Bitcoin's Fear and Greed Index has dipped below 10 this quarter—signaling "Extreme Fear." This marks the first time the index has fallen to such depths in 3.5 years, a rare occurrence that only shows up in a handful of historical moments.

Looking back, we can count just 3 prior instances: the brutal 2018 bear market when Bitcoin traded around $3k-$4k, and the 2020 Covid crash that sent it down to roughly $3k as well. Each of these periods represents a critical juncture—moments when market panic reached fever pitch and retail investors were genuinely terrified.

What's interesting is the pattern itself. Extreme fear at these levels has historically coincided with major price capitulation, yet also tends to mark the reversal points where patient traders and institutions quietly accumulate. The psychological extremes often precede the most dramatic recoveries. Worth watching what happens next.