Greed

Wednesday

Bitcoin

Adam Back

A crypto market sentiment index has risen to its highest level in over three months on Wednesday after Bitcoin rallied nearly 6% to within striking distance of $80,000.
The Alternative.me Crypto Fear &amp; Greed Index <a href="https://alternative.me/crypto/fear-and-greed-index/" rel="noopener noreferrer nofollow">rose</a> 14 points to 46 out of 100, its highest level since Jan. 18 and its largest single-day gain in more than three months. 
<figure><img src="https://s3.cointelegraph.com/uploads/2026-04/019db8e5-a26c-7186-ac45-cd59246d0a49.png" alt="Crypto sentiment index soars to a 3-month high as Bitcoin holds $77K">
 <figcaption>Change in the Crypto Fear &amp; Greed Index score over various time intervals. Source: <a href="https://alternative.me/crypto/fear-and-greed-index/" rel="noopener noreferrer nofollow">Alternative.me</a> 
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While still in the “Fear” zone, the current reading marks a sharp rebound from the all-time low of 5 recorded on Feb. 23 after the Trump administration imposed a 15% global tariff, sending Bitcoin (<a rel="noopener noreferrer nofollow">BTC</a>) down to about $63,000.
The crypto sentiment index has been stuck in the Fear zone since Jan. 18. This has come despite continued <a href="https://cointelegraph.com/news/morgan-stanley-bitcoin-etf-sees-sixth-straight-inflow" rel="noopener noreferrer nofollow">institutional crypto adoption</a> on Wall Street and a crypto-friendly regulatory agenda in Washington.&nbsp;
However, Bitwise chief investment officer Matt Hougan and others have noted that retail traders <a href="https://cointelegraph.com/news/crypto-markets-set-for-2026-rally-bitwise-matt-hougan" rel="noopener noreferrer nofollow">haven’t shown up</a> in the same numbers as previous market cycles.&nbsp;
The Crypto Fear &amp; Greed Index<a href="https://alternative.me/crypto/fear-and-greed-index/" rel="noopener noreferrer nofollow"> score</a> incorporates metrics such as social media posts and Google search volume related to crypto, which are mostly retail-driven metrics.&nbsp;
Bitcoin rose 5.9% to nearly $79,400 over a 20-hour period on Wednesday but has since cooled to $77,920, according to CoinGecko <a href="https://www.coingecko.com/" rel="noopener noreferrer nofollow">data</a>.
<h2 id="perps-market-has-fueled-bitcoin-rally-cryptoquant">Perps market has fueled Bitcoin rally: CryptoQuant</h2>
In a post to X on Wednesday, CryptoQuant’s head of research, Julio Moreno, <a href="https://x.com/jjcmoreno/status/2047072820526497873" rel="noopener noreferrer nofollow">said</a> Bitcoin’s rally was “completely driven by demand” in the <a href="https://cointelegraph.com/news/okx-europex-perps-regulated-crypto-derivatives" rel="noopener noreferrer nofollow">perpetual futures market.</a>
However, he noted that spot demand has been contracting, albeit at a slow pace, and warned that a market correction could arise if traders start taking profits as spot demand continues to contract.
Related: <a href="https://cointelegraph.com/news/longitude-recap-adam-back-on-satoshi-crypto-regulation-needs-tweaks" rel="noopener noreferrer nofollow">LONGITUDE recap: Adam Back on Satoshi, crypto regulation needs tweaks</a>&nbsp;
In a separate X post, CryptoQuant <a href="https://x.com/cryptoquant_com/status/2047075137594294396" rel="noopener noreferrer nofollow">noted</a> that over 300,000 Bitcoin have moved into long-term holder wallets over the last 30 days, while shorter-term holders have offloaded the cryptocurrency.
“Bitcoin supply is moving into stronger hands,” CryptoQuant said, noting that Strategy has scooped up 53,000 Bitcoin alone in the last month.
Bitcoin’s rise toward $80,000 has come despite continued uncertainty in the Middle East, with the US and Iran struggling to reach a resolution over management of the <a href="https://cointelegraph.com/news/bitcoin-falls-oil-rises-us-to-block-strait-of-hormuz" rel="noopener noreferrer nofollow">Strait of Hormuz</a>. Magazine: <a href="https://cointelegraph-magazine.com/ripple-joins-singapore-sandbox-bhutans-big-bitcoin-selloff-asia-express/" rel="noopener noreferrer nofollow">Ripple joins Singapore sandbox, Bhutan’s big Bitcoin selloff: Asia Express</a>

Crypto sentiment index soars to a 3-month high as Bitcoin holds $77K

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