Crypto Fear & Greed Index Plunges To Lowest Since June 2022 As BlackRock Bitcoin ETF Suffers Record Outflows

The Crypto Fear & Greed Index plunged to levels last recorded in June 2022 and the BlackRock spot Bitcoin ETF extended its losing streak to seven days as bearish sentiment gripped the crypto market.

The Crypto Fear & Greed Index dived to 10, representing ”Extreme Fear,” a level last seen during the collapses of crypto hedge fund Three Arrows Capital (3AC), Terraform Labs and crypto lender Celsius.  

Analyst Michael van de Poppe, with more than 778k followers on X, noted that Bitcoin has rallied some 500% since the last time the Crypto Fear & Greed Index plunged to 10.

β€œIt’s a rare occasion where sentiment is ultra negative and buying opportunities are tremendously good,” he said.

The crypto market has slumped another 2.7% in the past 24 hours to a market capitalization of $2.86 trillion, according to CoinMarketCap.

The Bitcoin price dropped 3% in the last 24 hours to trade at $85,717.73 as of 1:15 a.m. EST, bringing its the loss in the past week to 11%.

BlackRock Spot Bitcoin ETF

BlackRock Bitcoin ETF Suffers Record Daily Outflows

BlackRock’s iShare Bitcoin Trust (IBIT), which has led the Bitcoin ETF market in terms of inflows since the products launched in January last year, suffered its biggest single-day outflows yet after 5,000 BTC was pulled from the fund’s reserves yesterday.

This equated to $418.1 million, according to data from Farside Investors.

IBIT’s outflows followed a record day of bleeding for the 11 US spot Bitcoin ETFs on Feb. 24, which saw more than $1.1 billion leave the investment products collectively.

Along with IBIT, all of the other Bitcoin funds, except Valkyrie’s BRRR and Vaneck’s HODL, recorded negative flows during yesterday’s trading session. BRRR and HODL recorded no new flows.

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