Crypto Fear & Greed Index Surges to Three-Month High as Bitcoin Holds Near $78K

Market Sentiment Rebounds Sharply

The Crypto Fear & Greed Index climbed to 46 out of 100 on April 23, gaining 14 points in a single day. According to Alternative.me data, this marks the highest reading since the beginning of 2026.

Despite the improvement, the indicator remains in "fear" territory. However, the current level is dramatically higher than the extreme low of 5 recorded on February 23, when the Trump administration's announcement of global tariffs sent Bitcoin plunging to $63,000.

At the time of writing, Bitcoin is trading around $77,600. The asset dipped 0.8% over the past 24 hours but posted a 4.2% weekly gain, reaching a local high near $80,000.

Why This Matters

The Fear & Greed Index is a widely watched gauge of crypto market sentiment. A 14-point daily jump signals a meaningful shift in market participants' risk appetite. Yet the structure behind Bitcoin's recent rally raises questions about sustainability, as the move appears to be heavily driven by derivatives rather than spot buying.

Futures-Driven Rally and Correction Risks

Julio Moreno, head of research at CryptoQuant, argued that Bitcoin's recent price increase has been entirely fueled by perpetual futures demand. Spot demand, meanwhile, continues to contract — albeit at a slower pace.

"Speculative rally: The recent Bitcoin price increase is completely driven by demand in the perpetual futures market. Meanwhile, spot demand is still contracting (although at a slower pace). The same happened on January, when Bitcoin peaked at $98K. There are risks of a…" — Julio Moreno (@jjcmoreno), original post

Moreno drew a parallel with January, when a similar dynamic preceded Bitcoin's local peak at $98,000. If traders begin taking profits, a pullback could follow.

On-Chain Signals Point to Accumulation

Several on-chain metrics paint a more constructive picture. CryptoQuant data shows that over the past 30 days, long-term holders added 303,000 BTC to their wallets, while short-term holder supply declined by 290,000 BTC — a clear shift toward stronger hands.

"Bitcoin supply is moving into stronger hands. Over the last 30 days: • Long Term Holder Supply: +303K BTC • ETF Netflows: +16.8K BTC • Strategy: +53.0K BTC. And meanwhile: • Short Term Holder Supply: -290K BTC" — CryptoQuant.com (@cryptoquant_com), original post

Analyst maartunn highlighted that Binance has already processed over $1.09 trillion in trading volume in 2026 — just 112 days into the year. Rather than liquidity leaving crypto, it is concentrating at the largest venues.

"Liquidity is not leaving crypto, it is concentrating. Binance has already cleared $1.09 trillion in trading volume in 2026, and we're only 112 days into the year. That is a huge number for a market people keep calling weak or bearish." — CryptoQuant.com (@cryptoquant_com), original post

ETF Inflows Continue and Price Targets

Spot Bitcoin ETFs recorded $11.8 million in net inflows during the latest trading session, extending the positive streak to six consecutive days.

MN Trading founder Michaël van de Poppe suggested that as long as Bitcoin holds the $73,000–75,000 range, a move toward $85,000–88,000 could materialize within the next one to two weeks.

"We tested the $79K area and fell back slightly. Quite some normal price action on #Bitcoin, and I don't think we'll cascade down from here. I'd much rather see a continuation to $85-88K over the next 1-2 weeks, as long as $73-75K holds." — Michaël van de Poppe (@CryptoMichNL), original post

Earlier in April, van de Poppe suggested Bitcoin could reach $100,000 before year-end, citing historical patterns where deep corrections are typically followed by 30–60% recoveries within six months.