'Fear' returns to Bitcoin while long-term holders own just 3% of BTC unrealized losses
Bitcoin (BTC) diving nearly 20% from all-time highs has finally taken its toll on market sentiment — investors are now "afraid."
According to the Crypto Fear & Greed Index, overnight losses on Nov. 19 removed the last traces of "greed" away from traders' minds.
As BTC price action headed lower this week, sentiment played catch-up as spot price contrasted with still bullish signals from markets.
Derivatives traders were — and to an extent still are — in a phase of exuberance, with some still betting on a dramatic price rebound in the short term.
Overall sentiment, as measured by the Crypto Fear & Greed Index, has now changed to correspond to spot more closely.
At the time of writing, the Index measured just 34/100 — characterizing "fear" — having
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