尽管比特币和以太坊价格已开始显示出稳定的迹象，但加密货币市场仍在努力完全摆脱主导 4 月份大部分时间的恐惧情绪。 Alternative.me 最新的加密货币恐惧与贪婪指数显示市场为 26，这使得市场情绪仍处于恐惧区域。 That is slightly better than last month’s extreme fear reading of 8.
交易者不再处于恐慌状态，但他们也没有足够的信心来认为复苏是安全的并全力投入比特币和以太坊。
加密货币市场在持续焦虑的状态下于 2026 年 5 月开盘，恐惧与贪婪指数图表显示了复苏的脆弱程度。 At the start of April, the index was stuck in deep fear levels, with readings around 8 to 12 in the first week. That reading was due to heavy caution across the market, as Bitcoin and Ethereum struggled to recover from earlier selling pressure.
根据 Alternative.me 的数据，5 月 1 日加密货币恐惧与贪婪指数为 26，比前一天的 29 下降了 3 个百分点。
Fear And Greed Index.来源：Alternative.me
情绪在本月中旬逐渐改善，攀升至 20 多点，然后在 4 月 23 日和 4 月 27 日分别短暂升至 46 和 67。这两次峰值很重要，因为它们表明当比特币升至 78,000 美元上方时，交易者开始对价格反弹做出反应。
However, the index has now fallen back to 26, meaning the market failed to hold the stronger sentiment seen last week. A move from 8 to 26 shows that extreme panic has eased, but a fall from 39 last week to 26 now shows that the confidence is not strong yet.
Crypto Fear And Greed Index.来源：Alternative.me
比特币在 4 月份上涨了 12%，但宏观背景和获利了结阻止了这种势头转化为持久的看涨情绪。 Nonetheless, Bitcoin has been the stronger side of recovery attempts in April.
在撰写本文时，比特币的交易价格约为 77,000 美元，最近在 4 月 27 日星期一一度突破 80,000 美元，但随后失去了动力。这种拒绝解释了为什么恐惧仍然很高。市场仍然需要证据证明反弹能够在短期缓解买盘之外持续下去。干净利落地突破 80,000 美元可能会改变市场情绪，恐惧和贪婪指数可能会开始转为正值。
以太坊的立场更为复杂。 ETH is trading at $2,274, with CoinMarketCap data showing a 24-hour gain of about 1% at the time of writing. That shows some short-term recovery, but Ethereum is still not leading the market in the same way Bitcoin is.
Bitcoin has benefited from stronger ETF inflows, while Ethereum has been more uneven with fewer inflows. In order for Ethereum to recover properly, it likely needs Bitcoin to first stabilize above resistance at $2,300. From here, the leading altcoin could start to post price recoveries in May.