Bitwise: The market is in a state of panic, and it's time to hoard bitcoin

Bitcoin's recent weakness appears to have dampened market enthusiasm, with Google search popularity falling to a multi-month low. The latest market sentiment index reflects typical bear market phase characteristics, where caution dominates the entire crypto market. The Crypto Fear and Greed Index has dropped to 24, at the "fear" level, the lowest level in the past year, down sharply from 71 last week. This decline is similar to the sentiment when Bitcoin briefly fell below $74,000 in April this year, and echoes the market weakness cycles of 2018 and 2022.
Despite the sharp drop in sentiment, Bitwise analysts believe the current situation is more suitable for "bargain hunting" rather than retreat. André Dragosch, head of research at the company, Max Shannon, senior researcher, and Ayush Tripathi, research analyst at the company, said the recent correction was mainly driven by external factors, and historically, this extreme sentiment has usually heralded a good entry into the market before strengthening.