Bitcoin Slumps Under $64K Amid Historic ‘Negative’ Sentiment

As a crypto investor, I’ve noticed that the sentiment towards Bitcoin in the community is largely fearful or apathetic at the moment. This level of fear, uncertainty, and doubt (FUD) is quite unusual as traders continue to sell off their holdings in what seems like a never-ending downtrend. However, this exhaustion among traders, coupled with whales’ accumulation of Bitcoin, often results in rebound opportunities for those who remain patient and keep a long-term perspective.

The Weighted Sentiment Index by Santiment evaluates the sentiment towards Bitcoin based on mentions and ratio of positive to negative comments, as well as trading volumes, on platform X. Currently, the index stands at a -0.73, indicating predominantly negative feelings among the crowd since May 23.

In different parts, Google Trends data indicates a decrease in retail search queries for the term “bitcoin.” This tool enables users to assess the comparative volume of searches. A descending line signifies that the popularity of the search term in relation to other popular terms is waning. According to the data, global searches for “bitcoin” have been on a steady decline since March 2024.

Over the past several weeks, Bitcoin prices have mostly declined due to approximately one billion dollars worth of sell-offs by major investors, a robust US dollar, and a thriving technology market in the United States that could be attracting investments away from cryptocurrencies.

As a researcher studying the trends in U.S.-listed bitcoin exchange-traded funds (ETFs), I’ve observed that outflow activity has worsened this week, with approximately $900 million departing from these products. This figure is approaching the total net outflows of around $1.2 billion recorded during the trading sessions from late April to early May.

Bit traders anticipate Bitcoin hitting $60,000 soon due to missing growth triggers. However, the optimistic view for its future value stays intact, as we’ve shared before.