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- Bitcoin surged past $90K, pushing the Crypto Fear & Greed Index to 72 and reigniting bullish sentiment.
- By April 25, sentiment cooled to 60 despite Bitcoin holding steady above $91K.
- Bitcoin ETFs saw $2.6B in inflows, highlighting strong institutional interest, while altcoins lag behind.
Bitcoin’s recent surge past the $90,000 mark sent a wave of optimism across the cryptocurrency market, propelling investor sentiment to its highest level in more than two months. On April 23, the Crypto Fear & Greed Index spiked to a score of 72, placing it squarely in the “Greed” zone as Bitcoin reclaimed the $90K price level for the first time since early March. The rally reignited bullish momentum among traders and analysts alike.
As of now, Bitcoin is trading at $93,735, showing a 1.88% rise over the past 24 hours. It currently holds a market capitalization of $1.86 trillion, with a 24-hour trading volume of $47.09 billion.
However, that euphoria appears to be short-lived. By April 25, the sentiment index had fallen back to 60, despite Bitcoin’s price holding relatively stable between $91,800 and $94,300. This pullback in sentiment indicates growing hesitation among investors, even as the leading cryptocurrency maintains its strong price position.
Crypto analysts are beginning to voice concerns about the sustainability of the current BTC rally. Markus Thielen, head of research at 10x Research, warned that stablecoin minting, a key indicator of fresh capital entering the crypto market, remains subdued. Without increased stablecoin activity, Thielen believes the rally may lack the fuel needed for a sustained upward move.
Bitcoin Surge Sparks Divided Market Sentiment
Bitfinex analysts also expressed cautious optimism. While they acknowledged Bitcoin’s relative strength compared to U.S. equities, they emphasized that the rally has yet to demonstrate long-term structural support. These insights highlight the mixed views across the market regarding Bitcoin’s short-term trajectory.
On the flip side, some prominent voices remain confident that the BTC price is poised for further gains. Michaël van de Poppe, founder of MN Trading Capital, said buyers are likely to step in soon, potentially pushing Bitcoin to a new all-time high. This bullish outlook is echoed by several retail and institutional investors who continue to see strong upside potential.
While Bitcoin enjoys the spotlight, altcoins remain largely sidelined. According to CoinMarketCap’s Altcoin Season Index, the score currently sits at a low 18 out of 100, suggesting the broader market is still heavily tilted in Bitcoin’s favor. Bitcoin dominance has climbed to 64.39%, according to TradingView data, reflecting a market trend where capital is flowing predominantly into BTC rather than into alternative cryptocurrencies.
Bitcoin ETF Inflows Hit $2.6B as Confidence Grows
Meanwhile, crypto analyst Trader T pointed out in an April 25 X post that US-based spot Bitcoin ETFs have, as of April 24, recorded their third-best week of inflows since their debut in January 2024, with a combined $2.6 billion in net inflows over four trading days. This surge in institutional investment highlights increasing confidence in Bitcoin as a mainstream financial asset.
Sentiment across social media has also turned more optimistic in recent days. Crypto analytics firm Santiment noted a marked increase in bullish chatter around Bitcoin after it climbed back into the mid-$80,000 range on April 17. This shift in public discourse has helped reinforce the narrative of a potentially sustained bull run, though not without caution.
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