Crypto sentiment is trapped in extreme fear because the industry’s biggest structural wins are failing to move prices
Crypto sentiment gauges have spent the past two months deep in the red. The Crypto Fear & Greed Index has spent more than 30% of 2025 in fear or extreme fear territory, and alternative trackers put the market in a 10-25 range out of 100 since mid-November.
Bitcoin is on track for its worst fourth quarter since 2018, many large altcoins are down up to 90% from their highs, and gold, silver, and major stock indices pushed to new highs in the same period.
The mood is poisonous. Investors got all of the macro, the policy, the structural wins they’d been lobbying for since 2021, and the reward was a market that faded every rally and underperformed every competing asset class.
That’s not how cycles are supposed to end. It’s how trust collapses,…
