The Crypto Fear and Greed Index, a widely followed measure of crypto investor sentiment, has slipped back into “extreme fear” after a brief recovery midweek.
The index stood at 18 at the time of reporting, down from 20 on Friday, per CoinMarketCap, where 20 registers as “fear” and lower readings indicate worsening sentiment. The gauge had briefly risen to 25 on Wednesday before retreating as geopolitical tensions involving the U.S., Israel and Iran continued to sap risk appetite and heighten macroeconomic uncertainty.
Earlier in February the index hit a yearly low of 5 amid a broader market downturn driven by geopolitical developments and macro concerns including interest-rate uncertainty, liquidity strains and rising U.S. government debt.
Crypto markets have been in a bear phase since the October 2025 crash, which cut Bitcoin (BTC) by more than 50% from its all-time high. BTC later staged a limited recovery while hundreds of billions of dollars were erased across the altcoin market.
Altcoins have been particularly hard hit. CryptoQuant analyst Darkfost noted that 38% of altcoins are trading at or near all-time low prices, a depth of weakness more severe than the aftermath of the FTX collapse. He also cited roughly a 50% drop in crypto trading volume accompanying the price declines. Altcoins typically attract liquidity within the crypto market, making their deterioration notable amid the recent geopolitical and macro headwinds.
Social metrics reflect the pullback in interest: mentions of altcoins on social platforms fell to their lowest level in two years, according to sentiment tracker Santiment. Meanwhile, Google search volume for the phrase “Bitcoin going to zero” reached its highest worldwide level since 2022 in February 2026, underscoring the low investor confidence captured by other indicators.
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