Bitwise: The market is in a state of panic, making it the perfect time to accumulate Bitcoin.

Jinse Finance reported that Bitcoin's recent weak performance appears to have dampened market enthusiasm, with Google search interest dropping to a multi-month low. The latest market sentiment index reflects typical bear market characteristics, with cautious sentiment dominating the entire crypto market. The Crypto Fear & Greed Index has dropped to 24, reaching the "fear" level, which is the lowest point in the past year and a sharp decline from last week's 71. This drop is similar to the sentiment seen in April this year when Bitcoin briefly fell below $74,000, and also echoes the market downturn cycles of 2018 and 2022. Despite the sharp decline in sentiment, Bitwise analysts believe the current situation is more suitable for "buying the dip" rather than retreating. The company's Head of Research André Dragosch, Senior Researcher Max Shannon, and Research Analyst Ayush Tripathi stated that the recent adjustment is mainly driven by external factors, and historically, such extreme sentiment often signals a good entry point before a strengthening market.