Analytics firm Santiment has revealed a sharp spike in bullish sentiment on social media, coinciding with Bitcoin's latest rally toward the $80,000 mark. The firm's Positive/Negative Sentiment indicator, which compares the ratio of bullish to bearish social media posts, crossed into the FOMO zone after Bitcoin recovered from a recent dip.
Sentiment Reversal Mirrors Price Action
According to Santiment, Bitcoin’s Positive/Negative Sentiment plunged deep into the FUD (Fear, Uncertainty, Doubt) zone last weekend following a price pullback from above $78,000. As the chart shows, this intense bearish sentiment among social media users preceded a reversal, a pattern that has historically played out as a contrarian signal. The metric then rapidly swung into the FOMO zone as Bitcoin approached $80,000, hitting $79,330 on Wednesday before settling around $77,350.
Santiment noted: “Prices can continue to rally, and a breach above this resistance level would be massive in bringing in new and returning traders. However, it will ideally happen when optimism calms down just slightly.”
Whale Accumulation Accelerates
Santiment also reported that Bitcoin whales — wallets holding between 10 and 10,000 BTC — have accumulated roughly 41,000 coins since April 10, valued at approximately $3.17 billion. This accumulation accelerated as Bitcoin climbed toward $80,000. In contrast, smaller holders (wallets with less than 0.1 BTC) added only about 46 coins ($3.56 million) over the same period, highlighting a clear divergence between large-scale and retail activity.
Institutional Demand Accelerates
Andre Dragosch, Head of European Research at Bitwise, confirmed that institutional demand is “clearly accelerating.” According to Dragosch, US spot Bitcoin ETFs purchased 18,991 BTC over the past five trading days, representing 9 times the new supply during that period. This institutional buying spree aligns with the whale accumulation trend.
Broader Market Still in Fear
Despite the bullish signals among whales and social media, the broader crypto market remains cautious. The Crypto Fear & Greed Index stood at 39 on Friday, still in “Fear” territory. Santiment cautioned that a breakout above $80,000 would be more sustainable if optimism cools slightly, as rallies fueled by peak excitement tend to be less stable.
