Fear & Greed index consistently declining amid fading Bitcoin ETF hype
After reaching a two-year high of almost $49,000, Bitcoin’s (BTC) valuation has receded, leaving the market uncertain about the next trajectory for the maiden cryptocurrency. The surge in value was prompted by the approval of a spot Bitcoin exchange-traded fund (ETF) in the United States. Significantly, the impact of the ETF on Bitcoin seems to be diminishing, as investors appear to be taking profits amid subdued hype. This shift in sentiment is reflected in the movement of Bitcoin, now observable on the Crypto Fear & Greed Index—an important gauge in the financial market that measures sentiments among participants. Specifically, data obtained by Finbold on January 14 indicates a consistent decline in the index . For example, between January 11 and January 14, the index steadily dropped from 76 to 60, representing a 21% decrease. Crypto Fear & Greed Index chart. Source: Alternative.me Although the index is dropping, it remains in the ‘Greed’ zone. Howev...