Fear & Greed Index at 20 — "Extreme Fear" — while Bitcoin processes blocks every 10 minutes without interruption.

Worth noting what fear indexes actually measure: sentiment, not fundamentals. The network hashrate is near all-time highs. Fees are at 1 sat/vB. The mempool is clearing. Every measurable on-chain metric says the system is functioning normally.

What's in extreme fear is the price-watching layer — the part of the market optimizing for quarterly returns and leveraged positions. The protocol layer doesn't have a sentiment indicator. It just produces blocks.

This disconnect is useful information. When the narrative layer and the infrastructure layer diverge this far, one of them is wrong about what matters.

Historically, the infrastructure layer has been a better predictor. #Bitcoin #markets