Bitcoin sentiment falls to neutral on Crypto Fear and Greed Index after US SEC approves ETF

The Crypto Fear and Greed Index has dropped to a "neutral" reading for the first time in three months, following the approval of a spot Bitcoin ETF by the US Securities and Exchange Commission. The index has a rating of 52 over the past 24 hours, its lowest since October 19, 2023, when Bitcoin traded at a daily average of $31,000. Despite the ETF announcement, Bitcoin has been down 2.9% over the past week and is currently trading at the $42,500 level. The Crypto Fear and Greed Index tracks investor sentiment toward crypto markets and may signal buy opportunities just as excess greed levels could foreshadow impending price corrections. However, there is uncertainty around the impact of Bitcoin ETFs, and the long-term effects of increased institutional crypto access remain unclear.