The Crypto Fear Greed Index has hit a 100-day low as Bitcoin ( BTC ) continues to drop following the approval of spot exchange-traded funds (ETFs) in the United States.

On Jan. 24, the index dropped to a score of 48, placing it within the “Neutral” sentiment range — a two-point drop from the day prior and a 15-point drop from the same day last week when sentiment flashed “Greed.”

It marks a 100-day low point for the index, which saw a score of 47 on Oct. 16, 2023, when Bitcoin was trading just above $28,500, per Cointelegraph markets Pro.

Crypto sentiment index hits 100-day low as Bitcoin ETFs fail to buoy price image 0

A one-year graph of the Crypto Fear Greed Index shows improved sentiment in the lead-up to the approval of Bitcoin ETFs and a drop after. Source: alternative.me

The index gathers and weighs data from six market key performance indicators to score crypto market sentiment each day: volatility (25%), market momentum and volume (25%), social media (15%), surveys (15%), Bitcoin’s dominance (10%) and trends (10%).

 

Bitcoin reached a two-year high of nearly $47,000 on Jan. 8, days before multiple spot Bitcoin ETFs were approved in the U.S., and has seen a price decline to under $40,000 since the roster of new ETF products was approved.

One ETF in particular, the Grayscale Bitcoin Trust (GBTC), has seen over $2 billion in outflows since its conversion to an ETF and has caused days of net outflows from the 10 spot Bitcoin ETFs.

The index shows sentiment was firmly in “Greed” territory from late October as the market looked to spot ETF approvals with optimism.

It reached a score of 76 on Jan. 1, the day after the approval of several Bitcoin funds, and its highest score since hitting 77 on Nov. 11, 2021 — the day after Bitcoin’s over $69,000 all-time high.