Crypto Market Sentiment Index Escapes 'Fear' and Enters 'Neutral' Phase: Bitcoin Recovers to $77,000 Level

As of April 27, 2026, investment sentiment in the crypto market has officially returned to the "Neutral" phase after a prolonged period in the "Fear" zone. According to data from Moomoo and BYDFi, the Crypto Fear & Greed Index surged 14 points over the past 48 hours, recording a neutral value between 46 and 55 out of 100. This indicator shows that the extreme pessimism that suppressed the market throughout the first quarter of 2026 is easing.

As of April 24, 2026, the Crypto Fear & Greed Index has emerged from the pit of "Extreme Fear" that dominated the first quarter, surfacing as a decisive pulse for a market turnaround.

This recovery in sentiment contrasts with the worst-case scenario in early April 2026, when the index dropped to 9. At that time, the market recorded its lowest level since 2022, accelerating investor exits. However, since mid-April, Bitcoin outflows from exchanges to private wallets have increased, and selling pressure has begun to decrease. According to analysis by BlockEden, this acceleration of exchange outflows has historically acted as a precursor to price recovery.

Price Recovery and Shifting Perspectives of Institutional Investors

According to Yahoo Finance data on April 27, 2026, Bitcoin is trading at the $77,653 level. This is an increase from the $75,324 recorded on April 20, 2026, suggesting that neutral market sentiment is leading to an actual price rebound. Ethereum is also showing a stable trend, maintaining the $2,300 level.

• Bitcoin Spot ETF Assets Under Management (AUM): Reached $128 billion
• Ethereum Spot ETF Assets Under Management (AUM): Recorded $13 billion
• 65% of institutional investors perceive crypto as a means of portfolio diversification (Nomura survey)
• Bitcoin's year-to-date drawdown of 19% proved its robust defensive power compared to Ethereum (27%)

According to an analysis by Milk Road, the period during which the market has remained in a "Neutral" state since February 2018 accounts for only about 9% of the total. Considering that the majority of the period was skewed toward Fear (62%), the current entry into the neutral phase signifies that the market has escaped extreme volatility and entered a stabilization phase. BitDegree's real-time index also confirmed this psychological stability through an update on April 26, 2026.

A report released by Laser Digital on April 16, 2026, shows that the perception of institutional investors has generally improved. 65% of survey respondents evaluate crypto as an asset with low correlation to other asset classes and see it as an opportunity for portfolio diversification. This supports the evidence that the negative perception of Q1 2026 is gradually turning positive.

However, geopolitical uncertainties remain a variable, so the market's direction needs to be observed cautiously. Coinbase Institutional maintained its Q2 2026 outlook as "Neutral" and advised paying attention to whether macroeconomic factors and changes in Bitcoin exchange reserves can push the sentiment index into the "Greed" phase in the future. According to historical data from Finhacker, sideways movement in the neutral zone is highly likely to be a preparation stage for a major trend reversal in the future.