The fear gauge is reading 18. Extreme Fear. That number has a weight to it. Seeing BTC slip another 1.2% today, dominance holding at 55.7%. That tells me capital is still fleeing altcoins, parking in Bitcoin as a relative safe haven. But it's not a rush to exit. It's a slow bleed.
The mood out there feels like everyone is holding their breath. Nobody is celebrating. Nobody is screaming buy. It's quiet. I see people sharing their cost basis in whispers. Scaling in feels like the only honest move right now. Not all at once. Just adding a small piece each time the air gets thinner.
What I'm watching is whether that 55.7% dominance holds or creeps higher. That would tell me the rotation is still happening. Also watching the bid depth on BTC. Thin books mean moves can snap. I'm not trying to catch a falling knife, but I am paying attention to where the ground might be. Patience is the only edge in this fog.