On April 23, Bitcoin pumped past $90,000 for the first time since March 6. This incredible blow torch ignited the most bullish sentiment in the crypto markets in two months. This widespread optimism is evident in the Crypto Fear & Greed Index, which currently sits at 72 out of 100 indicating greed. This score definitively puts the index squarely in the “Greed” zone. Unfortunately, this optimism turned out to be fleeting.

Bitcoin’s price has remained calm. As a consequence, the Crypto Fear & Greed Index took a nosedive, reaching a score of 60 on April 25. This disconnect between price action and sentiment has led some analysts to worry about the sustainability of the rally over the medium- to long-term. The index exceeded 60 last on February 4. On that particular day, Bitcoin fell below $100,000 as then US President Donald Trump imposed tariffs.

That change in sentiment arrives despite a remarkable inflow of funds into Bitcoin ETFs. Over the past four trading days, spot Bitcoin ETFs have recorded $2.6 billion in net inflows, indicating continued institutional interest.

On April 17, Santiment noted an increase in bullish sentiment in Bitcoin-related social media conversations.

"buyers are likely going to step in, and then we’ll be continuing our path toward a new [all-time high]" - Michaël van de Poppe

Despite all the positive price action and ETF inflows, not everyone is bullish. Markus Thielen of Acuitus flagged troubling trends in the minting of stablecoins.

"Given that our stablecoin minting indicator has yet to return to high-activity levels, we remain cautious about the sustainability of the current Bitcoin rally" - Markus Thielen

Bitcoin’s dominance in the crypto market is still standing tall, above 64%, as altcoin season score still indicates a deep winter. This Bitcoin-heavy market structure may be adding to the conservative sentiment, since it’s usually altcoins leading the way that add enthusiasm to the overall market.