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FollowingOn Friday, the sentiment in the cryptocurrency market remained at a “extremely panicked” level. This is the 14th consecutive day that the market sentiment has remained in this state. Although the trading price of Bitcoin is now about five times higher than it was at the time of the FTX collapse at the end of 2022, the Fear-Greed Index for cryptocurrencies still remains below previous levels.
On December 26, the Fear-Greed Index for cryptocurrencies dropped by 3 points, reaching 20 out of 100. This marked the beginning of a two-week period of “extreme fear,” which is one of the longest periods since the index was introduced in February 2018.
Since early October, market sentiment has been declining. The increase in tensions over US-China trade relations led to a loss of nearly $500 billion in market value of the cryptocurrency market on October 10.
Source: Fear-Greed Index for cryptocurrencies
Investors are concerned that the Federal Reserve may suspend interest rate cuts in the first quarter of 2026. This could also affect investor sentiment. Jeff Mei, the chief operating officer of the cryptocurrency exchange BTSE, warned last Monday that if the Federal Reserve maintains current interest rates, the price of Bitcoin could fall to $70,000.
According to CoinGecko data, the current trading price of Bitcoin is $88,650, which is nearly 30% lower than the historical high of $126,080 reached on October 6.
Despite the decline, the index score is even lower than during the FTX collapse in November 2022. That event severely damaged the reputation of the cryptocurrency industry and pushed the price of Bitcoin down to $16,000.
This index score is based on market volatility, trading volume, social media sentiment, trends, and Bitcoin’s dominance.
The number of cryptocurrency searches has plummeted.
Data analysis platform Alphractal reported on Saturday that both the number of cryptocurrency searches on Google, as well as visits to Wikipedia and the number of posts and discussions on online forums, have decreased.
Reports indicate that “social trading volume in the cryptocurrency market has returned to levels typically seen during bear markets. In December 2025, retail investors seemed disinterested and inactive, and essentially withdrew from the cryptocurrency market.”
Bitwise’s Hougan pointed the finger at “cryptocurrency-native retailers”.
Last month, Bitwise’s chief investment officer, Matt Hougan, attributed the pullback and declining sentiment in the cryptocurrency market to “cryptocurrency-native retailers”.
“The sentiment in the cryptocurrency-native retail market is negative. The FTX incident dealt them a heavy blow, and the collapse of meme coins caused further losses. The lack of development in the altcoin market only made things worse. The liquidation incident on October 10 also resulted in significant losses for them. I believe they will choose to wait and see this time.”
On the other hand, according to Hougan, “TradFi retail” is thriving. He noted that capital inflows into spot cryptocurrency exchange funds have increased over the past two years.
“Traditional retailers like my uncle are transitioning into the cryptocurrency sector. This segment of the retail industry remains vibrant,” said Hougan.
尽管比特币今年迄今为止下跌了5%，但美国比特币ETF在2025年已吸引了超过250亿美元的资金流入。
