The index blends several inputs into a single number, including volatility, social media activity and market momentum.
The price action explains the mood. Ethereum touched lows around $1,709, with reported lows across the period ranging from $1,709 to $1,800.
$XRP had an even rougher stretch. The token dropped to approximately $0.8922, its lowest level since November 2024.
That leaves $XRP down roughly 36% for the quarter.
Bitcoin also traded lower during the selloff. When the largest asset in the market slips, altcoins tend to follow it downhill, and this week was no exception.
The money is heading for the exits
US spot $XRP ETFs saw net outflows of $19.13 million in the week ending around November 13 to 14, 2026. That marks the largest weekly pullback from those products in about eight months.
Stablecoins tell a similar story. The combined market cap of $USDT and $USDC has contracted to $244 billion, the weakest level since September 2025.
That figure shrank by approximately $17 billion over the past month.
Reading the fear gauge without overreading it
Extreme fear has a reputation in crypto circles. Deep pessimism can line up with periods of capitulation, when the most anxious sellers finally throw in the towel, and those moments have sometimes come before relief rallies.
The index is better understood as a lagging indicator. It reflects how the market has already behaved rather than forecasting where prices are going next.
A reading of 21 after a reading of 39 confirms that sentiment deteriorated quickly.
What this means for the market
The $XRP ETF outflows deserve particular attention. The $19.13 million figure is modest in absolute terms, but being the largest in around eight months shows that a cohort of investors who had been holding through earlier volatility chose to step back this time.
The stablecoin number is arguably the one to watch most closely. A market cap of $244 billion for $USDT and $USDC combined still represents a large pool of liquidity, but the direction of travel has been down for a month.
Ethereum’s push toward the $1,709 area and $XRP’s return to levels last seen in November 2024 put both assets at price zones that market participants will be watching for signs of support.
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