The Crypto Fear and Greed Index fell to the "Extreme Fear" level with 17 points on August 5, its lowest level since July 2022. On the same day, $168 million outflow occurred from spot Bitcoin ETFs in the US. Bitcoin showed an 11.85% recovery after bottoming at $48,800.

On August 5, the Crypto Fear & Greed Index dropped to “Extreme Fear” territory by 17 points, marking its lowest level since July 2022. This coincided with $168.4 million in outflows in spot Bitcoin ETFs in the U.S. The index is a gauge that measures investor sentiment around Bitcoin and the overall cryptocurrency market. On July 29, the index was at 67, marking one of the biggest weekly declines in years.

On August 5, spot Bitcoin ETFs saw $168 million in outflows. The bulk of the outflows came from the Grayscale Bitcoin Trust and ARK 21Shares Bitcoin ETF, with outflows of $69.1 million and $69 million, respectively. In contrast, the Grayscale Bitcoin Mini Trust, VanEck Bitcoin ETF, and Bitwise Bitcoin ETF saw inflows of $21.8 million, $3 million, and $2.9 million, respectively. BlackRock’s iShares Bitcoin Trust reported zero inflows.

Meanwhile, spot Ethereum ETFs saw $48.8 million in inflows on the same day. The majority of these inflows came from the iShares Ethereum Trust, which recorded $47.1 million. VanEck and Fidelity’s spot Ethereum ETF products recorded $16.6 million and $16.2 million in inflows, respectively.

On August 5, Bitcoin and Ethereum fell by 10% and 18% respectively in a short period of time, which negatively affected market sentiment. During this time, more than $600 million worth of leveraged long positions were liquidated, with many altcoins hit harder than Bitcoin and Ethereum. On the same day, the US stock market lost trillions of dollars in value.

The market crash was triggered by weak employment data, slow growth in big tech stocks and renewed fears of a recession. Independent investor Bob Loukas described the last three days as a rare event, noting that more than $500 billion has been lost from the crypto market value. Bitcoin analyst Tuur Demeester believes that Bitcoin will bottom between $40,000 and $45,000, emphasizing that betting at these levels should be avoided, saying, "You should not make bearish bets in a Bitcoin bull market because prices can suddenly rise."

Bitcoin rebounded by 11.85% to $55,680 earlier in the day after bottoming at $48,800 on Aug. 5. According to CoinGecko’s data, the recovery suggests that investors’ confidence in the market may be reviving.

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