FNG 25 Extreme Fear BTC 64K These two numbers shouldn’t appear together. BTC pulled a V-shaped move this week: Monday dropped to 62.3K Tuesday bounced back to 65K Wednesday touched 65.6K but couldn’t break through Thursday and Friday slid back to 63.8K The price recovered, but the fear didn’t. I looked back at history: March 2023, SVB collapsed, BTC was at 24K, FNG at 25. Now BTC is 2.7x that price, but the fear is exactly the same. What is the market afraid of? ETFs haven’t been halted, Stablecoins haven’t fled, Whales haven’t dumped, Yet fear refuses to fade. I think it comes down to two things: 1. 65.6K wasn’t broken, bulls lost their nerve. 2. Anxiety from the U.S. stock market is spilling over. Next week, watch 65.6K: If it breaks, the narrative shifts from waiting for doom to confirmation. If it doesn’t, 63-65 will keep grinding. Which side are you betting on?