Bitwise: The market is in a state of panic, and it is the time to accumulate Bitcoin.

On October 17, Bitcoin's recent weak performance seems to have dampened market enthusiasm, with Google search interest falling to a multi-month low. The latest market sentiment index reflects characteristics typical of a Bear Market stage, with cautious sentiment dominating the entire crypto market. The Crypto Fear and Greed Index has dropped to 24, indicating a “fear” level, the lowest point in the past year, a significant decline from last week's 71. This drop in sentiment is reminiscent of the time in April of this year when Bitcoin briefly fell below $74,000, and it echoes the market fatigue cycles of 2018 and 2022. Despite the sharp decline in sentiment, Bitwise analysts believe the current situation is more suitable for getting on board rather than retreating. The company's research director André Dragosch, senior researcher Max Shannon, and research analyst Ayush Tripathi stated that the recent adjustments are primarily driven by external factors, including the renewed escalation of trade tensions between China and the United States, triggering a general risk aversion sentiment in global markets. Dragosch stated, “This liquidation event has significantly consumed selling pressure, creating a reverse buying window similar to that which appeared after the yen arbitrage trades were closed in August 2024. Our internal crypto asset sentiment index has fallen to its lowest level since that time. Historically, such extreme sentiment often indicates a good entry point before the seasonal strength seen in the fourth quarter.”