Crypto Sentiment Sinks to Lowest Level in 3.5 Years

In brief

• Bitcoin slid to a 15-month low, down more than half from its late-2025 peak, while derivatives data showed a sharp pullback in speculative positioning.
• Market sentiment gauges dropped into “extreme fear,” with options traders paying steep premiums for downside protection.
• Analysts pointed to Federal Reserve uncertainty, a rising dollar and spillovers from global bond and tech-sector stress as key drivers of the selloff.