Crypto Fear and Greed Index Falls to Lowest Level in 18 Months

The Crypto Fear and Greed Index, a measurement of overall market sentiment towards Bitcoin and the wider cryptocurrency industry, has hit its lowest score in almost 18 months.

On June 24, the index dropped 21 points, entering the “Fear” zone and experiencing one of the biggest day-to-day declines in recent years.

It was last in the “Fear” zone (a score between 24 and 50) around seven weeks ago on May 3, but it has not dropped below a score of 30 since January 11, 2023, when Bitcoin was trading at $17,200 following the collapse of crypto exchange FTX.

Just seven days ago, the score was at 74 in the “Greed” zone. However, Bitcoin’s current price is at $60,300 after reaching a seven-week low on June 24.

The negative sentiment is a result of several factors, including significant outflows from spot Bitcoin exchange-traded funds (ETFs) over the last 10 trading days, news that Mt. Gox may be planning to sell $8.5 billion worth of Bitcoin to its creditors, and Germany’s decision to sell some of its Bitcoin reserves.