The crypto market is now at its highest level of fear since January 2023. Trader and cryptanalyst Ali Martinez points to this by showing a chart from #Glassnode.
![](https://public.bnbstatic.com/image/pgc/202407/3e8a9e6737226f1c04826347529a7c02.png)
We can see for ourselves that now the Fear and Greed Index for#BTCshows 27. Very close to “extreme fear”.
![](https://public.bnbstatic.com/image/pgc/202407/581b2d70be57bb9f47257d88ca2dbb95.png)
To appreciate how long and deep it was - the last time the Index was at these values was two months after the FTX scam. January 2, 2023. When the#BTCrate was...$16,865.
An incredible example of how, as part of a protracted reaccumulation of four months (we interpret it this way), the crowd was as intimidated as in those days. People would be twisting their fingers at their temples if they were told in January 2023 that in a year and a half the crowd would be in the same fear when:
- BTC rate above $57,000 (and after the new ATH),
- active American spot Bitcoin ETFs with a fund from BlackRock alone of 310,000 BTC,
- in fact, the quantitative tightening (QT) policy of the US Federal Reserve and the period of raising interest rates have almost ended,
- US presidential candidate Trump, who has openly become a supporter and defender of the cryptosphere,
- launched spot Bitcoin ETFs in Hong Kong.
The list goes on. Some factors are more important, some are secondary. But none of them can explain the mood of the crowd and the cries of “sell.” Irrationality and getting out of position in its purest form.
$BTC