The Fear Index has dropped to 9, and it has been in the "Extreme Fear" zone for 70 consecutive days.

Many people’s first reaction to this number is: It’s over. But the truly interesting part is—70 days. It’s not a single day of crash, not a week of panic selling, but over two months of sustained low sentiment. This duration is more telling than a one-time plunge.
The last time such an extended period of extreme fear occurred was after the FTX collapse. At that time, it was a systemic trust crisis, liquidity dried up, and exchanges were all under suspicion. The current environment isn’t about exchanges exploding one after another, but a slow drain caused by macro suppression, geopolitical risks, and capital contraction stacking together.
Markets are most torturous in this phase. It’s not about a sudden death, but about being disappointed a little every day. Prices hover without clear direction, rebounds are weak, and good news is ignored. Over time, chips are worn down, and confidence is drained. The true bottom is often not when emotions are most panicked, but when everyone has become numb to the panic.
The prolonged period of extreme fear actually signals one thing: the market has entered an “emotion exhaustion” phase. Risk assets are not being heavily accumulated, but they haven’t completely collapsed either. In other words, capital is waiting for a direction, not fleeing en masse.
Historical experience is simple—when everyone is too afraid to be optimistic, the upward resilience is actually building. But that doesn’t mean a sudden surge is imminent. It’s more like a spring being compressed; the longer it’s held, the greater the force when it’s released.
The real question now isn’t how low the index is, but whether a catalyst will emerge to release the pressure of these 70 days all at once. True market movements are never sparked by greed, but brewed in extreme doubt. #震荡行情交易策略