- Bitcoin bearish sentiment reached a multi-year high as negative social discussions surged.
- Santiment data showed bearish Bitcoin commentary nearly doubled bullish sentiment.
- Coldcard headlines and Strategy’s BTC sale weighed on Bitcoin market sentiment.
Bitcoin sentiment has shifted to bearish levels, with negative discussions across major crypto communities outnumbering positive commentary.
Data from Santiment shows that the shift in market mood has coincided with recent reports involving Coldcard and Strategy, while indicators show traders continue to approach the market with caution despite Bitcoin holding near the mid $64,000 range.
Social Media Data Shows a Rise in Bearish Bitcoin Discussions
According to Santiment, the ratio of positive to negative Bitcoin commentary fell to 0.54 between July 31 and Aug. 4. The data shows that bearish comments were nearly twice as common as bullish ones across platforms, including X, Reddit, Telegram, and other crypto discussion channels.
A chart shared by the analytics platform shows the recent decline in sentiment alongside Bitcoin’s price movement. An annotation on the chart marks the period from July 31 through Aug. 4 as one of the most bearish patterns recorded in recent years, with negative commentary expanding during the market downturn.
Santiment linked part of the change in sentiment to headlines surrounding Coldcard, which contributed to declining market expectations.
In addition, the latest changes involving Strategy coincided with the decline in sentiment. Strategy sold 1,637 BTC last week for approximately $102 million.
The transaction prompted additional discussion among traders, with some reacting to concerns that further Bitcoin sales could be used to support dividends, reserves, and share buybacks. Santiment noted that periods when market fear becomes heavily one-sided have previously led participants to monitor possible price reversals after selling pressure eases.
Fear Index and Futures Data Show Current Market Conditions
Market indicators also continue to show cautious sentiment. The Crypto Fear and Greed Index recorded a reading of 38, keeping the market in the Fear category.
Historical figures show the index stood at 28 one month ago, while the yearly high reached 68 on Aug. 14, 2025. The annual low of 5 was recorded on Feb. 6, 2026, during a period of extreme fear.
Meanwhile, CryptoQuant data show Bitcoin trading at approximately $64,200, while overall futures open interest remains at around $22.6 billion. The chart shows that open interest previously surged above $40 billion during Bitcoin’s advance to record highs, then declined as prices corrected.
While bearish commentary has increased across crypto communities, Bitcoin has continued to trade within a relatively stable range. Traders are now watching whether improving sentiment or new market catalysts emerge to determine the cryptocurrency’s next directional move.
Related: Bitcoin Traders Watch $75K CME Gap as Support Holds Near $73K
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