Crypto market sentiment plummeted as Bitcoin drops below $106,000 for the first time in three weeks. The Crypto Fear & Greed Index hit “Extreme Fear” with a score of 21. Bitcoin hit a 24-hour low of $105,540, recovering slightly to $106,500. Analysts cite reduced institutional demand and Fed rate cut concerns for the dip.

The Crypto Fear & Greed Index last saw “Extreme Fear” in October. The index fluctuated between “Extreme Fear” and “Neutral” after a market crash early October, with a high of 74 on Oct. 5. Analysts link Bitcoin’s dip to reduced institutional demand, blockchain activity, and concerns over a hawkish Fed.

Fed rate cut signals affect crypto markets, with Bitcoin ETFs experiencing net outflows of nearly $800 million. Institutional buying dips below daily mined supply for the first time in seven months. Crypto bulls eye a potential “Moonvenber,” as Bitcoin historically gains an average of over 42% in November, its best growth month.

Read more at Cointelegraph: Crypto Sentiment Plunges With Bitcoin’s Fall Below $106K