Crypto traders who bought near the recent highs are in a panic mode as prices keep declining. Bitcoin is trading around $87,000, down more than 20% over the past month, while Ethereum is hovering near $2,800, which is about 28% lower in the same period. The overall crypto market has fallen below $3 trillion, and nearly every major coin is deep in the red.

Unsurprisingly, the sentiment in the market has turned gloomy too. The Fear and Greed Index has fallen to 15, the lowest level since April, indicating how nervous investors have become.