Bitcoin leads renewed crypto-market recovery as fear gauge enters greed territory

  • Bitcoin led a broader crypto-market recovery as sentiment moved into greed territory.
  • 59 was the latest Fear & Greed Index reading, up from 45 the previous week.
  • Spot Bitcoin ETFs drew $999 million, while spot Ethereum ETFs attracted about $270 million in one day.

Crypto-market conditions have improved since August, led by Bitcoin’s rally and a rise in the Crypto Fear & Greed Index to 59 from 45 the previous week, according to AMBCrypto. The reading moved into greed territory as spot Bitcoin ETFs recorded $999 million in one-day net inflows and spot Ethereum ETFs attracted about $270 million. Bitcoin also moved above a key long-term moving average for the first time in around 300 days. Existing market analysis from Glassnode and CryptoQuant said Bitcoin had closed above its 365-day moving average for the first time since March 2023 and crossed above $80,500, establishing a confirmed uptrend. Glassnode said Bitcoin’s MVRV ratio had also moved above its 365-day average, a pattern previously seen near the beginnings of the 2019 and 2023 bull markets. Bitcoin was trading at $86,219.42, down 0.45%, according to CoinMarketCap. The next halving is estimated for April 13, 2028, with 109,012 blocks remaining, and will reduce the mining reward from 3.125 BTC to 1.5625 BTC.

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