Bitcoin Sentiment Hits Record High Amid Market Decline

Despite the current market downturn, Bitcoin's sentiment has reached its highest level in 2026. According to crypto analytics platform Santiment, bullish comments about Bitcoin outnumbered bearish ones by a ratio of 2.23 to one on May 31.

This gap between social sentiment and market conditions is seen as a reason for caution. As previously reported, positive sentiment spikes have often preceded short-term price drops. For example, the two largest positive-sentiment spikes earlier in 2026 each followed by short-term price declines.

On the other hand, deeply negative sentiment readings have tended to align with local price bottoms. The Crypto Fear and Greed Index has posted an extreme fear score of 23 on May 31, indicating that investors are extremely fearful about the market.