What is the Fear & Greed Index?
The Crypto Fear & Greed Index is published daily by Alternative.me. It measures market sentiment on a scale from 0 (Extreme Fear) to 100 (Extreme Greed) using 6 data sources: volatility (25%), market momentum (25%), social media (15%), surveys (15%), Bitcoin dominance (10%), and Google Trends (10%).
The index was inspired by CNN's Fear & Greed Index for traditional markets. In crypto, it has proven to be a reliable contrarian signal: extreme fear has historically coincided with cycle lows, while extreme greed has preceded major corrections. Currently: —/100.
How is the Fear & Greed Index calculated?
The Fear & Greed Index is divided into 5 zones. Each zone reflects a distinct sentiment condition — and historically, the extremes have been the most actionable signals for contrarian investors.
Maximum panic. The crowd is selling. Historically, Extreme Fear has coincided with major cycle lows — the hardest time to act, often the most rewarding.
Below-average sentiment. Market uncertainty dominates. The crowd is nervous but not in full panic.
◂ Current zoneBalanced sentiment. No strong signal in either direction. On-chain data becomes the tiebreaker here.
Above-average optimism. FOMO starting to build. Risk appetite is rising — but so is risk.
Euphoria. The crowd is all-in. Historically, extended periods above 75 have preceded major corrections — often within weeks.
Fear & Greed is one signal. The BTC NHCI Score combines it with 12 others — on-chain, macro, and derivatives — so you get the full picture, not just the sentiment layer.
See how Fear & Greed fits the full BTC NHCI →How NeverHodl uses the Fear & Greed Index
The BTC NHCI Score includes the Fear & Greed Index as one of its 13 indicators, but weights it carefully. Alone, sentiment can be misleading — markets can stay irrational for weeks. The NHCI combines it with on-chain data (MVRV, NUPL, aSOPR) and macro signals (M2, VIX) to filter noise.
A Fear & Greed reading of 23 (Fear) aligned with MVRV in the Accumulation zone and M2 expanding globally is a very different signal than Fear & Greed of 23 during a macro contraction. The NHCI Score reads all 13 inputs simultaneously so you don't have to.
Limitations of the Fear & Greed Index alone
The Fear & Greed Index is a useful sentiment gauge but has real limitations as a standalone signal. It reacts to price — meaning it often shows Fear AFTER a drop and Greed AFTER a rally. This makes it a lagging indicator when used in isolation.
It also doesn't distinguish between healthy bull market corrections (short-term Fear in a Bull zone) and genuine cycle tops (Greed in a Distribution zone). Without on-chain context, the signal is incomplete. This is why the NHCI Score combines it with 12 other indicators.
The current F&G reading is —/100. Combined with BTC NHCI Score of —/100, this gives a much more complete picture than either indicator alone.
See the full picture — free, always.
The NeverHodl Dashboard shows all 13 indicators live, with hourly AI cycle analysis and historical context. No account required.
Key takeaways
- F&G measures sentiment from 0 (Extreme Fear) to 100 (Extreme Greed)
- Calculated from 6 sources: volatility, momentum, social, surveys, dominance, trends
- Extreme Fear has historically coincided with cycle lows
- Extreme Greed has preceded major corrections
- The NHCI uses F&G as 1 of 13 indicators — context always matters