Crypto Traders Increasingly Pessimistic About Ethereum and XRP
Crypto traders are showing increasing pessimism towards Ethereum (ETH) and XRP. According to data from analytics platform Santiment, sentiment for both major altcoins has sharply declined since early October. On social platforms like X, Reddit, and Telegram, Ethereum now sees only 0.89 bullish comments for every bearish one—its lowest ratio since June 7. For XRP, the ratio has dropped to 0.67, its worst since August 17. A ratio below 1 indicates negative sentiment is outweighing positive.
However, analysts at Santiment note that rising fear does not necessarily signal further price drops. Extreme pessimism can sometimes create opportunities for contrarian traders, as seller pressure may already be exhausted when most expect continued losses. They caution this doesn't guarantee an immediate rebound for ETH or XRP, but the current fearful sentiment differs sharply from periods of widespread bullishness, creating a potential divergence some traders look for.
On-chain activity shows signs of accumulation. Ethereum whales have purchased approximately 60,000 ETH (worth around $162 million) in the past week. BitMEX co-founder Arthur Hayes predicts ETH could reach $10,000 by year-end, citing the network's scale and security. Meanwhile, large amounts of XRP are leaving exchanges, with daily outflows of transactions over 1 million tokens exceeding 320 million XRP. A similar surge in outflows preceded a 42% price increase in August.
cryptonews.ru2 days ago 22:24
