Sentiment across the crypto community has reached one of the most negative levels ever recorded, according to analysts at Santiment. Their data shows that since July 31, the number of bearish comments about Bitcoin has been nearly twice the number of bullish ones.
According to Santiment, the ratio of positive to negative comments across X, Reddit, Telegram, and other crypto communities has dropped to 0.54. In other words, there is now almost one positive comment for every two negative ones.
Analysts said that one of the factors behind the change was the news surrounding hardware wallet manufacturer Coldcard, which, in their view, undermined confidence among market participants.
According to the experts, changes in Strategy’s Bitcoin holdings also contributed to market sentiment. Last week, Michael Saylor’s company sold 1,638 BTC worth approximately $105 M. Market participants are also discussing the possibility of further Bitcoin sales if needed to fund dividends, build reserves, or finance share buybacks.
Santiment noted that such a strong dominance of bearish expectations has often coincided with periods when pressure from panic sellers begins to ease. Based on the analysts’ observations, the market has often shifted into a price recovery if the main wave of forced selling has already run its course.
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