Crypto Fear and Greed Index Hits 3-Month High at 46, But Remains in Fear Territory

Gate News message, April 23 — The Crypto Fear and Greed Index surged 14 points to 46 on April 23, marking its highest level since January 18, according to data from Alternative.me. Despite the gains, the index remains within the “fear” zone, where it has stayed since mid-January. The index previously hit a record low of 5 on February 23 when Bitcoin crashed to around $63,000 amid tariff concerns from the Trump administration.

Bitcoin drove the recovery, climbing 5.9% to nearly $79,400 within approximately 20 hours, before retreating to around $77,900. According to CryptoQuant’s research head, the rally is entirely driven by perpetual futures market demand, while spot demand is contracting. The analyst warned that if traders begin taking profits, the market could face a pullback.

Although the index rebounded, retail trader participation remains subdued compared to previous market cycles. The sentiment gauge relies heavily on retail-driven data such as social media activity and search volume, reflecting limited enthusiasm from smaller investors.