近期，比特币引领市场下行，加密市场再次被恐慌情绪笼罩。据Alternative.me的数据，过去7天内，加密货币恐慌与贪婪指数一度跌至10，创下自2022年6月以来的新低，处于极度恐慌等级。PANews整理了过去几年加密市场的周期性波动事件，从多个引发恐慌时刻的关键因素来看，包括因宏观经济、行业内部危机、投机泡沫破裂和监管压力等。
[PA图说 | 一图回顾2018-2025年的加密恐慌时刻]

近期，比特币引领市场下行，加密市场再次被恐慌情绪笼罩。据Alternative.me的数据，过去7天内，加密货币恐慌与贪婪指数一度跌至10，创下自2022年6月以来的新低，处于极度恐慌等级。PANews整理了过去几年加密市场的周期性波动事件，从多个引发恐慌时刻的关键因素来看，包括因宏观经济、行业内部危机、投机泡沫破裂和监管压力等。<img src="https://static.fwimg.io/img/feed/217770e39b2be64668742fe7fb678397.jpg" alt="PA图说 | 一图回顾2018-2025年的加密恐慌时刻">

PA图说 | 一图回顾2018-2025年的加密恐慌时刻

Here is the English translation:

The recent Bitcoin-led market downturn has once again shrouded the cryptocurrency market in a climate of panic. According to data from Alternative.me, the Crypto Fear & Greed Index has plunged to 10 over the past 7 days, reaching a new low since June 2022 and indicating extreme fear. <PANews has compiled the cyclical fluctuation events in the cryptocurrency market over the past few years, looking at key factors that have triggered panic moments, including macroeconomic conditions, industry crises, the bursting of speculative bubbles, and regulatory pressure.>
[<PA Illustration | A visual review of the crypto panic moments from 2018 to 2025>]

Recently, Bitcoin has led the market downward, and the cryptocurrency market has once again been shrouded in a mood of panic. According to data from Alternative.me, the Crypto Fear & Greed Index has fallen to 10 in the past 7 days, reaching a new low since June 2022, and is at an extremely fearful level. PANews has compiled the cyclical fluctuations of the cryptocurrency market in recent years, and from the perspective of the key factors that have triggered panic moments, including macroeconomic factors, internal crises in the industry, the bursting of speculative bubbles, and regulatory pressure.<img src="https://static.fwimg.io/img/feed/217770e39b2be64668742fe7fb678397.jpg" alt="PA图说 | A review of the crypto panic moments from 2018 to 2025">

PA Chart | A look back at the crypto panic moments from 2018 to 2025

In yesterday's report, we discussed several structural changes that have occurred in the cryptocurrency market in recent months. Now, with the US market yet to open, the total market capitalization of the crypto sector has fallen by nearly 9%, with Bitcoin down over 7% in the past 24 hours. Although Bitcoin has rebounded from a new low above $87,000 to the $89,000 level, the current trend is showing signs of fatigue.

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In today's report, we will once again examine the market trend, trying to clarify the causes of the current downward trend in cryptocurrencies, and assess the necessary conditions for the market to regain a bullish sentiment.

The current macro and crypto environment
Over the past year...

The crypto market plummeted, and more than 300,000 people were liquidated: the core reasons you need to know

The media The Kobeissi Letter pointed out that since the escalation of trade war concerns at the end of January this year, the global cryptocurrency market capitalization has plummeted from $3.7 trillion to $2.8 trillion in just five weeks, evaporating over $800 billion in value. For a long time, Bitcoin has been seen as a decentralized hedge asset against economic uncertainty, but this role seems to be still shaking.
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Cryptocurrency market collapses under trade war: Bitcoin cannot escape the fate of risky assets

The cryptocurrency market has recently declined, with Bitcoin falling below $90,000. The market sentiment is fragile, and the phenomenon of involution is intensifying. Bitcoin is unable to stand on its own, which increasingly indicates that <if the entire ecosystem does not prosper, the price of Bitcoin itself is also unstable>.