Bitcoin market sentiment has reached extreme greed territory following the cryptocurrency's new high above $111,000.
The Fear & Greed Index, representing market sentiment, is currently in the extreme greed zone, above 75.
Historically, extreme sentiments like extreme greed have signaled major tops and bottoms for Bitcoin and other digital assets, prompting contrarian investing strategies.
Recently, whales have withdrawn a significant amount of Bitcoin from the Binance platform, possibly indicating a demand for HODLing in self-custodial wallets.