Crypto Market Sentiment Hits Extreme Fear as Index Dips to 12

The Crypto Fear and Greed Index has plummeted to its lowest level in weeks, signaling a deep sense of fear among investors. The index, which measures sentiment on a scale of zero to 100, currently stands at 12, with readings below 20 often indicating panic rather than the exact point where prices stop falling.

Bitcoin and major altcoins have slid together, with the cryptocurrency's price dropping to around $61,100. This decline has been accompanied by significant outflows from spot Bitcoin ETFs, which have recorded their 13th straight day of net redemptions.

The next index revision is scheduled for June 7, and investors are eagerly awaiting a potential rebound in the market. However, it remains to be seen whether this will happen, as readings below 20 have not always been followed by immediate price recoveries.