Bitcoin's Fear and Greed Index, a measure of market sentiment, has plunged to its lowest level since January 2023, hitting 27 on July 9. This drop is attributed to the German government selling off its Bitcoin holdings and Mt. Gox starting to repay creditors, which has pushed Bitcoin's price down from $63,000 at the end of June to around $53,570 on July 5. Despite this, the amount of Bitcoin held on exchanges has been falling since 2021, indicating a counterbalance to the selling pressure. Meanwhile, fund investors have been buying the dip, with weekly inflows into Bitcoin investment funds hitting $398 million.