Crypto market sentiment has been stuck in extreme fear for over two months, with Bitcoin and many altcoins underperforming despite positive structural developments like spot ETFs and regulatory progress. Key factors include underwhelming price performance vs expectations, thinning liquidity, leverage sell-offs, confusing macroeconomic signals, and resulting narrative fatigue. The sustained negative sentiment reflects disappointment as bullish events repeatedly triggered sell-the-news reactions, leaving investor trust fragile and raising uncertainty about the market’s near-term recovery.

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