Matt Hougan, chief investment officer at Bitwise, said there is a sharp divergence in sentiment between professional investors and retail investors in the crypto market. Retail sentiment is at its lowest level in years, while professional investors are extremely bullish on the market. The Crypto Fear and Greed Index fell 25 points to 44 (fear) from 69 (greed) last month, according to the index. Bloomberg ETF analyst James Seyffart pointed out that this is because retail investors hold a large number of counterfeit products and meme coins that have fallen badly. Data show that the top three meme coins in market capitalization have fallen by more than 20% in the past seven days, with Pepe falling by 35.31%, ShibaInu falling by 20.82%, and Dogecoin falling by 24.69%.