U.Today - The Bitcoin Fear and Greed Index continues to move in the fear zone, signaling that investors are currently feeling pessimistic and cautious about the world’s largest cryptocurrency.
Meanwhile, Bitcoin continues to move in a range, after falling 2.9%, reacting to the Fed’s interest rate decision.
Bitcoin enters fear zone
However, when Bitcoin enters the fear zone, especially extreme fear, it often presents a buying opportunity for market participants.Currently, the index shows 32, while yesterday, it was at the 31 mark. Last week, it switched from neutral to fear, moving from 49 to 46.
On Feb. 27 and March 4, it showed 10 and 15, which stand for extreme fear.
Currently, Bitcoin is moving in the $84,000 range, changing hands at $84,380 per coin. The largest crypto has displayed an almost 3% decline since Thursday, March 20, reacting to the Fed’s decision on interest rates.
On that day, during a scheduled FOMC meeting, Fed boss Jerome Powell announced that the Fed Reserve plans to leave the interest rates at the current level, while the market is expected to see a further rate cut throughout 2025.
Bitcoin ETFs absorb nearly $1 billion this week
As reported by analytic data sources, this week, spot Bitcoin ETFs have seen massive cumulative inflows, slightly short of $800 million. While $785.6 million went into the ETFs in total this week (every trading day), after the small outflows, $744.3 million remained in them.BlackRock’s IBIT consumed the largest amount of funds, once again proving leadership over the rest of the Bitcoin ETF flock. Overall, since Monday, IBIT has attracted 6,342.47 BTC worth $535,582,902.