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The actual sentiment of Bitcoin (BTC) on social media platforms is slowing down at a fast pace. According to data from crypto analytics platform Santiment, the Bitcoin sentiment on X, Reddit, 4Chain, BitcoinTalk and Telegram has dropped to its lowest level in the past 12 months.
Santiment's expose on Bitcoin
Bitcoin has seen a mix of bullish and bearish days this month and thus far this year. According to Santiment, the narrative around the coin on social platforms turned 180 degrees this week. It offered a level of fear, uncertainty and doubt (FUD) that it said is the poorest in over a year.
Gamza KhanzadaevExpanding the data, the weighted sentiment for Bitcoin comes in at -0.962775. According to Santiment, this poor sentiment is not entirely a bad thing. This is because an accompanying rebound is just around the corner. The data platform pointed out that should this rebound emerge, it might catch many traders off guard at its peak.
The slowdown in Bitcoin chatter is explainable with the current outlook of spot Bitcoin ETF products. While this product has continued to record inflows, occasional outflows always dampen sentiment overall.
The price action has also contributed to this poor metric. At the time of writing, data from CoinMarketCap pegs the price of Bitcoin at $57,490.48, up marginally by 0.71% in 24 hours. The coin is seeing a recovery after shedding more than 8% of its value in 24 hours.
Ethereum vying for spotlight
One other major factor that might be taking attention away from Bitcoin is spot Ethereum ETF expectations on the market. With issuers at the tail end of the application process, the United States Securities and Exchange Commission (SEC) is expected to greenlight the product for trading anytime from now.
Godfrey BenjaminAnalysts and traders have been waiting for this event, potentially accounting for why attention on BTC is down at the moment.
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