Investor sentiment in the virtual asset market is heating up rapidly. With institutional capital inflows and market optimism strengthening simultaneously, centered on Bitcoin, the Fear & Greed Index has climbed to a high level. However, technical overheating signals are also appearing, making this a period that calls for monitoring the potential expansion of short-term volatility.

■ Greed Index at 78... Up 15 Points in One Week

As of the 22nd, CoinMarketCap's (CMC) Fear & Greed Index stood at 78, indicating the 'Greed' zone. While this was 1 point lower than the previous day, it represented a sharp jump of 15 points compared to 63 a week earlier. In just one week, market sentiment has shifted rapidly toward optimism.

Typically, periods of sustained high greed readings can produce strong upward momentum, but when investor sentiment tilts too far in one direction, the possibility of increased short-term profit-taking pressure cannot be ruled out. Rather than interpreting the index's rise itself as a definitive signal of further gains, it is necessary to confirm price and trading volume together.

■ Spot ETF Records $998.95 Million Daily Net Inflow... AUM at $107.5 Billion

Institutional capital flows are also drawing market attention. According to the data provided, U.S. spot Bitcoin ETFs recorded a net inflow of $998.95 million in a single day on September 21. This was reportedly the largest daily net inflow since October 2025.

As a result, the total assets under management (AUM) of Bitcoin spot ETFs were presented at around $107.54 billion. The fact that large-scale capital has flowed back in, breaking away from the outflows seen earlier in the month, can be viewed as a key variable for judging institutional demand.

■ Social Sentiment at 5.47... Warnings of a 'Bull Trap' at $84,000–$87,000 Coexist

Online investor sentiment has also tilted toward optimism. The aggregated social sentiment score was 5.47 out of 10, indicating that bullish expectations are somewhat more dominant rather than strong one-sided optimism. While posts discussing a Bitcoin bull market and altcoin season are increasing, counterarguments are simultaneously being raised that caution is needed against a so-called 'bull trap' around the $84,000–$87,000 range.

A key feature is the coexistence of factors supporting market optimism and indicators warning of overheating.

■ RSI at 96.69 Signals Extreme Overbought... Next 24–48 Hours Are the Key Watch Point

The total virtual asset market capitalization was presented as approaching approximately $2.94 trillion, but the 7-day RSI rose to 96.69, signaling extreme overbought conditions. With Bitcoin itself having shown a steep upward trend in recent days, it has become critical to watch whether continued institutional capital inflows will keep supporting the price, or whether profit-taking driven by the short-term surge will emerge first.

In particular, changes in the Fear & Greed Index over the next 24–48 hours are a key watch point. It is necessary to observe whether the index remains in the greed zone with ETF inflows and trading volume providing support, or conversely, whether the index falls rapidly while profit-taking movements expand.

The market is currently at a juncture where bullish factors—institutional capital inflows and improving investor sentiment—are directly clashing with the burden of technical overbought conditions. The greed index reading of 78 demonstrates that market confidence has risen significantly, while also serving as a signal that short-term overheating needs to be verified.

[Virtual asset market indicators and ETF fund flows may vary depending on the time of aggregation and the institution, and technical indicators do not guarantee future prices. This is not a recommendation to invest in any specific virtual asset, and the final judgment and responsibility for investments rest with the investor. AI provided partial assistance in the writing of this article.]