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Crypto market sentiment has run out of “greed” and fallen into the neutral zone as ETFs are unable to support prices.

The mood of cryptocurrency market participants has moved into the “neutral” zone after almost three months of being in the “greed” phase. Five days after the approval of the Bitcoin ETF, the fear and greed index dropped from 76 points to 52 out of a possible 100. The indicator remained in “greed” territory since October 24, 2023 and reached a two-year high of 76 points on January 9 ahead of US approval bitcoin spot exchange traded funds. The indicator value remained in the “extreme greed” zone on January 11, the first day of trading in the new instrument, after which it began to fall. According to the index, Bitcoin’s market sentiment score is currently at 52 out of a possible 100 – the lowest since October 19 last year, when Bitcoin traded at an average daily price of about $31,000.

The Bitcoin rate, meanwhile, consolidated at $42 thousand after reaching a maximum of $48.9 thousand on January 11, the first day of the launch of trading in shares of spot Bitcoin ETFs. As of 18:40 Hong Kong time on January 15, the price of BTC fluctuates around $42.6 thousand. The price of the first cryptocurrency has dropped by more than $7 thousand since reaching its maximum on the day the trading in shares of spot exchange-traded funds was launched. The fall in the price of Bitcoin caused a massive liquidation of margin positions of traders on crypto exchanges. According to Coinglass, during the day the total amount of forcedly closed positions exceeded $115 million; the majority of traders who were liquidated took long positions, that is, they expected continued growth of Bitcoin and other cryptocurrencies.

Other coins from the top 10 by capitalization also fell in price over the past 24 hours. The second largest cryptocurrency – Ethereum (ETH) – adjusted to $2.5 thousand, having lost about 2% in price per day. The Solana (SOL) token lost 2.5% in a day, Cardano (ADA), Dogecoin (DOGE) and Avalanche (AVAX) dropped from 1 to 3%. BNB from the Binance exchange is the only major crypto asset that has grown amid the general correction – the token has gained 4.5% over the past 24 hours and is trading at $315. The 15th largest coin by capitalization, Toncoin (TON), also showed noticeable growth, which gained more than 12% in a day and is trading at $2.36.

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