U.Today – The current sentiment of (BTC) on social media platforms is slowing down at a rapid pace. According to data from cryptocurrency analytics platform Santiment, Bitcoin sentiment on X, Reddit, 4Chain, BitcoinTalk, and Telegram has dropped to its lowest level in the past 12 months.
Santiment's exposition on Bitcoin
Bitcoin has seen a mix of bullish and bearish days this month and so far this year. According to Santiment, the narrative around the coin on social platforms took a 180-degree turn this week. He offered a level of fear, uncertainty, and doubt (FUD) that he said is the lowest in over a year.
Expanding on the data, the weighted sentiment for Bitcoin stands at -0.962775. According to Santiment, this poor sentiment is not all bad. This is because an accompanying rally is just around the corner. The data platform noted that if this rally does occur, it could catch many traders off guard at its peak.
The slowdown in Bitcoin talk is explained by the current outlook for spot Bitcoin ETF products. While this product has continued to see inflows, occasional outflows always dampen the overall sentiment.
Price action has also contributed to this poor metric. At the time of writing, data from CoinMarketCap indicates that the price of Bitcoin is $57,490.48, up slightly by 0.71% over 24 hours. The coin is experiencing a recovery after losing over 8% of its value in 24 hours.
Competing for the limelight
Another major factor that could be diverting attention from Bitcoin is the expectations of an Ethereum ETF in the market. With issuers in the final phase of the application process, the US Securities and Exchange Commission (SEC) is expected to give the product the green light for commercialization at any time.
Analysts and traders have been waiting for this event, which possibly explains why attention on BTC has waned at the moment.
This article was originally published on U.Today
