Revered investor Warren Buffett has probably never bought a cryptocurrency, yet his admonishment to “be greedy when others are fearful” is perpetually relevant for crypto investors, especially right now. The crypto fear and greed index, a composite score between zero (maximum fear) and 100 (maximum greed), is at 45 in mid-April.

That’s in the fear zone, just below neutral, but barely two months ago, it was at an all-time low of 5 as Bitcoin (BTC 1.26%) briefly cratered below $61,000; so the warning light is presently off, but it’s unlikely to stay that way for more than a day or two at a stretch, if its recent behavior is any indication at all.

Now, between the Strait of Hormuz crisis pushing oil past $100 a barrel and threatening a global…