What is driving it today
Merlin Chain's CryptoKeyhole Fear & Greed reading of 69 is 19 points above neutral (50). Pushing it towards greed: volatility (score 97, +10.0 points), price momentum (score 72, +8.0 points) and funding rates (score 58, +1.7 points). Pulling it towards fear: taker flow (score 45, −0.7 points). Strongest signal: volatility. 69% a year (30-day volatility of daily returns, annualised). Calm markets score towards greed, wild ones towards fear. By group: price action 82 (extreme greed) and derivatives positioning 52 (neutral).
| Component | Score | Leans to | Weight | Today's reading |
|---|---|---|---|---|
| Price momentum | 72 | Greed | 36% | Price +7.0% against its 30-day average and +17.2% against its 90-day average |
| Volatility | 97 | Greed | 21% | 69% a year (30-day volatility of daily returns, annualised) |
| Funding rates | 58 | Greed | 21% | +0.0071% per 8 hours (7-day mean of the median venue) |
| Taker flow | 45 | Fear | 14% | Takers bought 48.5% of Binance volume over 7 days (spot and perpetuals) |
| Long/short ratio | 51 | Neutral | 7% | 1.57 accounts long for every account short (7-day mean), on Bybit |
Not in this reading: open interest (we have no Bybit perpetual open-interest record for it); holder profit (no on-chain profit measure: we do not run this network's node); exchange flows (no on-chain exchange flows: we do not run this network's node); attention (there is no Wikipedia article we track for it); options implied volatility (its options have no implied volatility index; Deribit publishes one for Bitcoin and Ether). Their weight is shared among the components above.
The component chart shows each component's score day by day; the market page compares every coin.
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The Merlin Chain index over time
The Merlin Chain index between two dates
By CryptoKeyhole's daily readings, from 11 November 2025 to today, the Merlin Chain Fear & Greed Index went from 39 (fear) to 69 (greed) so far, up 30 points. Its highest reading in that span was 80 (extreme greed) on 21 August 2026, and its lowest 10 (extreme fear) on 25 November 2025. It averaged 51 (neutral), with 44 days in extreme fear and 19 days in extreme greed.
- 11 Nov 2025 reading
- 39
- final · fear
- Today so far
- 69
- today · greed
- Change
- +30
- points, 365 days
- Highest reading
- 80
- 21 Aug 2026 · extreme greed
- Lowest reading
- 10
- 25 Nov 2025 · extreme fear
- Average
- 51
- neutral
- Days in extreme fear
- 44
- of 365 days
- Days in extreme greed
- 19
- of 365 days
Each reading is one UTC day's value, labelled as our chart labels it (final); the highest and lowest are closed days only, never today so far.
Each span runs from the first reading of its first month to the last reading of its last, both months included. Choose one to see it in the picker above.
A year apart
| Span | First reading | Last reading | Change | Highest reading | Lowest reading | Average |
|---|---|---|---|---|---|---|
| November 2025 to November 2026 so far | 41 fear | 69 today | +28 | 80 21 Aug 2026 | 10 25 Nov 2025 | 50 neutral |
| October 2025 to October 2026 | 56 greed | 77 extreme greed | +21 | 80 21 Aug 2026 | 10 25 Nov 2025 | 50 neutral |
| September 2025 to September 2026 | 69 greed | 74 greed | +5 | 80 21 Aug 2026 | 10 25 Nov 2025 | 48 neutral |
| August 2025 to August 2026 | 60 greed | 69 greed | +9 | 84 23 Aug 2025 | 10 25 Nov 2025 | 48 neutral |
| July 2025 to July 2026 | 59 greed | 64 greed | +5 | 87 22 Jul 2025 | 10 25 Nov 2025 | 48 neutral |
Within a year
Between any two months of 2026
| From | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| January | −17 | −8 | +20 | +20 | +19 | +11 | +31 | +36 | +41 | +44 | +36 | |
| February | +10 | +38 | +38 | +37 | +29 | +49 | +54 | +59 | +62 | +54 | ||
| March | +28 | +28 | +27 | +19 | +39 | +44 | +49 | +52 | +44 | |||
| April | 0 | −1 | −9 | +11 | +16 | +21 | +24 | +16 | ||||
| May | +2 | −6 | +14 | +19 | +24 | +27 | +19 | |||||
| June | −11 | +9 | +14 | +19 | +22 | +14 | ||||||
| July | +14 | +19 | +24 | +27 | +19 | |||||||
| August | +7 | +12 | +15 | +7 | ||||||||
| September | +6 | +9 | +1 | |||||||||
| October | +4 | −4 | ||||||||||
| November | −8 |
Between any two months of 2025
What followed fear and greed
By CryptoKeyhole's back-test of the Merlin Chain Fear & Greed Index since 2025, after days of extreme fear, Merlin Chain's price was higher 90 days later 0% of the time (median −46.4%), against 39% of all days (median −27.7%).
| Reading | Days | Median change after 30 days | Higher after 30 days | Median change after 90 days | Higher after 90 days | Median change after a year | Higher after a year |
|---|---|---|---|---|---|---|---|
| Extreme fear | 44 5 spells | −42.3% | 5% | −46.4% | 0% | – | – |
| Fear | 98 13 spells | −16.9% | 31% | −84.5% | 16% | −91.0% | 0% |
| Neutral | 121 20 spells | −0.3% | 50% | −27.8% | 24% | −90.6% | 0% |
| Greed | 165 31 spells | +12.7% | 70% | +64.5% | 76% | −84.2% | 0% |
| Extreme greed | 34 17 spells | +5.1% | 62% | +193.7% | 100% | −84.4% | 0% |
| All days | 462 | −1.0% | 49% | −27.7% | 39% | −85.4% | 0% |
Every closed day since 7 July 2025 counts once, by its zone. The market page sets out how the back-test is counted; past results are not a forecast.
How it works
Merlin Chain's index is the weighted mean of its components today (price momentum, volatility, funding rates, taker flow, long/short ratio), each scored from 0 to 100 against its own past two years: below 25 is extreme fear, 25 to 44 fear, 45 to 55 neutral, 56 to 75 greed and above 75 extreme greed. The market page explains how each component is calculated, how to read the index and how it differs from other fear and greed indexes.
The last 30 days
| Day | Index | Zone | Change |
|---|---|---|---|
| 11 November 2026 (today so far) | 69 | Greed | −3 |
| 10 November 2026 | 72 | Greed | −3 |
| 9 November 2026 | 75 | Greed | 0 |
| 8 November 2026 | 75 | Greed | +4 |
| 7 November 2026 | 71 | Greed | −1 |
| 6 November 2026 | 72 | Greed | −4 |
| 5 November 2026 | 76 | Extreme greed | +3 |
| 4 November 2026 | 73 | Greed | +3 |
| 3 November 2026 | 70 | Greed | −3 |
| 2 November 2026 | 73 | Greed | −4 |
| 1 November 2026 | 77 | Extreme greed | 0 |
| 31 October 2026 | 77 | Extreme greed | +3 |
| 30 October 2026 | 74 | Greed | +3 |
| 29 October 2026 | 71 | Greed | 0 |
| 28 October 2026 | 71 | Greed | −1 |
| 27 October 2026 | 72 | Greed | +1 |
| 26 October 2026 | 71 | Greed | +2 |
| 25 October 2026 | 69 | Greed | +1 |
| 24 October 2026 | 68 | Greed | −2 |
| 23 October 2026 | 70 | Greed | 0 |
| 22 October 2026 | 70 | Greed | +4 |
| 21 October 2026 | 66 | Greed | +1 |
| 20 October 2026 | 65 | Greed | +1 |
| 19 October 2026 | 64 | Greed | 0 |
| 18 October 2026 | 64 | Greed | −2 |
| 17 October 2026 | 66 | Greed | −2 |
| 16 October 2026 | 68 | Greed | −2 |
| 15 October 2026 | 70 | Greed | 0 |
| 14 October 2026 | 70 | Greed | −4 |
| 13 October 2026 | 74 | Greed | −2 |
What its history shows
- Over the past 12 months: high 80 (extreme greed) on 21 August 2026, low 10 (extreme fear) on 25 November 2025, average 51.
- Highest reading: 87 on 22 July 2025. Lowest: 10 on 25 November 2025.
- Across all 493 days since 7 July 2025: extreme fear 9% of days, fear 20%, neutral 25%, greed 39%, extreme greed 8%.
| Year | Average | Range | Days of extreme fear | Days of extreme greed | Days |
|---|---|---|---|---|---|
| 2026 | 54 | 13–80 | 38 | 19 | 315 |
| 2025 | 52 | 10–87 | 6 | 19 | 178 |
Merlin Chain's longest run of extreme fear lasted 38 days, from 21 January 2026 to 27 February 2026, while its price went from $0.1578 to $0.04282; its last day of extreme fear was 27 February 2026. Merlin Chain's longest run of extreme greed lasted 8 days, from 16 July 2025 to 23 July 2025, while its price went from $0.1124 to $0.1175; its last day of extreme greed was 5 November 2026.
The Merlin Chain index by month
CryptoKeyhole's daily readings month by month (00:00 UTC days; the lowest and highest are the first day with that reading):
2026 by month
| Month | Average | Lowest | Highest | Days of extreme fear | Days of extreme greed | Days |
|---|---|---|---|---|---|---|
| November so far | 73 Greed | 69 11 Nov | 77 1 Nov | 0 | 2 | 11 |
| October | 71 Greed | 64 18 Oct | 77 5 Oct | 0 | 7 | 31 |
| September | 72 Greed | 65 10 Sep | 79 26 Sep | 0 | 6 | 30 |
| August | 69 Greed | 61 2 Aug | 80 21 Aug | 0 | 4 | 31 |
| July | 65 Greed | 50 1 Jul | 73 26 Jul | 0 | 0 | 31 |
| June | 46 Neutral | 35 10 Jun | 58 21 Jun | 0 | 0 | 30 |
| May | 51 Neutral | 45 24 May | 58 3 May | 0 | 0 | 31 |
| April | 56 Greed | 50 12 Apr | 67 19 Apr | 0 | 0 | 30 |
| March | 44 Fear | 25 1 Mar | 53 31 Mar | 0 | 0 | 31 |
| February | 18 Extreme fear | 13 5 Feb | 25 28 Feb | 27 | 0 | 28 |
| January | 34 Fear | 16 27 Jan | 57 15 Jan | 11 | 0 | 31 |
2025 by month
| Month | Average | Lowest | Highest | Days of extreme fear | Days of extreme greed | Days |
|---|---|---|---|---|---|---|
| December | 30 Fear | 18 29 Dec | 40 13 Dec | 4 | 0 | 31 |
| November | 38 Fear | 10 25 Nov | 47 7 Nov | 2 | 0 | 30 |
| October | 51 Neutral | 40 28 Oct | 62 2 Oct | 0 | 0 | 31 |
| September | 53 Neutral | 46 27 Sep | 69 1 Sep | 0 | 0 | 30 |
| August | 73 Greed | 58 2 Aug | 84 23 Aug | 0 | 11 | 31 |
| July | 69 Greed | 56 29 Jul | 87 21 Jul | 0 | 8 | 25 |
Cite, download and reuse
Cite this reading
CryptoKeyhole Merlin Chain Fear & Greed Index: 69 out of 100 (greed) at 07:00 UTC on 11 November 2026. https://cryptokeyhole.com/fear-and-greed-index/merl/
The readings and their history are free to reuse under CC BY 4.0, crediting CryptoKeyhole with a link to this page. The history is recalculated from our charts as they are published now, so a corrected input also corrects the days it touches.
Questions
What is the Merlin Chain Fear and Greed Index?
A daily reading from 0 to 100 of how fearful or greedy the Merlin Chain market is, calculated by CryptoKeyhole from MERL's own price momentum, volatility, derivatives positioning, order flow and, where we have them, on-chain and attention data. Each part is ranked against its own past two years.
Is the Merlin Chain market fearful or greedy today?
The reading at the top of this page answers it, with its zone. It updates every hour; today's value is a partial reading until the day closes at 00:00 UTC.
How is it different from the usual crypto fear and greed index?
It is calculated separately for each coin, from our own market and derivatives data rather than social media, and every component, weight and reading is published on the page.
Open the interactive chartComponent scoresEvery coin's indexCreate a free account
Readings on this page are calculated by CryptoKeyhole from its own price indexes of public exchange markets, its collection of the venues' public derivatives data and Wikimedia's public page views, and are refreshed every hour; the method section above gives each source.