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Bitcoin erases 2025 gains as crypto market fear hits extreme levels
The cryptocurrency market has plunged into a state of extreme fear, marked by the Crypto Fear & Greed Index falling to 10, its lowest reading since February 2025. This sharp decline in market sentiment comes amid a significant selloff that erased Bitcoin's gains made throughout 2025. Bitcoin dropped below $94,000 for the first time since early May, briefly touching $92,900 before modestly recovering to around $95,000. The selloff pushed Bitcoin more than 26% down from its October peak of $126,296, while the broader crypto market lost approximately 5.8% over the past week.
Institutional investors have played a major role in the downturn, with U.S. spot Bitcoin ETFs recording $1.11 billion in net outflows in the week ending November 14—marking the third consecutive week of withdrawals. BlackRock's IBIT fund suffered the largest outflow of $532 million during this period. On-chain data reveals that long-term holders have sold about 815,000 BTC in the last month, the highest selling intensity since early 2024. A technical development known as the "death cross," where Bitcoin’s 50-day moving average crossed below its 200-day average, has further fueled bearish sentiment, signaling potentially more downside risk unless the price rebounds soon.
The retreat in institutional interest coincides with a fading expectation of a Federal Reserve rate cut in December, now seen as having roughly a 50% chance compared to 97% two weeks ago. This macroeconomic uncertainty has dampened market confidence. Meanwhile, social media chatter around Bitcoin has surged to a four-month high, reflecting heightened retail fear. Historically, such extreme fear readings have occasionally preceded market bottoms, though confirmation from other indicators is necessary.
Despite the selloff, some investors remain active. Strategy Executive Chairman Michael Saylor disclosed acquiring 8,178 BTC last week, spending around $835 million at an average price of about $102,171 per bitcoin. However, the majority of market signs suggest caution as Bitcoin and the wider cryptocurrency landscape face a critical juncture amid thin liquidity and fragile market conditions.