sentiment

According to Cointelegraph, Swan Bitcoin CEO Cory Klippsten stated in an interview that although institutional investors' participation in the cryptocurrency space is increasing, it is very important to pay attention to retail sentiment towards Bitcoin, as Bitcoin holdings are far from being concentrated. "Bitcoin is not monopolized like BlackRock or Fidelity; in fact, it is primarily purchased by numerous retail accounts."

The cryptocurrency market research organization Santiment stated that ETH has fallen below $2000 for the first time since March 29. Typically, after a significant price drop, the market exhibits two typical sentiments: one is retail investors falling into FUD due to weak performance, and the other is FOMO sentiment viewing the drop as a "discount buying opportunity." Santiment pointed out that the market is currently experiencing the latter. As ETH breaks below a key psychological support level, a large number of retail investors are starting to "buy the dip."They believe this usually indicates that the price of ETH may still have further room to decline, as retail sentiment is currently too optimistic, and historically, the general market tends to make incorrect judgments. Santiment stated that a truly better buying opportunity usually occurs after market FOMO cools down and sentiment shifts to panic.

The cryptocurrency market research firm Santiment stated that ETH has fallen below $2000 for the first time since March 29. Typically, after a significant price drop, the market exhibits two typical sentiments: one is retail investors falling into FUD due to weak performance, and the other is the FOMO sentiment that views the drop as a "discount buying opportunity."Santiment pointed out that the latter is currently emerging in the market. As ETH breaks below a key psychological support level, a large number of retail investors are starting to "buy the dip." It believes that this usually indicates that the price of ETH may still have further room to decline, as retail sentiment is currently too optimistic, and historically, the general market tends to make incorrect judgments. Santiment stated that the truly better buying opportunities usually arise after market FOMO cools down and sentiment shifts to panic.

ETH has fallen below $2000 for the first time since March this year. Over the past 7 days, ETH has cumulatively dropped nearly 8%, with a decline of over 5% in the last 24 hours. Meanwhile, ETH futures open interest (OI) has risen for the third consecutive day, reaching a historic high of 16.39 million ETH, with a nominal value of approximately $3.25 billion. Analysts believe that the continuous rise in OI against the backdrop of falling spot prices indicates that the market is experiencing more aggressive leveraged short-selling behavior.Markus Thielen, founder of 10x Research, stated that more and more investors are beginning to abandon ETH, "ETH does not generate cash flow, and in the context of rising U.S. Treasury yields, the attractiveness of staking yields is declining." Additionally, U.S. spot ETH ETFs have seen a cumulative net outflow of $401 million this month, completely reversing the net inflow of $354 million in April. Market sentiment has also continued to deteriorate due to the departure of core members from the Ethereum Foundation.David Hoffman, co-founder of Bankless, previously stated that he has sold his ETH holdings, believing that the narrative of "ETH as currency" has been fully priced in. The Web3 research institution House of Chimera indicated that the market is questioning the advantages of the Ethereum ecosystem in DeFi, RWA, and tokenization, and whether it can truly reflect back to the ETH token itself.

Santiment released a weekly market summary stating that Bitcoin ETFs have seen net outflows on 9 out of the past 10 trading days, with the current Bitcoin price around $77,500; it views this phenomenon as a reflection of weakening retail confidence.Meanwhile, Ethereum market sentiment has dropped to its lowest level since 2023, but the number of non-zero addresses has reached 192.92 million, which is more than three times Bitcoin's approximately 59 million. Santiment also pointed out that the current ratio of bullish to bearish comments on Bitcoin has risen to 2.23, the highest level within 2026, and historically, such high sentiment often appears before short-term corrections.

CryptoQuant stated that Bitcoin's recent trend is similar to the bear market rebound phase in March 2022, with market demand still weak and sentiment indicators having fallen back into the "extremely pessimistic" range.The report pointed out that Bitcoin's recent rebound was blocked near the 200-day moving average at around $82,400, and then it fell back to around $76,000. CryptoQuant believes this trend is similar to that in March 2022: at that time, Bitcoin rebounded 43% from its low but also encountered resistance at the 200-day moving average and re-entered a downward trend.Julio Moreno, head of research at CryptoQuant, stated that during a bear market, the 200-day moving average is usually a key dividing line between "rebound markets" and "trend continuation." If Bitcoin cannot effectively break through this moving average, it may indicate that the bear market structure has not yet been broken.

Bitcoin weakened again after the U.S. stock market opened on Wednesday, briefly rising to about $77,678 before retreating, continuing the structural trend of "strong during Asian hours, weak during U.S. hours" observed this week. The market is focused on the upcoming Nvidia earnings report, which is seen by several institutions as one of the key macro volatility triggers for this quarter.As a result, pre-market sentiment in the U.S. stock market was cautious, with the S&P 500 dropping about 1.3% at one point before rebounding slightly, but overall risk appetite remains weak. In terms of on-chain and spot structure, the Coinbase Premium index has fallen to a multi-month low, indicating that buying interest in the U.S. market continues to be weak. This indicator has remained negative recently, reflecting insufficient spot demand in the U.S. region, even though BTC prices are still high, marginal buying has not increased correspondingly.From a technical perspective, Bitcoin has once again fallen below the 21-week exponential moving average (21W EMA). Analysts point out that this level may turn from support to resistance, and if it cannot regain this level, it will increase the risk of short-term fluctuations and pullbacks. Overall, the market has entered a wait-and-see mode amid significant tech earnings and macro uncertainty.

According to Gate market data, the Nasdaq 100 Index has turned down, indicating a weakening market sentiment.

According to Jinshi News, S&P 500 futures have shown signs of turning upward, and market sentiment has improved.

According to Gate market data, Nasdaq 100 index futures have turned positive, indicating signs of a recovery in market sentiment.

The sentiment analysis platform Santiment stated that after the news of the Senate Banking Committee advancing the CLARITY Act, Bitcoin has sparked a wave of enthusiasm on social media. This brings BTC and cryptocurrencies one step closer to eventual approval. Historical data shows that when the number of bullish comments on cryptocurrency market value is 1.55 times that of bearish comments, it is advisable to remain cautious. Market trends often go against public expectations.In summary, any efforts to push the CLARITY Act through should be viewed as a positive for cryptocurrencies in the long run, as it may ultimately bring clearer rules to the U.S. cryptocurrency industry. Currently, one of the biggest issues facing the cryptocurrency sector (especially in 2026) is uncertainty. Many companies, investors, and banks are hesitant to fully commit because they do not know which crypto assets will be classified as securities in the future, what rules they must comply with, and whether regulators will suddenly take action. This uncertainty leads to a wait-and-see attitude regarding funding. If the CLARITY Act is passed, it is expected that more institutional funds and well-capitalized investors will enter (or re-enter) the market. This will create higher demand, thus driving up prices. However, if the market value of many of the largest stocks has already been "digested" within a certain range before the CLARITY Act officially takes effect, do not be surprised.

According to 10x Research analysis, since mid-January, the total gamma exposure of Bitcoin has remained negative, currently reaching -3.2 billion dollars at the strike price of 82,000 dollars. In a negative gamma environment, market makers are forced to trade in the direction of the trend, accelerating buying during price increases and accelerating selling during price decreases, which exacerbates price volatility.As the options expiration on May 29 and June 26 approaches, the negative gamma suppression effect is expected to gradually dissipate, and the downward bias of Bitcoin will subsequently ease. Currently, the market demand for call options is significantly higher than for put options, and institutions expect that market sentiment will shift from bearish to bullish at that time.

Bitcoin fell below the $80,000 mark this week, following a five-day streak of net inflows into spot ETFs, as the market's rebound momentum from February's lows showed signs of cooling. The U.S. April non-farm payroll data added 115,000 jobs, exceeding the expected 62,000, while the unemployment rate remained at 4.3%. Although the overall data was relatively strong, it did not significantly alleviate market concerns about macroeconomic uncertainty; instead, it reinforced expectations that "energy-driven inflation limits the space for interest rate cuts."In terms of capital flow, the spot Bitcoin ETF saw a net outflow of $277 million on Thursday, ending a previous cumulative inflow of $1.69 billion; the Ethereum ETF also recorded a net outflow of $104 million on the same day, indicating a short-term cooling of institutional risk appetite. On the geopolitical front, tensions between Iran and the U.S. have escalated again, prompting the market to reprice the risks in the Strait of Hormuz, leading to a rebound in oil prices, which partially offset the support that previous risk assets received from the decline in oil prices.The derivatives market shows a more long-term hawkish outlook, with interest rate futures pricing in over a 50% probability of rate hikes beyond 2027, suggesting that the easing cycle may be delayed until 2028. On-chain data indicates that the current rise in Bitcoin is primarily driven by institutional spot buying and short covering, with retail participation remaining relatively low, and funding rates maintaining a moderate level, resulting in a weak market momentum structure. Analysts believe that if retail funds do not return, BTC may still face the risk of testing the support range of $75,000 to $78,000.

Glassnode analysis indicates that Bitcoin has broken through key resistance, rising to $82,000 - $83,000, ending several weeks of narrow fluctuations, and market volatility has returned.Options data shows that the short-term 1-week implied volatility has rebounded by about 6 points, while long-term volatility remains moderate, and short-term trading demand has quickly recovered. In terms of sentiment and positioning, the 25 delta skew is converging towards neutral, with reduced demand for downside hedging; short-term outlook is slightly bearish, while long-term has turned bullish, with upward expectations being repriced. Structurally, implied volatility exceeds realized volatility, and the VRP has turned positive; there is a concentration zone of about $2 billion in "short gamma" around $82,000, which may amplify volatility. Over the past 24 hours, the proportion of call options sold is 81%, indicating that the market tends to consolidate.

On-chain data platform Glassnode shows that Bitcoin whales' net long positions on Hyperliquid have risen to a new high for 2026. The data indicates that whales have been continuously increasing their long positions recently, continuing the trend of going long after last month's Bitcoin price breakout. Currently, the total positions of whales on the platform are approximately $3.5 billion, with longs slightly outnumbering shorts.Analysis suggests that the movements of Hyperliquid whales are often seen as a market sentiment indicator; the current overall liquidation scale is relatively low and mainly concentrated in short positions, reflecting a bullish market atmosphere.

As Bitcoin strongly breaks through the $80,000 mark, the current funding rates on mainstream CEX and DEX show that market short-selling sentiment has significantly weakened, as shown in the attached image.The funding rate is a fee set by cryptocurrency trading platforms to maintain the balance between the contract price and the underlying asset price, typically applicable to perpetual contracts. It is a mechanism for the exchange of funds between long and short traders, and the trading platform does not charge this fee; it is used to adjust the cost or profit of traders holding contracts to keep the contract price close to the underlying asset price. When the funding rate is 0.01%, it indicates the benchmark rate. When the funding rate is greater than 0.01%, it represents a generally bullish market. When the funding rate is less than 0.005%, it represents a generally bearish market.

According to Jinshi reports, Andrew Slimon, a senior portfolio manager at Morgan Stanley Investment Management, stated that investors should prepare for a pullback in the U.S. stock market and act decisively when fear reaches its peak.He believes that the current strong corporate earnings are colliding with accumulated risks, and the stock market, especially the "Tech Seven Giants," has risen significantly, increasing the risk of further price increases. Slimon advises investors to remain patient, stating that now is not the best time to deploy new capital, but he still maintains a constructive outlook in the long term.

Bitcoin fell below $76,000 after failing to break through $80,000, with uncertainties surrounding the reopening of the Strait of Hormuz and the macroeconomic situation unsettling the market.Meanwhile, technical indicators and on-chain data provide mixed signals regarding whether BTC can sustain this round of rebound. Bitcoin recorded a 30% recovery after hitting a low below $60,000 on February 6, but it stalled under selling pressure in the supply zone between $78,000 and $80,000. This range also coincides with the current 20-week exponential moving average (EMA), reinforcing the significance of this resistance level.Michael van de Poppe, founder of MN Capital, stated that the current pullback is "typical behavior" ahead of the FOMC meeting. He added, "I believe we are still in a phase of strong market conditions." On the support side, Bitcoin has tested the support level at $75,500, which also serves as the lower boundary of the 20-day EMA, 100-day EMA, and an upward channel.Glassnode's UTXO Realized Price Distribution (URPD) data shows that direct resistance is around $78,000, where investors hold 335,650 BTC; the average purchase price of about 298,560 BTC is $75,500, forming a key support level.On the on-chain front, Glassnode data indicates that the Bitcoin market exhibits "a coexistence of bullish momentum and cautious sentiment." The spot CVD (Cumulative Volume Delta) rose from $18.3 million to $54.8 million, with an increase of nearly 200% over the past week, reflecting strong bullish sentiment among market participants. However, spot trading volume decreased by 13.8% from $6.95 billion a week ago to $5.99 billion, "indicating a reduction in market activity." During the same period, the number of daily active addresses fell by 1.6%, showing a more subdued network participation.

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QCP Group analysis indicates that the negotiations between the U.S. and Iran have once again broken down, the ceasefire in the Middle East continues, and the overall geopolitical landscape remains static. A shooting incident occurred at the White House Correspondents' Dinner, with Trump suspected to be the target. After the Asian market opened, BTC briefly surpassed $79,000 and ETH broke through $2,400, but concerns arose following news of the Iranian foreign minister's visit to Russia for talks with Putin, leading to a rapid pullback in gains.The current key resistance level in the market is the CME gap around $82,000. The funding rate for BTC perpetual contracts continues to be negative, and if the price breaks upward, it may trigger short covering. Implied volatility continues to decline, and the risk reversal skew has narrowed, with market interest in upward exposure gradually increasing. Key focus this week: April 29 earnings reports from Microsoft, Amazon, Meta, and Google, as well as the FOMC interest rate decision; April 30 earnings report from Apple, U.S. Q1 GDP, and March PCE data.