Sentiment metrics from analytics firm Santiment indicate that bearish commentary now exceeds bullish commentary for Bitcoin (BTC), Ethereum (ETH) and XRP (XRP). The sentiment ratio, which compares bullish to bearish posts across major social platforms, fell below the neutral threshold of 1.0 for all three assets.
Sentiment Shifts Across Crypto
On October 2, Ethereum sentiment dropped to 0.89 and XRP to 0.67, while Bitcoin remained positive at 1.37. Following the Binance hack in late October, sentiment turned more negative. By November 3, Bitcoin sentiment had fallen to 0.69, and Ethereum was at 1.14. The latest readings on November 11 show Bitcoin at 0.82, Ethereum at 0.88 and XRP at 0.49, indicating a spread of bearish sentiment from altcoins to Bitcoin.
Price Movement Mirrors Sentiment
Bitcoin price movements reflected the sentiment shift. After briefly rising above $80,800 on November 4, the cryptocurrency fell to around $75,500 on November 5 and continued down to $73,708 on November 8, its lowest level since August. By November 10 the price slipped below $73,000, and it was trading near $73,665 at the time of reporting.
Potential Bottom Test
Santiment notes that extreme fear alone does not define a market bottom; a combination of fear and price stabilization is a stronger indicator. While fear is present, price stabilization has not yet been confirmed. The key level to watch is the $73,000 threshold; holding above this level could satisfy the stabilization condition.
Outlook
Continued pessimism may persist amid factors such as the Binance hack fallout and recent tech‑stock sell‑offs. Whether Bitcoin can maintain prices above the recent dip will determine if the bearish chatter marks a floor or signals further downside.
