Korean Traders Signal 'Extreme Greed' Despite 1.45% Price Dip
On March 22, Akash Network (AKT) surged to the top of South Korea's crypto sentiment rankings, registering a Fear Greed score of 86, a level classified as 'extreme greed'. This powerful bullish signal from a key Asian market occurred even as the token's price posted a modest daily decline. AKT was last quoted at 881 KRW, down 1.45% for the session. The divergence between overwhelmingly positive local sentiment and a minor price drop points to a potential buildup of buying pressure, a dynamic often preceding the 'Kimchi premium' effect where Korean market demand drives prices higher than global averages.
Broader Market Gripped by 'Extreme Fear' as Bitcoin Falters
The localized optimism for Akash stands in sharp contrast to the rest of the cryptocurrency market. The general Crypto Fear & Greed Index has flipped back to 'Extreme Fear,' with a reading hovering around 28. This widespread caution is driven by Bitcoin's failure to sustain its momentum after a brief spike above $75,000 earlier in the week. The leading cryptocurrency has since fallen below $69,000, pulling market-wide sentiment down with it and ending a 48-day period of slightly improving risk appetite.
Options Data Shows Investors Paying Record Premiums for Protection
Further evidence of market-wide defensiveness comes from the options market, where investors are paying record prices for downside protection. According to a VanEck report, the put-to-call open interest ratio for Bitcoin reached 0.84, its highest level since the China-led mining crackdown in June 2021. This indicates that traders are heavily favoring put options to insure against further price declines. While this caution suggests leveraged speculation has cooled, VanEck noted that such extreme skew readings have historically preceded significant price gains, with Bitcoin seeing average gains of 133% over 360 days following similar conditions in the past six years.
Edgen Crypto·Mar 22 2026, 11:06
