The Fear and Greed Cryptocurrency Index hit 12 on June 6, its lowest level in weeks, as Bitcoin fell to $61,100 and losses spread across every major coin.
The Alternative.me index measures sentiment on a scale from zero to 100. At 12, the market sat deep in extreme fear, down from 13 on June 5 and around 52 a week ago. Bitcoin fell to its lowest intraday level since February as capital continues to drain from cryptocurrency funds.
Spot bitcoin ETFs posted their 13th straight day of net outflows, with nearly $400 million withdrawn on Wednesday alone, according to JPMorgan’s Kenneth Worthington. This streak has wiped out more than $4 billion in funds since mid-May.
Bitcoin, Ether, and major altcoins all slid together
Bitcoin fell below $70,000 in early June and fell further to around $61,100, according to ChainCatcher and CFGI.io, hovering above its 200-week moving average near $61,300, a level that has set long-term limits in past sessions.
Ethereum fared worse, falling below $2,000 to trade near $1,585. The seven-day average sentiment was 19 as of June 5, and the 30-day average was 30, showing how quickly moods can shift.
The damage spread in all areas. ChainCatcher data on June 6 shows BNB down 3.9%, XRP down 4.4%, Solana down 6.4%, and Cardano remaining weaker at 8%, with ADA sliding toward multi-year lows.
CFGI.io, which tracks sentiment across more than 50 tokens, has put both Bitcoin and Ether in extreme fear, with most other majors in fear mode and only a few smaller tokens neutral. DEXTools said the total cryptocurrency market capitalization lost about $110 billion over a 24-hour period during the sell-off in early June.
Extreme fear has marked past lows, but not always quickly
A reading of 12 is near levels historically associated with capitulation. Since the index launched in 2018, similar lows have appeared at the bottom of the December 2018 bear market, the March 2020 coronavirus crash, the June 2022 Terra-LUNA crash, and the August 2024 sell-off.
In each case, the market eventually recovered, although the timing varied widely. Following Terra-LUNA, the index reached single digits months before Bitcoin reached its cycle lows.
Readings below 20 often precede stronger medium-term returns, but they indicate a state of panic rather than the precise point at which prices stop falling.
The next review of the index is scheduled for June 7. Traders are watching whether Bitcoin can reclaim $60,000 and whether ETF inflows ease after a full week of recoveries, the clearest sign that institutional selling may be slowing.
Don’t just read cryptocurrency news. Understand that. Subscribe to our newsletter. It’s free.
