什么是加密货币恐惧与贪婪指数？: 恐惧与贪婪指数用于衡量投资者对加密货币市场的情绪，指示市场当前是看涨还是看跌。该指数得分在 0 到 100 之间，接近 0 的得分表明极度恐惧和市场被低估，而接近 100 的得分则表明极度贪婪、FOMO 驱动的买入和市场超买。
CoinGecko 的加密货币恐惧与贪婪指数是如何计算的？: 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.
投资者如何使用加密货币恐惧与贪婪指数？: 投资者使用该指数来衡量市场其他参与者的情绪。它通常与其他信息，例如价格走势和基本面，结合使用来做出交易决策，而不是作为独立的信号。

当指数显示贪婪时，市场可能被高估并面临回调。当指数显示恐惧时，投资者会感到担忧并可能恐慌性抛售，从而创造买入机会。两位投资者可能会查看相同的恐惧与贪婪指数，但做出完全不同的决策。

高贪婪读数通常被视为市场上涨过快过急的信号，而极度恐惧有时被解读为极度悲观的点。这种解读被广泛使用，但它是一种习惯做法，而非经过证实的必然结果。两位投资者查看相同的读数，完全有可能得出相反的结论。
加密货币恐惧与贪婪指数的可靠性如何？: 从历史上看，当资产价格下跌时，该指数往往会下降，而当价格上涨时，该指数往往会上升，但这种相关性并不等同于指数本身在预测意义上是“准确”的。该指数衡量的是市场情绪而非资产价值，因此两者应分开对待。