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đł Daily Recap: Fear and Greed Index Hits Lowest Level Recorded
ETH loses $2k psychological level as stocks and crypto continue the plunge

Welcome to the Beluga Brief, where we deliver data-driven insights to your inbox every week, spending our time in the crypto trenches and combing through thousands of crypto news feeds so you donât have to.
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What happened today?
Well, if youâre reading this newsletter youâve probably already seen the carnage in the market today, and if you havenât then itâs probably not the time to check your portfolio value. The stock market lost $1.5 Trillion today, a number so large it is more than the entire market cap of Bitcoin. Regardless of politics, itâs clear the market is not taking the Trade War well so far. The sell-off drove Bitcoin to $77k at its lowest point, with Ethereum falling as low as $1800. To put this into perspective, ETH is nearly where it was when FTX collapsed in 2022. After purchasing hundreds of millions in ETH with an average price of $3,240, Trumpâs WLFI is now down about $110M across its portfolio.

24 Hour S&P Heatmap, Source: Unusual Whales
It feels like Iâve been saying âThe sentiment is worse than itâs ever beenâ for months now but we finally have the evidence: CoinMarketCapâs Fear and Greed Index has dropped to its lowest value since they began tracking it almost 2 years ago. When we get social indicators like this it tends to mean a reversal is coming soon, however itâs very difficult to call a bottom when the macro environment is as volatile as it is right now. The worst thing you can do for a financial market is create uncertainty, and thatâs about all we have at the moment.

Tweet of the Day
Iâm sad to report Peter Schiff finally tweeted a banger⌠surely this is a bottom signal?
Now there is another reason to bring manufacturing back to the United States. A lot of crypto millionaires are going to need jobs.
â Peter Schiff (@PeterSchiff)
7:36 PM ⢠Mar 10, 2025

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Will McKinnon is the Head of Content for Beluga and has spent every day for many years trading coins. For that reason there are too many to name, however his largest holdings by a significant margin are Ethereum and Bitcoin. NFA DYOR