Bitcoin Sentiment Index Drops to ‘Fear’ – Lowest Score in 18 Months

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 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.
• Bitcoin is currently trading at $60,300 after falling to a seven-week low on June 24.
• Negative sentiment has come amid outflows from spot Bitcoin exchange-traded funds – over $1 billion across the last 10 trading days.
• Bitcoin miners have been selling off more Bitcoin than usual amid a tumbling network hashrate.

However, an executive at cryptocurrency investment firm Galaxy Digital believes the market may be slightly overreacting to the Mt. Gox concerns.

The Crypto Fear & Greed Index factors in market volatility (25%), trading volume (25%), Bitcoin’s dominance (10%), and trends (10%). It used to factor in surveys (15%) – however that metric is currently paused.