Bitcoin

<ul><li>Bitcoin sentiment plummets as the Fear and Greed Index drops 21 points to an 18-month low in the &#34;Fear&#34; zone.</li><li>Mt. Gox liquidation fears and $1B ETF outflows drive Bitcoin market sentiment to a seven-week low.</li><li>Analyst suggests market overreacting to Mt. Gox news, OTC sales likely to limit Bitcoin price impact.</li></ul>The Crypto <a href="https://alternative.me/crypto/fear-and-greed-index/" rel="noopener noreferrer nofollow">Fear and Greed Index</a>, which gauges market sentiment for Bitcoin and the broader cryptocurrency sector, has plunged to its lowest point in nearly 18 months. On June 24, the index dropped by a staggering 21 points, descending into the “Fear” zone, marking one of the most significant day-to-day declines in recent memory.This sharp decline is noteworthy as the index last entered the Fear zone, with scores ranging between 24 and 50, approximately seven weeks ago on May 3. However, it has not fallen below a score of 30 since January 11, 2023, when Bitcoin was trading at $17,200, just two months after the <a href="https://cryptotale.org/crypto-challenges-and-triumphs-the-q1-2024-web3-security-overview/" rel="noopener noreferrer nofollow">collapse</a> of the FTX crypto exchange.<img src="https://lh7-us.googleusercontent.com/docsz/AD_4nXddu5934Z3KKC2LF0jO-Hx3Ejbbm9V-EESJ1LKue4sTTO_-bWAeI34Nfb7fjMsFdu5g13jUDO7oioHpirRl9Lkk_LaMgvry1C0BorgFZmGeFXF75Msdy1yN2e-6ehpXvmNTO0cZ8iQIlmgi5BRDZhKyqRGs?key&#61;60XN98rLAKLMXvnbx1VYJg" />Source: <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">CryptoTale</a>Just a week before this recent drop, the index was in the “Greed” zone with a score of 74. At press time, Bitcoin is trading at <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow">$61,341</a>, dipping to a seven-week low on June 24, reflecting the current negative market sentiment.The downturn in sentiment could be attributed to several significant factors. Over the past ten trading days, outflows have exceeded <a href="https://www.bloomberg.com/news/articles/2024-01-18/blackrock-s-bitcoin-etf-is-first-to-cross-1-billion-threshold" rel="noopener noreferrer nofollow">$1 billion</a> from spot Bitcoin exchange-traded funds, indicating a lack of confidence among investors. Additionally, the news has raised concerns that Mt. Gox might be preparing to liquidate <a href="https://cryptotale.org/major-market-moves-and-key-project-updates-this-week-an-analysis/" rel="noopener noreferrer nofollow">$9 billion</a> worth of Bitcoin to reimburse its creditors. Germany&#39;s decision to sell some of its Bitcoin reserves has further contributed to market unease.<a href="https://cryptotale.org/bitcoin-sentiment-hits-18-month-low-amid-market-fear-and-etf-outflows/" rel="noopener noreferrer nofollow">Read more on CryptoTale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

Bitcoin Sentiment Hits 18-Month Low Amid Market Fear and ETF Outflows

CryptoTale

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