The Crypto Fear and Greed Index dropped sharply to 12, marking one of its lowest levels in recent weeks as Bitcoin slid to around $61,100. This sharp decline reflects intensifying market anxiety, with losses sweeping across leading cryptocurrencies including Ether, Binance Coin, Ripple, Solana, and Cardano.
Bitcoin's fall below its 200-week moving average, a key long-term support near $61,300, coincided with a significant withdrawal of capital from crypto funds. Spot Bitcoin ETFs experienced their 13th consecutive day of net outflows, with approximately $400 million pulled in a single session. This sustained redemption streak has erased over $4 billion from these funds since mid-May, signalling persistent institutional selling pressure.
The selloff’s breadth extended beyond Bitcoin and Ether, which dropped to about $1,585, well below the $2,000 mark. Other major altcoins recorded notable declines: Binance Coin fell nearly 4%, Ripple lost over 4%, Solana dropped more than 6%, and Cardano’s slide approached multi-year lows with an 8% decrease. Sentiment measures across more than 50 cryptocurrencies categorized Bitcoin and Ether as experiencing extreme fear, with most other key tokens also entrenched in fear territory.
The overall crypto market capitalization shrank by roughly $110 billion within 24 hours during the early June downturn. The seven-day average sentiment index fell to 19, while the 30-day average plummeted to 30, underscoring how abruptly investor mood deteriorated.
The current extreme fear reading aligns with previous market bottoms recorded by the index since its inception in 2018. Comparable lows appeared during notable events such as the 2018 bear market, the March 2020 COVID-19 crash, the Terra-LUNA collapse in June 2022, and an August selloff. Historically, these extremes indicate panic and potential capitulation but do not necessarily pinpoint the precise moment when prices will stabilize. Past episodes show recovery can occur, but timing varies significantly.
Market participants await the upcoming index update and closely monitor whether Bitcoin can sustain gains above $60,000 and if ETF outflows begin to subside after a full week of continuous redemptions. These developments may offer the clearest signs of institutional selling pressure easing in a volatile environment.