🟠 Crypto sentiment hits a 3-month high as BTC holds $77K

The Crypto Fear & Greed Index jumped to 46 — the highest since Jan 18 and the biggest one-day gain in months. Key detail: 46 is still “Fear,” not “Greed.”

📊 What happened
— Index: +14 points to 46/100
— For context: Feb 23 printed an extreme low at 5/100 when BTC dropped toward ~$63K
— BTC ran to nearly $79.4K, then cooled and is holding around $77.9K

🧠 Why it matters
This index is heavily retail-driven (social posts, Google searches). And there’s a nuance: institutions have been active, but retail hasn’t fully returned like past cycles. So this move looks more like “people feel safer” than “everyone is back in.”

⚠️ What’s driving the BTC rally
CryptoQuant says the move was mainly fueled by perpetual futures demand.
Meanwhile, spot demand is slowly contracting. If traders take profits and spot doesn’t pick up, a correction becomes more likely.

💎 But supply is moving into stronger hands
CryptoQuant also notes 300,000+ BTC moved into long-term holder wallets over 30 days. And Strategy alone reportedly bought around 53,000 BTC in the past month.

📌 Bottom line

Sentiment improved a lot, but the rally is still leverage-heavy. The simple test now: can BTC hold $77K and push back toward $80K without spot demand fading further? Watch demand, not just price.

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