Social sentiment has turned heavily bearish across bitcoin, ethereum, and XRP, according to data from Santiment, a cryptocurrency analytics firm that tracks online market discussion across social platforms including X, Reddit, and Telegram.
Santiment reported bullish-to-bearish comment ratios of 0.82 for bitcoin, 0.88 for ethereum, and 0.49 for XRP on November 10. A ratio below 1.0 indicates more negative commentary than positive, with the firm noting that XRP recorded the weakest sentiment among the three assets.
The analytics firm characterized the pessimism as a potential contrarian signal. "Major cryptocurrency market rallies rarely begin when everyone expects one," Santiment stated. "They usually form while traders are fearful, selling losses, and doubting that prices can bounce at all."
Price Movement and Market Conditions
At the time of reporting, bitcoin traded at $74,032, up 0.42% over 24 hours, following an earlier dip below $74,000. Ethereum traded at $2,056.62, gaining 0.33%, while XRP declined 0.33% to $1.05.
Cryptocurrency market data provider Coinglass recorded approximately $356.16 million in liquidations over the preceding 24 hours, with long positions accounting for $280.40 million of that total.
Bitfinex analysts identified a potential selling zone between $75,900 and $77,500, where renewed supply could pressure prices. They expected bitcoin to trade within an options-implied range of $72,350 to $79,400 ahead of November 13 options expiry.
Sentiment Trends Across Assets
Ethereum's social sentiment has shown volatility. On October 13, ethereum's ratio reached 2.05, contrasting sharply with bitcoin at 0.82 and XRP at 0.92. By November 10, ethereum's sentiment had deteriorated to 0.88 from that earlier peak.
XRP's sentiment has worsened significantly. The asset recorded a ratio of 0.67 on October 1, which Santiment described as its weakest reading since August 17. The November 10 reading of 0.49 reflected an even more negative balance.
Santiment projected that if bearish commentary continues to outweigh bullish sentiment, especially for cryptocurrencies with the largest market values, "prices will inevitably see a strong relief rally."
