Fear & Greed 65, Altseason 71: Rotation Widens
Sentiment Indexes Split: Greed Cools, Altseason Climbs
Fear & Greed fell from 74 to 65 in a single day, still inside Greed territory but no longer stretched. At the same time the altseason index climbed to 71, its highest recent reading, with 17 of 24 tracked coins outperforming BTC over the past 90 days. The two gauges are moving in opposite directions, and that gap says more than either number on its own.
What Moved Under the Hood
Bitcoin is trading near $78,500 after rejecting the $81,300 area, down 0.45% in 24 hours on Binance and OKX. ETH sits around $2,440, off 1.4%, while SOL has pulled back 3.5% to $96. The top of the 90-day leaderboard is packed with altcoins: ZEC up 40.4%, HYPE up 30%, ETH up 21.6%, SOL up 17.7%, TRUMP up 14.4%, XRP up 9%. On the other side, FIL is down 25.7%, NEAR down 22.9%, SUI down 18.7%, AVAX down 17.9%, DOGE down 13.8%.
Longs Still Paying the Tab
Liquidations across the last 24 hours reached $592.6 million, with longs responsible for 60.7% of the total. BTC alone accounted for $257.9 million, ETH for $162.6 million. That fits a market buying dips into a cooling tape rather than a panic unwind: funding has stayed flat on most venues and open interest has not collapsed.
How the Index Is Built
The altseason index compares each coin's 90-day return against Bitcoin over the same window, using volume-weighted samples. A reading above 70 with more than two-thirds of the sample outperforming means the rotation is broad rather than a one-coin squeeze. Today 17 of 24 coins beat BTC, and the index has climbed from 52 two days ago to 71 now, the fastest move in the metric's recent history.
What This Means for Positioning
A dropping Fear & Greed reading usually signals risk-off, but a rising altseason index argues the opposite: money is rotating out of BTC tops into secondary names, not leaving the market. The coins with the strongest 90-day relative strength, ZEC and HYPE among them, are the ones to watch on pullbacks, since this rotation has favored momentum leaders all month. A break below the recent range, though, would hit leveraged longs first, and that is the main risk to the setup.
Data as of 08:15 Beijing time, covering Binance, OKX, Bybit, Hyperliquid, Gate, Bitget and other major exchanges.