Bitcoin · U.S. Treasury · Bitcoin ETF · Decrypt
Bitcoin Spooked? Crypto Fear and Greed Index Drops to Pre-Rally August Lows
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After a red hot summer lifted Bitcoin and the rest of crypto out of a brutal bear market, sentiment has now clearly shifted, bucking typically reliable seasonal trends.
Key facts
- Bitcoin peaked at $86,978 early last week and slid as low as $81,749.83 on Oct. 8, a drop of about 6%, before recovering to roughly $83,800 on Monday
- Spot Bitcoin ETFs lost $484.9 million last week on Wednesday, their worst day since June, and another $244.1 million the following day
- Myriad traders are also now pricing in 56% odds that Bitcoin drops to as low as $80,000, followed by 33% odds for a drop to $77,500 and 20% odds on $75,000
- The Fear and Greed Index is a 0-to-100 gauge that measures investor appetite, where 0 is extreme fear and 100 extreme greed
Summary
The Crypto Fear and Greed Index fell to 56 (neutral) on Monday from 67 a week earlier and an Aug. 26 peak of 82, the highest reading of the year. Bitcoin dropped about 6%, from $86,978 to $81,749.83, as oil topped $101, the 30-year Treasury yield reached 5.70% and spot. Myriad traders now give 45% odds of Biticoin hitting $87,500 and 56% odds of BTC dropping to $80,000 in October, both lower than on Oct. 7. Bitcoin is now trading above $82,000, down close to 5% for the week, and the cryptocurrency market’s Fear and Greed Index fell to 56 on Monday, a “neutral” reading, after reaching “extreme greed” in late August.