Bitcoin FOMO Hits Highest Level Since 2024 as BTC Nears $87,000
Cointelegraph reported the development as Bitcoin extended its latest rally. The move was accompanied by a sharp increase in speculative activity, with leveraged bearish positions coming under pressure as BTC approached the $87,000 level.
Bitcoin FOMO Reaches Levels Last Seen in 2024
Data cited in the report showed that Bitcoin-related FOMO had reached its highest level since 2024. The reading reflects a notable shift in market sentiment as Bitcoin moved toward $87,000.
The change in sentiment coincided with a rapid move higher in BTC and a broader increase in trading activity. According to data shared by crypto analytics platform Santiment, discussions reflecting fear of missing out had risen substantially during the latest price move.
The development marks a return to sentiment levels not seen since 2024, when Bitcoin was also experiencing heightened attention from market participants.
$648 Million in Bearish Positions Eliminated
The rally also triggered significant losses for traders positioned for lower prices. A total of $648 million in bearish positions were wiped out as Bitcoin moved higher.
The liquidations occurred as leveraged traders betting against Bitcoin faced increasingly unfavorable price movements. When such positions are forcibly closed, the resulting buying activity can add to short-term trading volume, although the liquidation figure itself does not establish the direction of Bitcoin’s future price.
CoinDesk separately reported that open interest increased 7.59% to $156 billion even as leveraged positions were liquidated, indicating that derivatives activity remained elevated during the move.
Crypto Trading Volume Jumps 39%
Trading activity also accelerated alongside Bitcoin’s price movement. Crypto trading volume increased 39%, according to the data cited in the original report.
The rise in volume came as BTC approached the $87,000 threshold, putting the latest move against a backdrop of increased participation across cryptocurrency markets.
CoinDesk reported that trading volume reached approximately $224 billion while the market was experiencing the wave of short liquidations.
Bitcoin had already reached its highest price since January earlier in the week, with Cointelegraph reporting that BTC hit $85,248 on Sept. 21. The move placed Bitcoin near the $86,000 level, which was also being watched as the approximate breakeven point for U.S. spot Bitcoin ETF investors.
The latest data therefore leaves the market with several measurable changes occurring at the same time: FOMO has returned to levels last seen in 2024, bearish positions worth $648 million have been eliminated, and overall cryptocurrency trading volume has increased 39%.
writer: Ethan Collins
Crypto Journalist
Ethan Collins reports on developments across the cryptocurrency and blockchain sector. His work covers market movements, protocol updates, regulatory changes, and emerging trends in digital assets.
He focuses on presenting complex topics in a clear and accessible manner for a broad readership.
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