These days, market sentiment is extremely冷却. Looking at the Crypto Fear Index, it is currently at a level of 17, indicating an intense fear zone, and over the past year, fear or extreme fear has accounted for more than 30% of the total measurements. Especially, Bitcoin is moving near $72,480, about 43% below its all-time high of $126,080, so investors' caution remains high.

Since the liquidation crash in October, fear psychology has dominated the market, and you can see how severe it was just by looking at the Crypto Fear Index. Bitcoin even formed a death cross in November, which is said to act as an inverse indicator signaling local lows. Interestingly, all the death crosses that occurred in this cycle have accurately pointed to important lows.

The U.S. stock market shows a similar trend, with the S&P 500 near its all-time high, yet investor sentiment remains dominated by fear. Both the Crypto Fear Index and the general fear index remain high, suggesting a cautious atmosphere across the market. Since such extreme fear has historically been a good buy signal, it will be interesting to see how much further the Crypto Fear Index will decline.