[DigitalToday reporter Ye-seul Kim] The crypto Fear and Greed Index fell to 12 on June 6 (local time), with market sentiment deteriorating to its lowest level in weeks.

According to blockchain outlet Cryptopolitan, bitcoin slid to $61,100 and the decline spread across major cryptocurrencies.

The index compiled by Alternative.me quantifies investor sentiment on a scale from 0 to 100. A reading of 12 corresponds to “extreme fear.” It fell further from 13 the previous day, and the drop is sharp compared with about 52 a week earlier. Bitcoin slid to its lowest intraday level since February, and investor sentiment cooled quickly as outflows from crypto funds continued.

Fund flows also supported the weakness. Spot bitcoin ETFs posted net outflows for 13 consecutive trading sessions. Kenneth Worthington pointed out that about $400 million left in a single day on Wednesday. The trend has led to more than $4 billion exiting related funds since mid-May.

The price decline was not limited to bitcoin. After falling below $70,000 in early June, bitcoin extended losses to around $61,100. Based on ChainCatcher and CFGI.io, bitcoin traded just above its 200-week moving average of about $61,300. That range was seen as a long-term bottom in past cycles.

Ethereum posted a bigger drop. It fell below $2,000 and traded around $1,585. As of June 5, the seven-day average sentiment index was 19 and the 30-day average was 30. It showed how quickly investor sentiment has turned in a short period.

Major altcoins also weakened across the board. In ChainCatcher data on June 6, BNB fell 3.9 percent, XRP fell 4.4 percent and Solana fell 6.4 percent. Cardano slid 8 percent and headed toward multi-year lows. CFGI.io, which tracks sentiment for more than 50 tokens, classified both bitcoin and ethereum as in “extreme fear,” and many other major assets also remained in the “fear” range. By contrast, there were not many smaller tokens in the neutral range.

A Fear and Greed Index reading of 12 has also coincided with capitulation zones in the past. Similar lows appeared during the bottom of the 2018 December bear market, the March 2020 COVID-19 plunge, the June 2022 Terra-Luna collapse and the selling in August 2024. The market eventually rebounded each time, but the timing varied. After the Terra-Luna episode, the index fell into single digits, and it still took several more months for bitcoin to confirm a cycle low.

For this reason, it is difficult to conclude an immediate bottom based only on the index decline. Market participants are watching the next index release scheduled for June 7, and whether bitcoin can regain $60,000 and whether ETF outflows ease, the outlet reported, because a slowdown in ETF redemptions could signal easing institutional selling pressure.