The weakened market sentiment comes amid fears of a potential $8.5 billion market dump by Mt. Gox and recent mass outflows from United States spot Bitcoin ETFs.
The Crypto Fear and Greed Index, which measures market sentiment for Bitcoin (BTC) and the broader cryptocurrency industry, has tanked to its lowest score in nearly 18 months.
The index fell 21 points on June 24, reaching into the “Fear” zone — marking one of the biggest day-to-day drops in recent years.
It was last in the Fear zone (a score between 24 and 50) around seven weeks ago, May 3, but it hasn’t hit a score below 30 since Jan. 11, 2023, when Bitcoin was trading at $17,200 only two months after the collapse of crypto exchange FTX.
