#Gate广场圣诞送温暖 is a panic close to single digits, it's real panic!

Current Fear Index: Approaching single digits, extreme fear zone
As of now, the Crypto Fear and Greed Index (CFGI) is around 10, approaching single digits - this means that market sentiment is extremely pessimistic and investors are generally in a state of panic.
This extreme emotion often appears in history:
In March 2020, the pandemic caused a crash, and BTC fell to $3,800.
In June 2022, LUNA collapsed and Celsius filed for bankruptcy, and BTC fell to $17,000;
In August 2023, macro tightening combined with the delayed ETF caused BTC to briefly dip to $25,000. During these three phases, the fear index remained in the range of 8–12, and in the following 1–3 months, BTC recorded rebounds of 20%–80%.
Structural data support: bottom features are reappearing
1️⃣ Exchange reserves decline: The amount of BTC held on major exchanges has fallen to a near five-year low (approximately 2.25 million coins), indicating that long-term holders (LTH) are continuously accumulating rather than panic selling.
2️⃣ Short-term investors capitulate: The short-term holder's profit ratio (STH-MVRV) falls below 1, indicating that most of the funds that entered in the past 1-3 months are in a loss zone – this is a common signal for reversals.
3️⃣ Adequate liquidity of stablecoins: The Stablecoin Supply Ratio (SSR) has fallen below 13, similar to the bottom phases of 2020 and the end of 2022—market "gunpowder" is abundant.
4️⃣ Miner Pressure Release: The Miner Pressure Index (MPI) has recently fallen back to a neutral level, indicating that miners have completed major liquidations and the phase of systemic selling pressure has ended.

The market is currently in a stage of extreme fear + high liquidity reserves + completion of deleveraging; the macro bottom range is very likely to have formed, unless a major policy black swan occurs. In summary: the fear index is close to single digits, and from historical experience, this is often not a signal of collapse, but rather the eve of a reversal. When fear reaches its peak, it marks the beginning of liquidity repricing.