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Record outflows recorded
A total of $2.6 billion was withdrawn from cryptocurrency funds in the week ending February 26. This exceeded the previous record of $2.1 billion by $500 million, making it the largest weekly outflow in history.
In particular, the $1 billion withdrawal in a single day from the Bitcoin ETF on February 25 showed that investors have lost confidence in the market. In addition, the four-year average of cryptocurrency funds has turned negative, indicating a change in investors' long-term perspective.
Bitcoin's historical decline and technical indicators
Bitcoin, having lost 29% in February, posted its worst monthly close since June 2022. Along with the overall market decline, Bitcoin fell below $79,000, but recovered 5% in the last 24 hours to reach $84,500.
However, Bitcoin is still down 12% on a weekly basis, and technical analysis signals further declines. Crypto analyst Crypto Rover points out that current market conditions are putting even more selling pressure on Bitcoin than the FTT crash in 2022.
Is investor sentiment changing in cryptocurrency?
Cryptocurrency analytics platform Santiment points out that extreme fear in the market has created a noticeable dynamic. The recent price swings in Bitcoin have caused significant uncertainty among investors.
According to Santiment, investors are consistently mispredicting Bitcoin’s movements. When expectations rise to $90,000-95,000, the price falls, while forecasts of $70,000-75,000 lead to a recovery in Bitcoin. This shows that investors are misinterpreting the direction of the market.
Fear and Greed Index Falls to Critical Level
The Fear and Greed Index, which measures investor sentiment in the cryptocurrency market, fell to the level of 20, entering the "Extreme Fear" zone. Historically, these levels may be seen as an opportunity for some investors, but they may indicate greater downside risk for others.