Market sentiment has moved away from "Extreme Fear," but panic has not yet dissipated

According to Non-Small Account data, on April 19th, the crypto market sentiment index rebounded to 26 points, in the "Fear" zone. The previous day was 21 points, a week ago only 16 points, both belonging to the "Extreme Fear" bottom. In seven days, it climbed from 16 to 26, signaling an initial marginal improvement.
$RAVE ‌
The recovery of sentiment is the result of the tug-of-war between bearish and bullish factors. Last week, the escalation of the US-Iran Hormuz standoff led Iran to control and charge tolls for the strait, and the US military prepared to board Iranian oil tankers, causing panic to spread temporarily. Additionally, RAVE tokens experienced a collapse due to highly concentrated chips exposure, with daily fluctuations exceeding 70%, and both longs and shorts exploded second only to BTC and ETH, severely damaging retail investor confidence.
$BTC ‌
But the bottoming out and rebound of sentiment indicate that the stress response is being digested. ORDI rebounded from $2 to above $6, and HIGH surged by 400% against the trend, showing that the market is not entirely without bright spots. The rise in the fear index essentially reflects the exhaustion of marginal sell-offs and the probing of bottom-fishing funds. However, 26 points still fall within the fear zone, and market risk appetite remains fragile; any new geopolitical conflict or regulatory negative news could push sentiment back to the freezing point.
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