• The Beluga Brief
  • Posts
  • 🐳 Daily Recap: Fear and Greed Index Hits Lowest Level Recorded

🐳 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 don’t have to.

As the Beluga Brief grows we’ll try out new content sections and schedules to find what is best for our readers — if you have other suggestions for things you’d like us to cover, feel free to leave a reply on our Twitter!

What happened today?

Well, if you’re reading this newsletter you’ve probably already seen the carnage in the market today, and if you haven’t then it’s 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, it’s 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, Trump’s WLFI is now down about $110M across its portfolio.

24 Hour S&P Heatmap, Source: Unusual Whales

It feels like I’ve been saying “The sentiment is worse than it’s ever been” for months now but we finally have the evidence: CoinMarketCap’s 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 it’s 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 that’s about all we have at the moment.

Tweet of the Day

I’m sad to report Peter Schiff finally tweeted a banger… surely this is a bottom signal?

Biggest Headlines

The Beluga intern has been hard at work gathering all the most important crypto news stories so you have them in one place!

The Majors

Alt Coins and Stocks

Regulatory

Miscellaneous

Recent Beluga Content

The content on this site is for informational purposes only and should not be construed as investment advice. While Beluga strives to ensure the accuracy and timeliness of information, there may be discrepancies when comparing our data to that of financial institutions, service providers, or specific product websites. Always consult with a professional before making any financial decisions.

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