Cryptocurrency analysis platform Santiment has published fresh data showing a notable divergence between Bitcoin’s price action and social engagement. While Bitcoin gained about 2.1% over the past week and approached a local peak near $87,300, conversations about BTC on X, Reddit, Telegram and other social platforms fell by roughly 33%. Ethereum recorded a similar drop in social volume. Santiment also noted that Bitcoin closed September with a bullish monthly candle and its strongest quarterly performance since 2017, but warned that historical “Uptober” strength alone may not be enough without independent catalysts such as ETF demand, regulatory developments, interest-rate policy and broader adoption.
On-chain metrics highlighted continued accumulation by large investors. Wallets holding between 10 and 10,000 BTC added approximately 44,669 BTC since September 18. However, small wallets also bought during the same period, which Santiment views with caution. The platform pointed out that active addresses and network growth are not keeping pace with price, while 30-day and 365-day MVRV readings near 4.5% suggest investors are only slightly in profit. On October 1, Bitcoin’s ratio of profitable to losing transactions exceeded 4-to-1, one of the strongest profit-taking days of the year, with renewed movement from older coins also signaling activity in long-dormant wallets.
Among altcoins, Quant (QNT) was a standout. QNT surged around 366% between September 20 and September 30 before pulling back roughly 17%. Santiment observed limited social sentiment and FOMO despite the rally, adding that low investor enthusiasm could leave room for another rebound. Quant’s network growth jumped sharply, its 30-day MVRV reached 1,022% at one point, and approximately 6.9% of QNT supply left exchanges since September 21, easing concerns about heavy selling pressure. Solana (SOL) also drew attention after rising about 61% since August 17 without excessive social-media euphoria or fear.
Earlier in the week, Bitcoin’s brief breakout above $85,000 followed Wednesday’s PCE data, but that move was rejected almost immediately. In Friday trading, softer-than-expected US jobs data initially pushed Bitcoin above $87,000 for the first time in about ten days, but the move was violently rejected. Bitcoin slumped below $84,000 within hours, liquidating nearly $600 million, before stabilizing around $84,500 with a market cap of $1.69 trillion and 59% dominance. Ethereum remained below the $2,700 resistance, XRP slipped under $1.50, and ZEC dropped more than 5% to near $1,300, while DOGE, LINK, ADA, RAIN, XLM and NEAR traded deep in the red. In contrast, QNT added another 13% to trade above $260, while NIGHT rose by a similar percentage to $0.50. The total crypto market capitalization fell almost 2% to $2.880 trillion.
