Expanding 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.
Analysts and traders have been waiting for this event, potentially accounting for why attention on BTC is down at the moment.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
