The Crypto Concern and Greed Index fell again to its lowest ranges on Monday as Bitcoin plunged greater than 4% on the day to $64,300, giving again its positive aspects since Friday.
Greater than 136,000 merchants had been liquidated over the previous 24 hours, with whole liquidations sitting at $458 million, 92% of which had been leveraged lengthy positions, in response to CoinGlass.
Bitcoin noticed some positive aspects over the weekend, tapping $68,600 on Saturday, nevertheless it now sits at assist on the backside of a range-bound channel that fashioned after its Feb. 6 wipeout to $60,000.
Bitcoin is now buying and selling 48% decrease than its October all-time excessive of $126,000 and 5.5% beneath its peak stage of $69,000 from the 2021 bull market.
Concern and Greed Index at historic lows
Various.me’s Crypto Concern and Greed index, which measures general market sentiment, has fallen again to five out of 100, indicating “excessive worry.”
It has solely ever fallen this low thrice since 2018 — when the index launched — together with August 2019, June 2022, and earlier this month.
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On-chain analytics supplier Glassnode reported on Monday that the seven-day transferring common for internet realized losses for latest traders was nonetheless almost $500 million per day, noting that they’re nonetheless capitulating.
“Whereas the depth has cooled, the broader regime nonetheless alerts a market beneath stress, with members within the base formation part persevering with to capitulate.”
Bitcoin Sharpe Ratio additionally at historic lows
In the meantime, analyst Michaël van de Poppe posted what he referred to as a “phenomenal chart” on Saturday exhibiting that the Sharpe Ratio for Bitcoin has fallen to -38.4, “which traditionally has marked ‘low threat’ accumulation zones.”
The ratio measures Bitcoin’s efficiency relative to the danger taken, indicating how a lot return an investor can anticipate for every unit of threat.
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