Bitcoin's (CRYPTO: BTC) 28% drawdown below $90,000 has unleashed a wave of frustration and fresh bear-market calls by crypto market commentators.
What Happened: On-chain data provider Santiment notes that sentiment has turned sharply negative as traders, influencers, and even institutions warn of deeper downside.
Bitcoin now dominates social conversations, with users fixated on how far the correction could extend.
The mood has flipped as weeks ago, after BTC hit its $125,800 all-time high, traders were calling for $130,000–$170,000 targets.
Now the loudest forecasts cluster around $40,000–$80,000, signalling a broad psychological shift toward pessimism.
Yet an important contrarian datapoint emerged: "Buy the dip" mentions just surged to an eight-month high.
Historically, rebounds rarely begin while dip-buying confidence remains elevated, true capitulation happens when optimism collapses and FUD peaks.
Also Read: BlackRock Preps Staked Ethereum ETF Launch—But Vitalik Buterin Warns Against ‘Wall Street Capture’
Why It Matters: Whale behaviour has been a major driver.
Wallets holding 10–10,000 BTC dumped 77,120 BTC last week, around 0.44% of supply, accelerating the selloff. Retail wallets, however, are still holding, despite growing panic in commentary.
But whale activity is now flashing an early shift. Santiment's on-chain data shows:
- Over the past week, whales executed 102,900+ transactions above $100,000
- And 29,000+ transactions above $1 million
- Putting this on track to be the most active whale week of 2025
Crucially, the tone is changing: the same cohort that spent weeks net selling is now showing initial signs of accumulation, suggesting large players may be positioning ahead of a macro reversal.
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