Bitcoin Sentiment Reaches Lowest Point in 12 Months: Santiment

The current sentiment surrounding Bitcoin (BTC) on social media is experiencing a rapid decline. Data from the crypto analytics platform Santiment shows that Bitcoin’s sentiment across various platforms, including X, Reddit, 4Chain, BitcoinTalk, and Telegram, has fallen to its lowest level in the past year.

### Santiment’s Insights on Bitcoin

This month has seen a mix of both bullish and bearish trends for Bitcoin. Santiment reports that discussions about the cryptocurrency on social media have shifted dramatically this week, reflecting an increase in fear, uncertainty, and doubt (FUD) that is the highest it has been in over a year. The weighted sentiment for Bitcoin currently stands at -0.962775. Interestingly, Santiment suggests that such poor sentiment might not be entirely negative; it could signal an impending rebound that could catch many traders by surprise when it occurs.

The decline in Bitcoin discussion can be attributed to the current outlook on spot Bitcoin ETF products. Although these products have seen inflows, intermittent outflows have dampened overall sentiment.

Price action also plays a role in shaping sentiment. At present, Bitcoin’s price is approximately $57,490.48, reflecting a minor increase of 0.71% over the past 24 hours. The cryptocurrency is in the process of recovering from a significant drop in value of over 8% within the same timeframe.

### Competition for Attention

Another factor that may be diverting attention away from Bitcoin is the expectation surrounding spot Ethereum ETF products. With issuers nearing the end of the application process, the Securities and Exchange Commission (SEC) in the United States is anticipated to approve these products for trading soon. This pending event has likely contributed to the decrease in focus on Bitcoin at this time.