Santiment’s weekly data shows social media sentiment toward Bitcoin falling to its most negative level in three months, while a metric tracking the average Ethereum investor’s cost basis has moved into loss territory.
The decline in the crypto market has also been reflected in investors’ social media posts. According to Santiment’s weekly review dated October 31, the ratio of positive to negative posts about Bitcoin fell to 0.41, reaching its lowest level in the past three months.
The striking feature was that negative posts increased by 74% even as positive messages remained nearly unchanged. Santiment interpreted this divergence as a sudden surge in fear, rather than investors losing faith in Bitcoin.
Negative posts about Bitcoin outnumber positive ones
A ratio of 0.41 means that for every 100 negative posts in the sample, there were about 41 positive posts. Pessimism on social media thus became one of the clear indicators accompanying the price decline.
The report said Bitcoin traded sideways for five days before finishing the weekly period under review down 5.6% at $76,565. During the same period, Ethereum fell 6.3%, while Solana declined 7.3%. Among the major assets in Santiment’s review, Monero (XMR) stood out as the only one to finish the period higher.
Ethereum falls below cost basis while Bitcoin maintains a gap
For Ethereum, the MVRV ratio, which compares market value with realized value, fell below 1.0. The metric used by Santiment indicates that the average ETH investor is at a slight loss.
Bitcoin, meanwhile, remained 46% above the cost basis calculated in the same assessment. So while the weekly decline affected both assets, the average cost-basis picture for Ethereum was weaker than Bitcoin’s.
The deterioration in social media sentiment and Ethereum’s cost-basis threshold show the impact of the price decline on investors from two different angles: fear-driven posts about Bitcoin are rising rapidly, while Ethereum’s on-chain cost-basis metric has also moved into loss territory.
Not investment advice.