Market sentiment has completely collapsed.

Yesterday, the Fear and Greed Index was still at 25, but today it dropped directly to 22, re-entering the "Extreme Fear" zone.
This level of emotion is no longer just a normal correction, but a sign that funds are starting to collectively seek safety.
The Federal Reserve remains hawkish, inflation pressures haven't eased, and Bitcoin once fell below 73,000, igniting market panic.
Although BTC has now regained the 73,000 level, on-chain data still shows weakness:
Active addresses decreased by 14%
Whale holdings reduced by 3.8%
ETH Layer 2 TVL declined by 6.7%
BTC on-chain trading volume down 28% year-over-year
In short, what’s missing now isn’t a rebound, but confidence.
My personal judgment:
It currently looks more like a weak rebound, with a high probability of short-term sideways consolidation.
The key points to watch are whether 73,000 can truly hold and whether on-chain funds will flow back in.
At this stage, it’s better to go slow rather than rush to buy the dip.
Do you think this is a trap to lure buyers, or has the bottom already been reached?
#bitcoin $BTC $ETH