I just checked the fear and greed index, and it’s again in extreme panic territory, at 18 points. It’s interesting because it recently rose to 25 in the middle of the week, but it deflated quickly. It seems that every time there’s a rebound in sentiment, something in the macroeconomic or geopolitical landscape kills it instantly.

What catches my attention the most is how the broader crypto market is truly suffering. It’s not just Bitcoin falling; altcoins are disproportionately hit. According to the data I’ve been looking at, overall trading volume has shrunk by nearly half, and around 38% of altcoins are already approaching all-time lows. That indicates liquidity that simply isn’t coming back.

Bitcoin has been in a downtrend since October of last year, losing more than half of its value from its peak. But what worries me more is the public sentiment in general. I saw on Google Trends that searches for “Bitcoin going to zero” are on the rise. That’s a sign that people’s confidence is evaporating as the macroeconomic context turns turbulent.

The reality is that as long as geopolitical tensions and economic uncertainty persist, liquidity will continue to be the factor driving prices. Risk appetite is fragile. I’ve seen some traders waiting for clearer signals before re-entering. Personally, I’m monitoring whether the fear index begins to reverse or if we see any macroeconomic catalyst that changes the game. Until then, it seems volatility and caution will continue to dominate the crypto market.