The Fear and Greed Index is only 25 today—it's fallen into the extremely fearful range.

But on the other side, ETF funds are still steadily buying. On August 4, the combined net inflow to BTC and ETH ETFs was $265 million: BTC ETFs alone pulled in $211 million in a single day, while ETH ETFs saw inflows of $53.7 million. Over the past 7 days, BTC ETF cumulative net inflows totaled $320 million.

Retail investors were scared into selling off at a loss, while institutions quietly bought the dip.

Even more interesting are the liquidation data. In the past 24 hours, the entire network liquidated $182 million, of which $139 million was wiped out from shorts, accounting for 76%. ETH shorts liquidated $49.44 million, making up 82% of total ETH liquidations. BTC shorts liquidated $50.69 million, accounting for 88%.

Too many people short at this position, and they got wiped out by a sudden pump.

At the exchange level, Binance accounted for 43.6% of the total liquidation volume, OKX for 20.7%, and together the two make up nearly two-thirds. On Hyperliquid, 100% of liquidations came from shorts, with an amount of $14.8 million—this leverage was set quite aggressively.

The altcoin season index is 58, slightly bullish/neutral-warm. BTC has fallen 19.5% over the past 90 days, but among 50 major altcoins, 29 have outperformed BTC. Funds haven’t pulled out; they’re just rotating between sectors.

The Fear Index at 25 combined with continuous ETF inflows and large-scale short liquidations—this kind of setup is rarely seen historically. It could mean a bottom is being built during the panic, or it could just be a rebound during a downtrend. Manage your position size—don’t go all-in.

Check in real time:

https://www.coinboss.com/etf

https://www.coinboss.com/liquidations