Greed

Bitcoin

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The Fear and Greed Index, a popular Bitcoin sentiment indicator, has now&nbsp;<a href="https://x.com/BitcoinFear/status/1811551073850601919" rel="noopener noreferrer nofollow">plunged</a> into the "extreme greed" territory with 25 points out of 100.&nbsp;
This is the first time in 18 months that the index has recorded such an extremely low reading.&nbsp;
Last time this happened, the cryptocurrency market was still trying to get back on its feet following the shocking collapse of the FTX exchange.&nbsp;&nbsp;
Now, the cryptocurrency market has been hit by Mt. Gox repayments as well as a non-stop selling spree by the German state of Saxony.&nbsp;
On Thursday, the price of the leading cryptocurrency surged to $59,516 due to lower-than-expected US inflation data that reviewed hopes of multiple rate cuts this year.&nbsp;
However, Bitcoin's attempt to break through the $60,000 resistance level ended up being a failure.&nbsp;&nbsp;
The cryptocurrency has been hit by another strong bout of selling by Saxony. On Thursday, it sent another $286 million worth of BTC to various trading platforms. The good news? The state has almost no Bitcoin left to sell. It now holds less than 10% of the coins that were originally confiscated from the Movie2k website back in January.
A steady stream of Bitcoin exchange-traded fund (ETF) inflows is likely to improve the current sentiment. On Thursday, these products logged nearly $79 million worth of fresh money, with BlackRock's IBIT accounting for the vast majority of the sum.&nbsp;
At press time, Bitcoin is changing hands at $57,246, according to CoinGecko data.&nbsp;&nbsp;&nbsp;&nbsp;

Bitcoin Traders Succumb to “Extreme Fear”

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