The cryptocurrency analytics company Santiment announced that negative sentiment towards Bitcoin on social media has reached a historically high level. According to the company's data, the ratio of positive to negative comments about Bitcoin on platforms like X, Reddit, Telegram, and others has dropped to its lowest level since Santiment began using its modern social media monitoring system.
Santiment cited a vulnerability in Coldcard device firmware as one of the main reasons for market concerns. It is reported that the incident particularly shook investors because the attack directly called into question personal custody systems and cold wallets, which many investors consider the most secure method of protecting their crypto assets.
The analytics company recalled that there have been much larger crises in the past, such as the collapses of FTX and Mt. Gox, as well as 'Black Thursday' during the COVID-19 pandemic. However, the Coldcard incident had a different impact on individual investors. According to Santiment, this time discussions were focused more on hardware security and cold wallets in general, rather than on the often-criticized centralized exchanges, bridges, or leveraged trading platforms.
According to the data, for every negative comment about Bitcoin, there are only 0.58 positive comments. Thus, fear has historically significantly outweighed greed.
Santiment noted that the available data covers only one day. Nevertheless, the company stated that the current level of panic is higher than the peak war-related concerns observed earlier this year, and the social media panic recorded during previous major cryptocurrency crises.
*This is not investment advice.
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