The Crypto Fear & Greed Index surged 14 points on April 23, 2026, reaching 46 out of 100, its highest reading since January 18 and its largest one-day gain in three months, as Bitcoin (BTC) rallied close to 6% toward $80,000.
Fear remains, but the worst appears to be over
Despite the rebound, the index remains in the “Fear” zone, where it has sat since January 18, even as institutional demand held firm on Wall Street and Washington advanced a pro-crypto regulatory agenda.
The 46 reading marks a dramatic recovery from the all-time low of 5 recorded on February 23, when the Trump administration unveiled a 15% global tariff that sent Bitcoin to around $63,000.
The index draws from social media volumes, Google search trends, market volatility, momentum, and Bitcoin dominance, metrics that skew heavily toward retail activity.
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Bitwise CIO Matt Hougan has noted that retail traders have yet to return in the volumes seen in prior cycles, explaining why the index has lagged even as institutional inflows stayed positive.
Perpetual futures are driving the move, not spot demand
CryptoQuant head of research Julio Moreno wrote on X on April 22 that Bitcoin’s push toward $80,000 was “completely driven by demand” in the perpetual futures market.
He warned that spot demand continues to contract and drew a direct comparison to January 2026, when a similar futures-led advance carried Bitcoin toward $98,000 before a correction followed.
CryptoQuant also noted that over 300,000 Bitcoin have moved into long-term holder wallets in the past 30 days. Strategy, Michael Saylor’s firm, accounted for roughly 53,000 of those coins, including a $2.54 billion purchase of 34,164 BTC. “Bitcoin supply is moving into stronger hands,” the firm said.
A ceasefire sparked renewed geopolitical tension
The rally was initially catalyzed by President Trump’s announcement of a two-week U.S.-Iran ceasefire, which pushed open interest in BTC and ETH perpetual futures each up by over $2 billion within 24 hours.
The Coinbase Premium Index also turned positive for both assets after weeks in negative territory.
Those gains were tested when Iran reimposed restrictions on the Strait of Hormuz over the weekend, briefly pulling Bitcoin toward $74,000 before a recovery above $78,000. CryptoQuant identifies the traders’ realized price near $79,000 as the next key resistance.
Background: the Bybit hack and why fear ran so deep
To comprehend how deep the index’s sustained fear reading is, one must look back to February 21, 2025, when Bybit – then the world’s second-largest crypto exchange – became the target of the largest crypto hack in history.
The North Korean Lazarus Group was able to steal over 401,000 ETH worth around $1.5 billion by exploiting a third-party wallet tool and planting malware in the transaction signing process. Ethereum prices plunged 7% and Bitcoin prices fell by 3% following the breach.
Bybit’s share of global crypto liquidity halved from 5% to 2.6%, and over $5 billion in withdrawals left the exchange. Chainalysis has confirmed that total crypto theft in the year 2025 reached $3.4 billion, which is the highest since 2022, with Bybit accounting for nearly 44%.
Since the hack, Bybit has recovered its solvency and reconstructed its systems, but the hack compounded macroeconomic winds and entrenched fears throughout the market for months.
Crypto markets at the time of reporting
The Bitcoin (BTC) price has increased today. The price of Bitcoin (BTC) is $78,191.17 today with a 24-hour trading volume of $43,343,424,562. This represents a 0.35% price increase in the last 24 hours and a 4.14% price increase in the past 7 days. With a circulating supply of 20 million BTC, Bitcoin is valued at a market cap of $1,564,904,497,440.
Ethereum (ETH) price has increased today. The price of Ethereum (ETH) is $2,351.00 today with a 24-hour trading volume of $22,110,904,410. This represents a 1.52% price increase in the last 24 hours. With a circulating supply of approximately 120 million ETH, Ethereum is ranked second by global market capitalization.
XRP (XRP) price has increased today. The price of XRP is $1.42 today with a 24-hour trading volume of $2,803,029,610. This represents a 0.90% price increase in the last 24 hours and a 4.10% price increase in the past 7 days. With a circulating supply of 62 billion XRP, XRP is valued at a market cap of $87,654,597,747.
BNB (BNB) price has increased today. The price of BNB is $639.91 today with a 24-hour trading volume of $2,110,000,000. This represents a 1.75% price increase in the last 24 hours. With a circulating supply of 134.79 million BNB, BNB is valued at a market cap of approximately $86,170,000,000.
Solana (SOL) price has increased today. The price of Solana (SOL) is $87.38 today with a 24-hour trading volume of $4,560,000,000. This represents a 3.88% price increase in the last 24 hours. With a circulating supply of approximately 576 million SOL, Solana is valued at a market cap of $50,300,000,000.
