Over the past 30 days, over 300,000 Bitcoins have quietly entered long-term holder wallets. Analysts say the change reflects growing confidence among serious investors while market sentiment remains fragile.
Sentiment index rises to highest since January
This accumulation is taking place against a backdrop of improving, although still cautious, market sentiment. The Alternative.me Crypto Fear and Greed Index surged 14 points in one day, hitting 46 out of 100. This is the highest figure since January 18 and the largest single-day increase in more than three months.
Bitcoin supply is shifting into more powerful hands.
In the past 30 days:
• Long Term Holder Supply: +303K BTC
• ETF Netflow: +16.8K BTC
• Strategy: +53.0K BTCMeanwhile:
• Short holder supply: -290K BTC pic.twitter.com/LeoKkZ3MMq— CryptoQuant.com (@cryptoQuant_com) April 22, 2026
Although the score remains in ‘fear’ territory, where it has been stagnant since mid-January, the speed of the move has drawn attention across the trading world. Bitcoin itself briefly rose to $79,500 before holding at around $78,000, a gain of around 5% over 20 hours.
The index score of 46 is just below the neutral threshold of 50. Reaching the target is important, but the market still has room to handle.
Futures markets lead the push
Bitcoin’s upward momentum does not all come from the same source. According to CryptoQuant’s analysis, this rally was driven entirely by demand in the perpetual futures market.
Demand for spot products, purchased on actual exchanges rather than derivatives, is decreasing, albeit slowly. CryptoQuant indicated that a price correction could follow if traders start taking profits while spot interest remains weak.
Speculative Rally: The recent Bitcoin price increase has been driven entirely by demand in the perpetual futures market. Meanwhile, spot demand is still falling (albeit at a slower pace).
The same thing happened in January when Bitcoin peaked at $98,000.
— Julio Moreno (@jjcmoreno) April 22, 2026
Criminal-driven movements that do not coincide with spot activity have historically been short-lived, and that pattern is worth observing here.
Strategy, a company formerly known as MicroStrategy, has been one of the most aggressive buyers, buying 53,000 bitcoins in the past month alone.
According to a report from CryptoQuant, supply transfer points for coins moving from short-term holders to long-term holders have become more widespread. This is a sign that the asset is seeking a more stable ownership base, analysts say.
Retailers have yet to make a comeback.
One notable gap in the recovery is retail participation. Bitwise Chief Investment Officer Matt Hougan has publicly stated that retail traders have not returned to the market in the same volume as in previous cycles.
The Fear and Greed Index is important because it draws heavily from retail-focused data points such as Google search volume and cryptocurrency-related social media activity. If that signal is not captured, the index will head towards the ceiling.
Featured image from Shutterstock, chart from TradingView
editing process for focuses on providing thoroughly researched, accurate, and unbiased content. We adhere to strict sourcing standards and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of the content for readers.
