Bitcoin & Ethereum Social Sentiment Collapses, While XRP Registers Disinterest
Bitcoin & Ethereum Social Sentiment Collapses, While XRP Registers Disinterest
Social media sentiment around Bitcoin (BTC) and Ethereum (ETH) has plummeted following a recent market downturn, indicating a strong bearish outlook among traders. Analytics firm Santiment highlights that negative comments for ETH are particularly intense, reaching near six-month lows. Interestingly, this extreme bearishness for BTC has historically coincided with local market bottoms, potentially signaling a contrarian bullish turn. In stark contrast, XRP and other altcoins are largely experiencing apathy and disinterest, with social media sentiment remaining neutral for XRP despite market volatility, as retail focus shifts primarily to BTC and ETH.
Social Media Sentiment Analysis Reveals Bearish Shift for Top Cryptos
Recent data from on-chain analytics firm Santiment indicates a significant collapse in social media sentiment for both Bitcoin (BTC) and Ethereum (ETH). Following a recent market crash, the 'Positive/Negative Sentiment' metric, which gauges bullish versus bearish discussions on major social media platforms, has plunged for these leading cryptocurrencies. For Bitcoin, the indicator has reached its third-lowest level in six months, suggesting a widespread increase in bearish sentiment.
Interestingly, historical patterns show that such extreme negative sentiment for Bitcoin has often coincided with local market bottoms, implying that the current bearish wave could paradoxically signal a bullish reversal for BTC price. Ethereum has experienced an even more intense shift, with negative comments reaching their second-lowest level in six months, only surpassed during a flash crash on October 10th. This intensity highlights a profound loss of confidence among social media users regarding Ethereum's short-term prospects.
In stark contrast to the top two cryptocurrencies, XRP is observing a different trend: widespread disinterest. While Bitcoin and Ethereum dominate social media discussions with strong bearish sentiment, XRP's Positive/Negative Sentiment indicator sits at a neutral level. This suggests that social media users are neither particularly bullish nor bearish on XRP, reflecting a surprising level of apathy. Santiment notes that this disinterest extends to most other altcoins, as retail focus has largely shifted to discussions surrounding BTC and, to a slightly lesser extent, ETH.
At the time of writing, Bitcoin's price reflects the recent market pressure, trading around $102,600, marking a more than 9% decline over the past week.