $100,000 strike price, indicating traders are betting on further growth.

Despite the optimism, the derivatives segment has not yet transitioned into a full growth phase, noted Greeks Live.

«The current trading structure resembles more of a reaction to a sudden price spike; long-term prospects have not yet shifted towards a bull market,» analysts pointed out.

It is worth mentioning that Glassnode reported that institutional investors have resumed buying Bitcoin amid the risk of explosive volatility.