Bearish commentary about Bitcoin nearly doubled positive sentiment between late July and early August, according to Santiment data. The ratio of bullish to bearish posts dropped to 0.54, marking one of the most one-sided periods in recent years across X, Reddit, Telegram, and other crypto forums.
Strategy's sale of 1,637 BTC last week for roughly $102 million helped trigger the mood shift. Traders openly fretted that the firm might dump more coins to fund dividends and buybacks, amplifying concerns about sustained selling pressure. Headlines around Coldcard added to the gloom. Both events compressed sentiment into fear territory just as Bitcoin hovered near $64,200.
The Fear and Greed Index sits at 38, firmly in fear zone. A month ago it stood at 28, though the yearly peak hit 68 in mid-August. Markets have seen this pattern before. When fear becomes this lopsided, reversals often follow once the selling dries up. Traders are watching closely for signs the bottom might hold.
This material is informational only and does not constitute financial advice. Crypto markets remain volatile and speculative.
