🚨 $BTC Extreme Fear Index at 21, but miner costs are as high as 78K—BTC is experiencing the “healthiest shakeout”

The current market is filled with a strange contradiction: the fear and greed index has fallen to 21 (extreme fear), retail investors are cutting losses and leaving, yet on-chain data points to a completely different logic. This is not a sign of a collapse, but a structural clearing.

Since June, BTC has fallen from 82K to around 63K, with calls of a “bear market” rising. But a closer look at the core indicators reveals the truth: the 30-day holding volume has plummeted by 14.77%, leverage funds have massively retreated, not trend-based selling; funding rates are nearly flat (0.0059%/8h), longs are not aggressively adding positions, and the market is actively “shrinking”; the long-to-short account ratio is 63.5% : 36.5%, in extreme fear with an extremely bullish bias, which is itself a contrarian signal.

In a real bear market crash, funding rates would turn deeply negative, and the holding volume would collapse completely. Currently, it looks more like a prolonged and restrained “leverage cleanup”—gradually stripping away the excess leverage accumulated during the 2024-2025 bull market. The hard support at 78K miner costs still stands, and institutional buy-in is quietly flowing. The more thorough this shakeout, the stronger the next surge will be. Panic is just an appearance; health is the core. Keep going, Conan.