Bitcoin Fear and Greed Index Plunges After Binance Hack, CryptoQuant Expert Reveals

What to Know

• Bitcoin’s Fear and Greed Index dropped to 30 following Binance’s $6.3 billion hack, reflecting deteriorating investor confidence across cryptocurrency markets.
• CryptoQuant data shows Bitcoin sentiment below its 30-day average of 56, while the historical median stands at 44 points.
• Analyst Axel Adler Jr. identifies sustained sentiment improvement and Bitcoin price recovery as essential conditions for restoring broader market confidence.

Bitcoin investor sentiment has weakened significantly following Binance’s $6.3 billion security breach, pushing the Fear and Greed Index into fear territory. According to CryptoQuant analyst Axel Adler Jr., the index dropped to 30 following the October 29 attack, reflecting growing market uncertainty as Bitcoin struggled to recover from recent selling pressure.

Bitcoin Fear and Greed Index Drops Following $6.3 Billion Binance Hack

The analyst reported that Binance suffered the security breach on October 29 at approximately 20:05 UTC, resulting in estimated losses of $6.3 billion. Binance committed to covering affected customer assets through its Secure Asset Fund for Users and company reserves while reporting approximately $3 billion in frozen assets.

Market sentiment had already weakened before the incident, with the Fear and Greed Index falling from 68 on October 22 to 51 on October 29. The subsequent decline to 30 represented another 21-point drop, placing Bitcoin investors firmly within the fear category.

Overall, the index lost 38 points between October 22 and the post Binance hacking , reflecting deteriorating confidence as the security incident intensified existing market weakness.

CryptoQuant Chart Shows Bitcoin Sentiment Below Historical Average

CryptoQuant’s chart reveals a considerable difference between current investor sentiment and the market’s recent monthly average. The purple line tracks daily Fear and Greed Index readings, while the green line represents its 30-day simple moving average. The chart’s latest reading stands at 34, compared with the monthly average of approximately 56.

This 22-point difference indicates that investor confidence remains considerably weaker than the broader sentiment trend recorded over the preceding month. Meanwhile, the historical median stands at 44, placing the latest reading 10 points below the market’s historical midpoint.

Source: CryptoQuant

The index also remains above its historical lower quartile of 26, indicating that sentiment has not reached the weakest historical range. Bitcoin’s price movement provides additional context, with the cryptocurrency trading around the upper $70,000 range following several corrections throughout 2026.

Significantly, the latest decline in sentiment coincides with renewed price weakness, reinforcing concerns about investor confidence following the Binance incident.

Bitcoin Sentiment Recovery Depends on Sustained Index Improvement

Adler emphasized that a meaningful improvement requires sustained gains in the sentiment index alongside a recovery in Bitcoin’s market price. A return above the historical median of 44 would indicate improving confidence, while a move beyond 50 would restore neutral sentiment.

Meanwhile, a recovery toward the 30-day average of 56 would narrow the gap between current readings and the broader monthly trend. The latest chart reading of 34 remains above the analyst’s reported post-hack level of 30, indicating a modest improvement without confirming a sustained recovery. Bitcoin’s sentiment outlook therefore remains weak, with the index below its historical median and monthly average despite the partial rebound.