Crypto Fear & Greed Index in Extreme Fear for 14th Straight Day
Crypto market sentiment remained in “extreme fear” on Friday, extending to a 14th consecutive day, as the Crypto Fear & Greed Index hovered at levels below those seen during the FTX collapse in late 2022, despite Bitcoin trading at roughly five times the price recorded at that time.
The index slipped three points to 20 out of 100 on Dec. 26, marking a two-week stretch in the “extreme fear” range that began on Dec. 13, one of the longest runs since the gauge was introduced in February 2018.
Sentiment has weakened since early October after renewed US–China tariff concerns erased nearly $500 billion from the crypto market on Oct. 10.
Source: Crypto Fear & Greed Index
Expectations that the US Federal Reserve may pause rate cuts in the first quarter of 2026 may also be pressuring risk appetite. Jeff Mei, chief operating officer at crypto exchange BTSE, cautioned last Monday that Bitcoin could decline to $70,000 if the Fed leaves rates unchanged.
Bitcoin is trading at $88,650, nearly 30% below its all-time high of $126,080 set on Oct. 6, according to CoinGecko.
Even so, the current index reading is below levels observed during FTX’s collapse in November 2022, which severely affected industry confidence and pushed Bitcoin’s price toward $16,000.
The index incorporates market volatility, trading volumes, social media sentiment, trends, and Bitcoin’s market dominance.
Search interest in crypto has fallen
Data analytics platform Alphractal reported on Saturday that Google search activity, Wikipedia views, and forum posts and discussions related to crypto have declined. It said crypto social volume has reverted to levels typically associated with bear markets and noted that, as of December 2025, retail participants appear discouraged, disengaged, and largely absent from the market.
Bitwise’s Hougan cites “crypto-native retail” as a headwind
Last month, Bitwise chief investment officer Matt Hougan attributed the market pullback and weaker sentiment to “crypto-native retail.” He said these investors have been weighed down by the FTX fallout, the memecoin drawdown, the lack of an expected altcoin season, and losses from the 10/10 liquidation, leading many to stand on the sidelines.
By contrast, Hougan said “TradFi retail” remains active, pointing to rising spot crypto exchange-traded fund inflows over the past two years. “Traditional retail, like my uncle, he’s moving into crypto, that part of retail is still alive,” he said.
US Bitcoin ETFs have attracted more than $25 billion in inflows so far in 2025, even as Bitcoin shows a 5% loss year-to-date.
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