Cryptocurrency market sentiment has weakened sharply after an October 29 security breach at Binance, pushing the Crypto Fear and Greed Index down to 30 on November 2. The reading places the market firmly in fear territory and is 26 points below the 30-day average of 56, according to CryptoQuant data.
Analyst Axel Adler Jr. reported that the Binance hack occurred at approximately 20:05 UTC, with estimated losses of $6.3 billion. Binance said it would cover affected customer assets through its Secure Asset Fund for Users and company reserves, while roughly $3 billion in assets were frozen. The index had already declined before the attack, falling from 68 on October 22 to 51 on October 29, then dropping another 21 points to 30. Overall, it lost 38 points between October 22 and the post-hack reading.
A subsequent CryptoQuant chart reading showed a modest uptick to 34, though sentiment remained below the historical median of 44 and well under the monthly average. Bitcoin was trading around the upper $70,000 range following several 2026 corrections, and Adler stressed that a sustained recovery would require both an improvement in the sentiment index and a rebound in Bitcoin’s price. The report cautioned that although fear can sometimes coincide with buying opportunities, a low index reading does not guarantee further price declines or a market bottom.
