Crypto sentiment gauge hits FTX-era lows as 'extreme fear' reaches 9

A widely followed crypto sentiment gauge plunged to levels last seen around the 2022 FTX collapse, with its "extreme fear" reading falling to 9 amid a sharp rise in volatility, defensive positioning and increased fear-driven search interest, the index provider said ^[1]. Other sentiment measures have also sunk to multi-year lows as macro pressures intensified, according to market coverage ^[4].

Bitcoin-specific indicators flagged acute stress: the BVIV volatility gauge spiked to nearly 100%, its highest reading since the FTX blowup as prices dropped toward $60,000 ^[3]. On-chain analysis showed record realized losses — an entity-adjusted $3.2 billion was recorded on Feb. 5 — a sign investors were locking in losses during the move ^[2].

Trading and on-chain flows reflected heavy activity: BlackRock’s iShares Bitcoin Trust ETF (IBIT) posted roughly $10 billion of daily volume during the downturn, according to ETF analysts ^[5]. Blockchain trackers also recorded a transfer of 1,318 BTC (about $87 million) by miner Marathon Digital, a movement noted in market reporting ^[6].

Taken together, sentiment indexes, volatility gauges, realized-loss figures and elevated trading volumes indicate pronounced market stress across crypto markets during the recent sell-off ^[1][3][2][5].