The Crypto Fear & Greed Index plunged to 11 on Monday, sinking deep into “extreme fear” and marking its weakest reading since late 2022.

Bitcoin’s November slide accelerated on Friday as the asset dropped below $85,000 for the first time since April. A wave of leveraged liquidations and collapsing sentiment has turned the month into bitcoin’s harshest drawdown since the depths of the 2022 crypto winter. BTC briefly hit $81,600 before bouncing toward $84,000, wiping out its year-to-date gains and returning the market to levels last seen before January’s ETF-driven surge.

Losses across major cryptocurrencies intensified. Ether fell below $2,750, down nearly 14% for the week. Solana tumbled more than 10% in the past day, while XRP, BNB, and Cardano declined between 8% and 15%. In total, top tokens have dropped 20–35% from their November highs, with smaller caps experiencing even steeper declines.

Liquidations have surged alongside the selloff. Over the past 24 hours, nearly $2 billion in leveraged positions were wiped out, according to CoinGlass. Bitcoin accounted for $964 million, ether for $407 million, and broad-based altcoin positions made up the rest. Roughly 396,000 traders were liquidated, with the largest single loss — a $36.7 million BTC position — occurring on Hyperliquid.

Macro conditions have offered little relief. Global equities just notched their worst week in seven months as investors reassess stretched AI valuations and dial back expectations for a December Federal Reserve rate cut. The MSCI All Country World Index is down more than 3% on the week, U.S. tech shares remain under pressure, and Treasuries are rallying as capital rotates out of risk assets.

Crypto flows continue to deteriorate as well. U.S.-listed bitcoin ETFs saw over $900 million in outflows on Thursday — their second-worst day since launching in early 2024. Open interest in perpetual futures has dropped 35% from October’s peak near $94 billion, further draining market liquidity.

Retail sentiment is collapsing in tandem. The Crypto Fear & Greed Index’s fall to 11 underscores the deepening anxiety across the sector. Historically, such extreme readings have often preceded major market bottoms, yet with bitcoin breaking multi-month support and institutional flows reversing, clear signs of stabilization have yet to emerge.