Investor sentiment in the cryptocurrency market has shifted from fear to greed throughout April, largely influenced by a 25% recovery in Bitcoin’s price. Accumulation trends among large investors and positive ETF inflows point to renewed demand. Fidelity and ARK Invest have also updated forecasts positively, while some retail investors express caution amid uncertain economic factors.
In April, the cryptocurrency market has notably shifted to a more optimistic stance. This change in sentiment is largely driven by a recovery in Bitcoin’s price, which has rallied approximately 25% from its lows earlier in the month. This uptick also seems to have stirred demand amongst both large investors and smaller traders, showing a broader interest across the board. Industry analysts are now looking at whether this rally has the legs to sustain itself amidst fluctuating investor motivations.
The Fear and Greed Index, tracked by Alternative.me, jumped from a low of 18 to 72 this month, marking a significant shift from a climate of fear to one of greed—the highest levels seen since February. CoinMarketCap’s variant of the index reflects a similar trend, moving from an even lower baseline of 15 to a more neutral score of 52. While the metrics differ a bit, the overall picture is clear: investors appear to be moving away from panic selling. If this sentiment continues, there’s a chance we could see extreme greed settle in before any significant corrections take place. This potential shift has produced several divergence signals suggesting Bitcoin and altcoins may keep climbing.
On-chain metrics reveal that accumulation by large investors—often referred to as “whales”—has played a critical role in keeping Bitcoin’s value above $93,000. Data from Glassnode indicates a clear shift from a distribution phase—highlighted in red—over to an accumulation phase shown in green, aligning with Bitcoin’s recent recovery. Specifically, some wallets holding over 10,000 BTC have been aggressively accumulating, with their Trend Accumulation Score remarkably high at around 0.9.
In addition to whale activity, wallets containing between 1,000 and 10,000 BTC have begun ramping up their acquisition in the latter half of the month, reaching an accumulation score of 0.7. The data suggests a growing interest, even among smaller players in the market. As Glassnode aptly points out, large-scale investors have significantly added to their holdings during this upward swing.
Furthermore, a recent report from BeInCrypto sheds light on inflows to Bitcoin ETFs, which amounted to $2.68 billion in just one week. This trend includes five straight days of positive inflows, reflecting a robust returning demand that could support price increases moving forward.
On another front, Fidelity Digital Assets, a wing of the massive Fidelity Investments, has underscored a rapid reduction in Bitcoin available on exchanges, now at its lowest since 2018, with around just 2.6 million BTC left. Fidelity reported that over 425,000 BTC have been withdrawn since November 2024 alone, with public companies acquiring nearly 350,000 BTC post US election, averaging 30,000 BTC per month throughout 2025—this trend, they suggest, is likely to persist.
Meanwhile, ARK Invest has just revised its Bitcoin price forecast within their Big Ideas 2025 report, suggesting a bold potential value of $2.4 million by 2030, a big leap from their past estimate of $1.5 million. This projected increase is based on factors like a rise in institutional interest, more nations regarding Bitcoin as a strategic asset, and its expanding interaction with decentralized finance.
While institutional forecasts lean positive for this month, some retail investors are starting to show signs of hesitation. Concerns about macroeconomic factors, like possible tariffs and shifts in interest rates, are leading to the age-old advice of “sell in May” coming into discussions, indicating some trepidation on how these factors could impact the market in the near term.
