什麼是加密貨幣恐懼與貪婪指數？: 恐懼與貪婪指數衡量投資人對加密貨幣市場的情緒，指出市場當前是看漲還是看跌。該指數的分數介於 0 到 100 之間，接近 0 的分數代表極度恐懼和市場被低估，接近 100 的分數代表極度貪婪、FOMO 驅動的買盤以及市場過熱。
CoinGecko 的加密貨幣恐懼與貪婪指數是如何計算的？: CoinGecko's Fear and Greed Index is built in-house by our crypto analysts and calculated based on the following factors:

On-Chain Activity: The index incorporates the MVRV Z-Score, and Bitcoin's Spent Output Profit Ratio (SOPR). Together, these measure whether holders are sitting on gains or losses.

Liquidity and Capital Flows: This component measures capital allocation using the Stablecoin Supply Ratio, stablecoin dominance, and market-wide trading activity relative to its recent averages. Large stablecoin balances indicate capital waiting on the sidelines, while capital deploying into assets indicates returning confidence.

Market Structure: This factor examines positioning in the Bitcoin perpetual futures market, using funding rates, open interest relative to its recent average, and the spread between perpetual and spot prices. Traders paying a premium to hold long positions indicate greed, while a rapid unwinding of open interest indicates forced selling and fear.

Volatility and Momentum: The index assesses the severity of Bitcoin's losing days over the past 30 days, its price relative to its 30-day average, and how far below its daily highs it has been closing. Sharp downward moves indicate fear, while steady appreciation indicates confidence. Volatility on the way up is not counted as fear; instead, rapid gains are captured by the momentum measure.

Dominance and Altcoin Rotation: This factor tracks the direction of Bitcoin's share of total market capitalization and the number of top 100 cryptocurrencies, excluding stablecoins, that outperform Bitcoin. Rising Bitcoin dominance signals a flight to safety, while broad altcoin outperformance signals appetite for risk.
投資人如何使用加密貨幣恐懼與貪婪指數？: 投資人使用該指數來衡量市場其他人的感受。它通常與價格走勢和基本面等其他資訊搭配使用，以做出交易決策，而不是作為單一獨立訊號。

當指數顯示貪婪時，代表市場被高估且即將面臨回檔。當指數顯示恐懼時，投資人會感到擔憂並可能恐慌性拋售，從而創造買入機會。兩位投資人看待相同的恐懼與貪婪指數，可能會做出完全不同的決策。

高貪婪數值通常被視為市場過熱的跡象，而極度恐懼有時被解讀為極度悲觀的時點。這種解讀被廣泛使用，但這是一種慣例而非經過證實的必然結果。兩位投資人看待相同的數據，可以合情合理地得出相反的結論。
加密貨幣恐懼與貪婪指數有多可靠？: 從歷史上看，當資產價格下跌時，該指數往往會下跌，當價格上漲時，該指數往往會上漲，但這種相關性並不等同於該指數本身在預測意義上是「準確」的。該指數衡量的是市場情緒——而不是資產的價值——因此兩者應分開看待。