Grayscale CEO Michael Sonnenshein gave his assessment of the current state of the crypto market. And despite the doom and gloom, he remains upbeat.
The state of the crypto market
The Crypto Fear and Greed Index currently shows a reading of 12, deep within extreme fear territory. Nonetheless, the Index is up by one point from yesterday.
Source: alternative.me
However, a fresh pullback on Thursday, which began at 09:00 (GMT), sees intense sell pressure on the alts. The biggest top 10 losers over the last 24-hours are Ethereum, down 7%, and Solana, which is down 8% over the same period.
As a lagging indicator, it’s likely the Fear and Greed Index will revert further into extreme fear as the chart gets updated on Friday.
Meanwhile, the total crypto market cap has seen outflows top $638 billion over the last four weeks. When considering YTD outflows have topped $982 billion, or -46%, the outlook appears bleak.
Source: CoinMarketCap.com
Reasons for hope during the downturn
Despite harsh ma
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