The Crypto Fear and Greed Index has returned to a 'neutral' state, which is the first time since October last year. This shift occurred despite the recent launch of spot Bitcoin ETFs in the United States.
The Crypto Fear and Greed Index has experienced a significant drop, returning to 'neutral' levels last observed in October 2023. This drop occurred just days after the momentous approval of spot Bitcoin ETFs in the United States.
As per the index, Bitcoin's market sentiment score is currently at 52 out of 100, marking its lowest score since October 19th of the previous year. During that time, Bitcoin was trading at an average daily price of around $31,000.
The shift in the Crypto Fear and Greed Index occurred in less than a week, transitioning from a brief period of 'extreme greed' with a score of 76. This anticipation coincided with the market's expectation of spot Bitcoin ETF approval.
The Crypto Fear and Greed Index calculates and evaluates data from six key performance indicators in the market to assign a daily market sentiment score. These indicators include volatility (25%), market momentum and volume (25%), social media (15%), surveys (15%), Bitcoin's dominance (10%), and trends (10%).
Following the SEC's approval of spot Bitcoin ETFs, the price of Bitcoin experienced a surge, reaching as high as $49,000 within the next 24 hours. However, by January 12th, Bitcoin saw a decline, dropping to as low as $41,500, as traders took the opportunity to secure their profits.
Bitcoin has stabilized somewhat and is currently being traded at approximately $42,200, based on TradingView data available at the time of publication.
Since the launch of spot Bitcoin ETFs, there has been uncertainty surrounding their performance, with conflicting data and a lack of information regarding the finer aspects of these new investment vehicles.
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