Bitcoin has been pushed down to around $84,000 and major altcoins are also showing weakness, yet market investor sentiment remains resilient. It is a mixed picture, with the spot market reflecting price, the Fear and Greed Index showing sentiment, and ETF flows indicating capital movement all pointing in different directions. The key question for the market is whether Bitcoin risks falling below 100 million won.

■ Fear and Greed Index at 73: Sentiment Stays in 'Greed' Despite Price Decline

As of the 24th, the CoinMarketCap Fear and Greed Index stood at 73, remaining in the 'Greed' zone. The total cryptocurrency market capitalization was calculated at around $2.86 trillion, while Bitcoin traded near $84,000.

Notably, the sentiment indicator has maintained a high level even as market prices slipped about 3% on a daily basis. This is somewhat different from a typical risk-off phase, where falling prices are accompanied by a sharp contraction in investor sentiment.

However, it is difficult to interpret the Fear and Greed Index reading of 73 as a direct signal of future upside potential. The index quantifies the current psychological state of market participants. Therefore, it is more appropriate to read the current situation as indicating that the market's risk appetite has not yet been significantly damaged despite the price correction.

■ ETF Funds Move Against the Trend... Net Inflows for Fifth Consecutive Trading Day

A divergent pattern from price movements was also captured in the U.S. spot Bitcoin exchange-traded fund (ETF) market. On September 23, U.S. spot Bitcoin ETFs saw net inflows of approximately $347 million, extending the net inflow streak to five consecutive trading days. Of this, about $166 million flowed into BlackRock's IBIT and about $143 million into Fidelity's FBTC.

In other words, while Bitcoin's price showed weakness, capital continued to flow into the ETF market. The fact that price and ETF flows are not moving in the same direction is something market participants should take note of.

Nevertheless, ETF net inflows alone are not sufficient grounds to conclude that a price floor has formed for Bitcoin. While buying demand through ETFs can be confirmed, there is no guarantee that such capital flows will prevent further price declines.

■ Mass Liquidation of Long Positions... 'Not a Disappearance of Optimism'

Within the market, leveraged positions are also being unwound simultaneously. Total liquidations over the past 24 hours were reported at around $550 million, of which long position liquidations accounted for a substantial portion at approximately $460 million. Positions betting on a rise were liquidated on a large scale as prices fell.

Even so, considering that the Fear and Greed Index remains at 73, it is possible to view this not as the disappearance of market optimism itself, but rather as a partial correction of the strongly formed bullish bets that preceded it.

Aggressive price forecasts such as Solana (SOL) at $1,000 and Ethereum (ETH) at $40,000 continue to appear on social media, which is another reflection of current investor sentiment. However, such forecasts should be treated not as objective price targets but as limited psychological reference material showing that a high level of optimism remains in the market.

■ 'Difficult to Explain Direction with a Single Indicator'

Ultimately, the defining feature of the current cryptocurrency market is that its direction is difficult to explain with any single indicator. Prices of major cryptocurrencies including Bitcoin are correcting, and liquidations of bullish positions have expanded. On the other hand, the Fear and Greed Index is holding in the greed zone, and hundreds of millions of dollars in capital are flowing into U.S. spot Bitcoin ETFs.

It is a mixed picture: prices are falling while sentiment holds firm, and leveraged positions are being unwound while ETF capital flows in. To judge Bitcoin's future direction, it is necessary to look not only at the Fear and Greed Index but also at whether ETF net inflows persist, along with spot prices, trading volumes, and derivatives market liquidation figures.

[The cryptocurrency market is highly volatile, and future prices cannot be predicted based solely on the Fear and Greed Index and ETF fund flows. This article is not a recommendation to invest in any specific cryptocurrency, and investment decisions and responsibility rest with the investor. It was written based on publicly available materials, with AI used for some sentences and organization, and final review conducted by an editor.]