The Fear and Greed Index dropped to 25 points out of 100, reaching the "extreme fear" level. Mt. Gox refunds and the German government's Bitcoin sales are putting significant pressure on the cryptocurrency market. However, increased inflows into spot Bitcoin ETFs could create a supportive effect for the market.

The Fear and Greed Index, an important sensitivity indicator for Bitcoin (BTC), has recently fallen to 25 points out of 100, entering the "extreme fear" zone. This is the lowest level seen in the last 18 months. Such a decline occurred during the recovery period of the cryptocurrency market after the collapse of the FTX exchange.

As it stands, the cryptocurrency market, Mt. Gox exchange and the German government's continued sale of the 50,000 Bitcoins it seized in January. These events led to sharp price fluctuations throughout the market and the Fear and Greed Index dropping to 25. The price of Bitcoin rose to $59,516 on July 11, due to lower-than-expected US inflation data. However, despite these positive developments, Bitcoin failed to overcome the resistance level at $60,000 and began to decline.

The main reason for this decline in Bitcoin is shown to be another significant sale by the German government. On July 11, the government sent $286 million worth of Bitcoin to various trading platforms. The German government, which planned to completely sell its BTCs, caused the pressure to continue by selling 2,700 more BTCs.

Inflows into Spot Bitcoin ETFs Could Be a Positive Sign for the Market
In addition to this strong selling pressure throughout the market, increasing inflows into spot Bitcoin exchange-traded funds (ETFs) in the USA stand out as a positive development. There was a new inflow of approximately $79 million into these investment vehicles on July 11, with BlackRock's ETF IBIT accounting for the bulk of these inflows. This flow of funds is expected to play a supporting role against the selling pressure in the overall market. According to CoinMarketCap data, Bitcoin is traded at approximately 57 thousand dollars at the time of writing.

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