Data shows sentiment around Bitcoin among social media users has turned negative following the recent decline in the cryptocurrency\u2019s price.<\/p>\n
In a new post<\/a> on X, analytics firm Santiment has discussed the latest trend in the Positive\/Negative Sentiment<\/a> for Bitcoin. This metric tells us whether the majority of social media comments aimed at a given asset are positive or negative.<\/p>\n The indicator works by putting posts\/messages\/threads containing mentions of the cryptocurrency on the major social media platforms through a machine-learning model to separate between bullish and bearish comments. It then counts up the number of posts falling in each category and takes their ratio to determine the net situation.<\/p>\n Now, here is the chart shared by Santiment that shows the trend in the Bitcoin Positive\/Negative Sentiment over the past month:<\/p>\n As displayed in the above graph, the Bitcoin Positive\/Negative Sentiment shot up into the \u201cFOMO\u201d zone earlier as the cryptocurrency\u2019s recovery surge occurred. This isn\u2019t anything unusual as positive price action tends to spark optimism among traders.<\/p>\n The opposite trend has played out as the asset has gone through its latest pullback<\/a>. The Positive\/Negative Sentiment has now dropped to a value of 0.94, which suggests bearish comments are slightly dominating on social media platforms. This is the lowest that the metric has been since April 21st.<\/p>\n Historically, digital asset markets have often tended to go against the crowd opinion, so this switch to a bearish sentiment could actually turn out to be a positive sign for Bitcoin. \u201cAs small traders sell off their coins as a reaction to this mild downswing, probabilities of a rebound are heightened while most people expect a further drop,\u201d explained the analytics firm.<\/p>\n Though, it\u2019s visible in the chart that the Positive\/Negative Sentiment isn\u2019t yet inside the \u201cFUD\u201d zone where a bearish mentality becomes pronounced enough for rebounds to become probable.<\/p>\n In some other news, the Bitcoin whales<\/a> have seen their wallet count rise over the past year, as Santiment has highlighted in another X post<\/a>.<\/p>\n From the chart, it\u2019s apparent that there are now 20,229 wallets holdings at least 100 BTC (worth about $7.64 million). Compared to a year ago, this figure represents an increase of 11.2%. The analytics firm noted:<\/p>\n This is a significant long-term trend because wallets of at least this size (currently ~$7.7M or more) are often associated with whales, major investors, institutions, and highly capitalized long-term holders.<\/p>\n Bitcoin has declined to the $76,400 level following its pullback of more than 5% over the past week.<\/p>","protected":false},"excerpt":{"rendered":" Data shows sentiment around Bitcoin among social media users has turned negative following the recent decline in the cryptocurrency\u2019s price. Bitcoin Positive\/Negative Sentiment Has Dropped Recently In a new post on X, analytics firm Santiment has discussed the latest trend in the Positive\/Negative Sentiment for Bitcoin. This metric tells us whether the majority of social […]<\/p>\n","protected":false},"author":0,"featured_media":168001,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-168000","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/168000"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=168000"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/168000\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/168001"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=168000"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=168000"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=168000"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}BTC Price<\/h2>\n