Conclusion first: Fear & Greed scores 50 points, and the copycat/“shanzhai” season scores 46 points. Both indicators are stuck in the neutral range, looking calm and uneventful.
But the actual order book isn’t like that. Over the past 24 hours, liquidations across the whole network totaled $359 million, with 62% being shorts. On the 4-hour basis, shorts are also 63%, with the ratio not changing much. In the last hour, it’s even more extreme: of the $3.10 million liquidated, $2.64 million was shorts, pushing the share up to 85%.
What isn’t showing in the data is that during this period, shorts have been passively taking hits; the closer you look, the higher the proportion—it's not just a one-off move pulled up by a couple of orders.
It may still take a bit longer before sentiment truly turns optimistic or pessimistic. In the short-term, the long-versus-short tug-of-war has already decided the winner.
Do you believe that the indicator is neutral, or is the liquidation data more accurate?
View in real time: https://www.coinboss.com/indices