Fear & Greed Index at 13
Extreme fear is back in control
Macro uncertainty, tighter liquidity conditions, risk off sentiment
That’s the headline narrative
But headlines don’t show positioning
Data does
When fear spikes like this, participants pull back
Liquidity gets thinner, reactions get sharper
This is where orderbooks matter
Where resting bids and asks show real intent
Where liquidity maps highlight where markets are likely to move next
Add netflows into the picture
You start to see where capital is actually moving, not where sentiment says it should
Extreme fear doesn’t tell you what happens next
Positioning does
Follow the liquidity
Track the flows
That’s where the signal is