Crypto sentiment weakens, contrarian setup noted by Santiment

Investor sentiment towards major cryptocurrencies, including Bitcoin, Ethereum, and XRP, has weakened over the past two months, according to blockchain analytics platform Santiment. Fear in the market increased following the Binance hack, leading to price declines and reduced bullish expectations. Bitcoin recorded 0.69 bullish views for every bearish view, while XRP had a ratio of 0.61. Ethereum's ratio was higher at 1.14, but bullish sentiment has sharply decreased since September. Santiment noted that previous market cycles have sometimes presented contrarian investment opportunities after significant sentiment deterioration, although fear alone complicates identifying a market bottom. With sentiment ratios for Bitcoin and XRP below 1.0, a medium-term rebound could be worth monitoring if prices do not reach new lows.

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