Bitcoin investors are no longer as buoyant as they were three months ago, judging by the latest readings from the Crypto Fear and Greed Index (CFGI).
On Aug. 14, the Bitcoin-only index — which plots investor sentiment on a scale of 1 to 100 (where 1 represents doom and foreboding and 100 indicates blithe optimism and greed) — hit its lowest levels since December 2018.
Today: “fear,” yesterday: “extreme fear”
Just under three months ago, in late June, Bitcoin (BTC) investors had seemingly hit a level of unbridled optimism, with the CFGI reporting readings of as high as 95.
As of press time, the index is reporting a level of 31, having plunged as low as 11 on Aug. 14.
These are levels not seen since December 2018, in the depths of crypto winter — when Bitcoin was trading not much higher than $3,000 a coin.
Historical CFGI data reveals that the tipping point from “greedy optimism” to anxiety occurred on July 10-12, when sentiment dropped from 84 to 33 in just 48 hours. This coincides with a sharp drop from nearly $13,000 to under $11,600 in that same time frame.
Over the course of the past 30 days, the highest value reported by the index has been 64 — representing a fleeting recovery in sentiment during several days in early August.