By Franklin Smith
Indeed, Bitcoin appears as the most hit digital coin since last week’s Ethereum Merge. The world’s leading crypto has crashed to 3-month lows in the previous seven days, following dips beneath $18.5K.
Nevertheless, BTC noted a massive upward move during this publication, surging 4.7% to $19.4K. Despite this impressive jump, Bitcoin’s sentiment remains negative.
Santiment shows Bitcoin’s social trends took a massive turn last week. Meanwhile, cryptos such as Ethereum and Cardano have registered impressive surges associated with their upgrades.
Nevertheless, Bitcoin suffered, with its social volume recording a sharp drop of 17.5%. Historically, higher social trends have appreciated BTC’s prices in the near term (at least).
One of the massive bearish stances for BTC is the deteriorating ‘buy the dip’ calls within the marketplace. Santiment reposted that investors bragged about dip buying, but the narrative has changed amidst the ongoing situation. Also, the update indicated polarization in Bitcoin’s market.
Unexpected? Not Really
Indeed, the markets have been expecting a sell-off since the massive asset inflows into crypto exchanges. Investors sent 1.69 million $BTC worth $33.5 billion to crypto exchanges between September 7 and September 14. Santiment revealed that it was the top Bitcoin volume transacted since October last year.
Nevertheless, another facet is starting to open Bitcoin’s cracks. The latest update by Glassnode revealed the 7d Median Transaction Volume hit 2-year lows at $469.39.
That indicated a declining trend around BTC enthusiasts within the cryptocurrency market. Bitcoin remains desperate to ramp up massive volumes to ensure fortune upturns.
Will Clemente, Cryptocurrency enthusiast & Reflexivity Research’s co-founder, revealed an overdue ‘positive’ update for the BTC community. He added that 65% of BTC’s supply didn’t move since last year, regardless of the massive 60% decline in that timeframe.
That has incentivized Bitcoin’s sentiment to alleviate the bearish tendencies. That means BTC’s long-term investors still trust the crypto since they haven’t exited their positions. Perhaps, Bitcoin’s future remains a massive mystery at the moment.
The global crypto market index remains well beneath the $1 trillion level. The value of all digital tokens stood at $920.02 billion during this publication, losing around 2% within the past 24 hours.