As the latest indicators show that traders are increasingly fearful, the cryptocurrency market is expected to experience "an unexpected November rebound." Typically, this leads to funds flowing from weak hands to long-term holders.
Santiment posted on the X platform on Wednesday, stating that comments about Bitcoin on social media are evenly distributed, while Ethereum has over 50% more bullish comments, with both discussions being less active than usual.
Meanwhile, bullish comments about Ripple on social media are less than half, making it one of the most "panicked" moments for the token in 2025.
Analysts attribute the continued fear in the crypto market to a series of macroeconomic factors, including economic policies and credit flows, especially as the U.S. government shutdown crisis is nearing an end.
The crypto greed and fear index, which tracks overall market sentiment, recorded a score of 15 (out of 100) on Thursday, marking the lowest level since March.
Joe Consorti, head of Bitcoin growth at trading and liquidity protocol Horizon, stated that according to Glassnode data, the overall sentiment of traders is similar to when Bitcoin was around $18,000 in 2022.
However, Santiment noted that the negative sentiment among traders could be "good news for the patient," potentially driving an "unexpected November warm-up," as more steadfast holders are ready to take over assets sold by weak hands.
"When the public has a negative attitude towards an asset, especially the top market cap assets in the crypto market, it signals that we are reaching a capitulation point," Santiment stated.
Samson Mow, founder of Bitcoin infrastructure company Jan3, said last week that the Bitcoin bull market has not yet begun. He shared a similar view on Tuesday, claiming that "new buyers" are the only ones selling, while traders with long-term holding plans are taking this opportunity to deposit more cryptocurrencies into their wallets.
Mow pointed out that the current selling pressure mainly comes from those who bought Bitcoin in the past 12 to 18 months and chose to take profits due to price fluctuations.
"These individuals are not Bitcoin buyers based on fundamentals, but rather speculators following the news," he said.
Related: Reportedly, Japanese stablecoin issuers are expected to fill the central bank's bond purchase gap.
Original article: “Santiment: Poor Crypto Sentiment May Boost This Month's 'Unexpected Rebound'”
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