According to U.Today, Bitcoin (BTC) sentiment on social media platforms is rapidly declining. Data from crypto analytics platform Santiment reveals that the sentiment towards Bitcoin on platforms such as X, Reddit, 4Chain, BitcoinTalk, and Telegram has reached its lowest point in the past year. The narrative surrounding the cryptocurrency has shifted dramatically this week, with a level of fear, uncertainty, and doubt (FUD) that Santiment claims is the worst in over a year.
The weighted sentiment for Bitcoin is currently at -0.962775. However, Santiment suggests that this negative sentiment may not be entirely detrimental, as a rebound could be imminent. The data platform indicates that if a rebound does occur, it could catch many traders by surprise.
The decline in Bitcoin discussion can be attributed to the current state of spot Bitcoin ETF products. Despite these products continuing to attract inflows, occasional outflows have a dampening effect on overall sentiment. The price of Bitcoin, which at the time of writing stands at $57,490.48, up slightly by 0.71% in 24 hours, also contributes to this negative metric. The cryptocurrency is currently recovering after losing more than 8% of its value in 24 hours.
Another significant factor that may be diverting attention away from Bitcoin is the anticipation surrounding spot Ethereum ETFs in the market. As issuers approach the end of the application process, the United States Securities and Exchange Commission (SEC) is expected to approve the product for trading soon. This event has been eagerly awaited by analysts and traders, which could explain why attention towards BTC is currently reduced.
