Surpassing Even the FTX and Mt. Gox Crises: Historic Low in Bitcoin Sentiment

The negative sentiment on Bitcoin social media has reached a historic level following the vulnerability in Coldcard wallets, surpassing major crises like FTX and Mt. Gox.

The unshakable trust in hardware wallets, viewed as the “safest haven” in the cryptocurrency world, has been severely damaged by the Coldcard firmware exploit. Recent data shared by Santiment shows that the level of fear among Bitcoin (BTC) investors has dropped to an unprecedented point. Discussions on social media platforms have now moved beyond exchanges or centralized platforms to directly question the security of self-custody tools.

Historic Low in Bitcoin Sentiment

Data collected by Santiment from platforms such as X, Reddit, and Telegram reveals that for every 1.00 negative comment about Bitcoin, only 0.58 positive comments are being made. This ratio has been recorded as the lowest level since the inception of modern social tracking systems. The shared analysis chart clearly shows that this collapse as of July 31 has even surpassed the war fears experienced in April.

Fear Surpassing the FTX and Mt. Gox Crises

In terms of psychological impact, this wave of panic has left a deeper mark than major events such as the FTX collapse, the Mt. Gox incident, and 2020’s “Black Thursday.” Investors are experiencing a major crisis of confidence, as even cold wallets—seen as the last line of defense for cryptocurrencies—are being targeted.

Analyses show that this situation poses a unique threat to trust in cold storage. Although current data proves that fear in the market has overwhelmed greed by a historic margin, experts predict that market confidence will be restored over time. As Bitcoin and altcoin transactions continue, the perspective of investors toward individual security measures is expected to change permanently.