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Fear Index 10! A two-year low, Ethereum $ETH lost 90 million in 5 days, is the cryptocurrency world going to change?
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Yesterday (February 26, Eastern Time), the US spot Ethereum ETF had a net outflow of 94.3 million US dollars, and the funds have been running for 5 consecutive days. Investors seem to be collectively stepping on the brakes. Half an hour ago, FalconX dumped 340,000 $SOL (about 46.8 million US dollars) into Coinbase, Binance, OKX and Bybit, and the smell of institutional selling was strong. Today is even more fierce, the crypto panic index fell to 10, the lowest since July 2022, and the market was trembling with fear.
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What is the signal behind it? $BTC fell below 85,000 yesterday, ETH couldn't stand the decline, ETF outflow plus SOL transfer, selling pressure is like dominoes. The panic index is 10, which means that everyone would rather hold cash than touch the coin.
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My opinion: If ETH breaks $2,300 in the short term, the bottom-fishing funds may test $2,500, but the rebound depends on ETFs to stop the bleeding. In the medium term, it is bearish. If SOL is dumped again, the altcoins will have to "hibernate" collectively. The current panic is very similar to the opening of the big bear market in 2022. Don't rush to bottom-fish, wait for clear signals.
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