When panic knocks on the door! Since 2018, we have experienced 239 instances of 'extreme panic' with a 'panic and greed index' below 20: In 2018, there were a total of 93 extreme panics throughout the year, with regulatory policies being the main trigger. The SEC's investigation into ICOs, ETF delays, and frequent hacking attacks have caused Bitcoin to plummet by 80% throughout the year. But these panics often occur at temporary lows, and although there is a rebound, it is difficult to reverse the bear market trend. In 2019, panic significantly decreased, with only 20 occurrences. Although experiencing a small bull market, emotions are more fragile during the high point pullback period, with a historical low panic index of 5. Market fluctuations are mostly due to internal structural adjustments and weakened external news impact. In 2020, the "3.12" black swan event cut Bitcoin in half in a single day, triggering 43 consecutive days of extreme panic and setting a record for the longest period of concentrated panic in history. But it also became the starting point for a market reversal, with BTC rising nearly 17 times in the following 400 days. 2021: Under the negative impact of Elon Musk and Chinese regulations, the cryptocurrency market plummeted sharply, and the panic index repeatedly hit new lows. The market briefly rebounded in August and fell back again at the end of the year. Panic appears after the bull market peak and becomes one of the signals of cycle reversal. 2022: Terra crash triggers 65 days of extreme panic, the longest single duration; Although the FTX storm at the end of the year had a huge impact, the panic index did not fluctuate much, reflecting that the market has become almost "numb" to bearish sentiment in the depths of the bear market. 2023-2024: The market rebounds, with only one extreme panic occurring in two years, and the volatility significantly subsides, gradually stabilizing investor sentiment. Since the beginning of 2025, there have been three times when it has fallen below 20, with the lowest reaching 10 on February 26th. The global tariff increase on April 7th caused a sharp drop, but the panic index has not broken through again. Attempt to draw some conclusions from these data: one ️⃣ Panic often occurs at the end of a bear market or at the turning point of a bull market; two ️⃣ Continuous multi day panic has more bottoming out characteristics than sporadic panic; three ️⃣ When the bottom is truly reached, the panic index response lags behind; four ️⃣ Panic moments are decreasing, but they may resurface in 2025. History does not simply repeat itself, but there are cyclical signals hidden in moments of panic. Understanding the structural meaning of index volatility may be a key reference for investors to navigate through market fog.