“Crypto YouTube Narrative Index” has entered a bullish phase for the first time since last October. At the same time, the proportion of bullish expectations is now at its highest level since last September. There appear to be two main reasons behind this shift: 1. The perception that prices have already fallen enough. 2. The belief that the recent rebound is supported by clear and convincing narratives. These factors seem to be rapidly rebuilding market expectations. In my view, there still appears to be more expectation than fear in the market. If it were true fear, expectations could not rebound this quickly.(mignolet)