Currently, the cryptocurrency fear and greed index has fallen to its lowest point since the COVID-19 pandemic, with the market plunged into "extreme fear." This panic stems from a dual blow of tightening macro liquidity (the Federal Reserve's hawkish stance) and a collapse of internal narratives (record outflows from ETFs and rare sell-offs by "whales").

However, on-chain data shows that behind the panic-induced "surrender," a major "asset transfer" is occurring: medium-sized whales and fearful retail investors are selling, while large strategic entities and steadfast retail investors are actively accumulating. Historical data suggests that "extreme fear" is quite a good medium to long-term buying signal. Therefore, for rational enthusiasts, the best strategy right now is not to panic sell or blindly buy the dip, but to maintain discipline amidst irrational market noise by combining dollar-cost averaging (DCA).