The Fear and Greed Index flashed a reading of ‘5’ within the ‘Extreme Fear’ territory on Sunday night, a second time this month since February 5.

  • Gemini CEO Tyler Winklevoss said on Sunday that crypto sentiment has become so negative that it makes him “optimistic” about the market’s outlook.
  • The index was last seen trending at levels this low during the 2020 crypto crash when COVID-19 hit.
  • Shares of crypto exchange Gemini edged 0.34% higher in overnight trade on Sunday, despite the overall cryptocurrency market falling more than 3% in the last 24 hours. 

Gemini (GEMI) CEO Tyler Winklevoss said on Sunday night that he’s “optimistic” about the crypto market following the Fear and Greed Index dipping to levels last seen during the COVID 2020 crash for a second time this month.

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“The sentiment in crypto right now is so bad that I'm actually pretty optimistic,” Winklevoss wrote in a post on X. The Fear and Greed Index flashed a reading of ‘5’ within the ‘Extreme Fear’ territory on Sunday night, a second time this month since February 5. 

Crypto Fear And Greed Index Returns To COVID-Era Lows

The index was last seen trending at levels this low during the 2020 crypto crash, when COVID-19 hit, and not only the crypto market, but the stock market took a dive as lockdowns came into play and people were asked to stay at home. 

The index has been trending in the ‘Extreme Fear’ territory over the past month. Historically, bull traders see sentiment at rock bottom as a potential buying opportunity, with capitulation preceding a major bounce.

Fear & Greed Index reading drops to 5 for a second time in February. | Source: alternative.me

GEMI Stock Bucks Crypto Dip

Shares of crypto exchange Gemini edged 0.34% higher in overnight trade on Sunday, despite the overall cryptocurrency market falling more than 3% in the last 24 hours. On Stocktwits, retail sentiment around GEMI’s stock trended in ‘extremely bullish’ territory with chatter at ‘extremely high’ levels. 

GEMI retail sentiment and message volume on February 23 as of 2:15 a.m. ET | Source: Stocktwits

Meanwhile, Bitcoin’s price was trading around $65,700, recovering from a dip to $64,200 and still down 3.4% over the last 24 hours. 

Gemini’s Bitcoin Holdings And Earnings Outlook

Gemini currently ranks among the top 10 corporate companies in the U.S. with Bitcoin on its balance sheet. The company holds around 5,300 Bitcoin, valued at under $350 million as per the cryptocurrency’s latest price.

The company is scheduled to report its earnings on Wednesday with Wall Street expecting an adjusted loss of $0.96 per share on revenue of $52 million, according to Koyfin data. Gemini went public in September 2025 and is currently trading more than 84% below its debut price.

Read also: Bitcoin Slumps Under $65K, Ethereum Underperforms After Trump’s 15% Tariff Announcement

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