The fear index drops to 12, matching the level during the FTX collapse. But this time, there was no exchange explosion, no chain reaction liquidations, and not even a clear panic event.

Bitcoin fell through the "fire sale" zone of the rainbow chart, with professional investors net selling 52k BTC ETF shares in the first quarter, while banks were buying them up.
Charles Schwab strategists pointed out that near $60k is close to miners' production costs, which could form an energy price floor.
The structure is diverging: smart money is withdrawing, but long-term allocators are entering.
Fear itself is not a bottom signal; the capital flow behind the fear is what matters.
The risk is that if $60k is broken, miners will be forced to shut down, and the cost support logic will reverse.
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