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Crypto sentiment index reaches a 100-day low as Bitcoin ETF fail to uplift prices

Bitcoin The Crypto Fear & Greed Index recently recorded a notable downturn, reaching a 100-day low at a score of 48. This decline is attributed to the ongoing decrease in Bitcoin's value, currently priced at $39,560, following the approval of spot exchange-traded funds (ETFs) in the United States.On January 24, the index experienced a two-point
The Crypto Fear & Greed Index recently recorded a notable downturn, reaching a 100-day low at a score of 48. This decline is attributed to the ongoing decrease in Bitcoin’s value, currently priced at $39,560, following the approval of spot exchange-traded funds (ETFs) in the United States.On January 24, the index experienced a two-point drop from the previous day, settling within the “Neutral” sentiment range. This represents a significant 15-point decrease compared to the sentiment observed just a week ago when it was in the “Greed” territory.

Source: alternative.me

The current score of 48 marks a 100-day low for the index, with the last similar level recorded on October 16, 2023, when Bitcoin was trading slightly above $28,500.

The recent peak in Bitcoin’s value occurred on January 8, reaching a two-year high of nearly $47,000. However, the subsequent approval of multiple spot Bitcoin ETFs in the U.S. triggered a decline in Bitcoin’s price, now standing below $40,000.

Notably, the Grayscale Bitcoin Trust (GBTC), after its conversion to an ETF, has witnessed over $2 billion in outflows. This shift has contributed to net outflows from the 10 spot Bitcoin ETFs.

Examining the sentiment trend, the index was consistently in “Greed” territory from late October as the market anticipated spot ETF approvals with optimism.

It reached a peak score of 76 on January 1, the day after the approval of several Bitcoin funds. This marked its highest score since November 11, 2021, when Bitcoin achieved its all-time high of over $69,000.

Wasif Shakir

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