Bitwise: The market is in panic, it’s time to stockpile Bitcoin
recent weakness in Bitcoin seems to have dampened market enthusiasm, with Google search interest hitting a multi-month low. The latest market sentiment index reflects typical bear market characteristics, with cautious sentiment dominating the entire crypto market. The crypto fear and greed index has dropped to 24, in the "fear" level, the lowest point in the past year, a significant decrease from last week's 71. This decline is similar to the sentiment when Bitcoin briefly fell below $74,000 in April this year, and also echoes the market fatigue cycles of 2018 and 2022.
Despite the sharp drop in sentiment, Bitwise analysts believe that the current situation is more suitable for "buying on dips" rather than retreating. The company's research director André Dragosch, senior researcher Max Shannon, and research analyst Ayush Tripathi stated that the recent adjustment is mainly driven by external factors, and historically, such extreme sentiment often signals a good entry opportunity before a rally.
