Bitcoin Fear and Greed Index Drops to 2019 Levels…Details Here
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Answer Bitcoin Fear and Greed Index Drops to 2019 Levels…Details Here
With Bitcoin dropping below $21,000, the Bitcoin Fear and Greed Index drops to its lowest level since 2019.
On the other hand, on the positive side, the activity of the Bitcoin network rose to new records.
According to a chart shared by Glassnode Alerts, Bitcoin wallets that have not been active for at least five years are printing a new record.
According to the same chart, approximately 23.5% of bitcoins have spent the past five years without leaving wallets.
It should be noted that this scale is growing naturally except for the phases when it is a bull market.
Yesterday, an analyst published that the “Bitcoin Dormancy Flow” index (an indicator that tracks the activity of Bitcoin wallets) fell to its lowest level since 2010.
As such, this is the first bear market that Bitcoin supply has met with such little activity on the network.
Intense fear prints a new record:
The aforementioned that Bitcoin remains in wallets and does not leave can be explained by the current market situation, which is witnessing a decline in the price of Bitcoin and the refusal of investors to sell at a loss in addition to the fact that Bitcoin trading and lock-ups move to the central trading platforms over time, and thus become invisible to the existing instruments that measure Bitcoin traffic on the network.
Bitcoin Fear and Greed Index fails to maintain the 8/100 level it reached in May and dropped another point to reach 7/100
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As of yesterday, June 15, 2022, which continued until today, this measure reached its lowest levels, which we have not seen since the third quarter of 2019.
In the event of a decrease of only two points, it would mean reaching its lowest level ever, which was previously recorded in October 2019.
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