Bitcoin Sentiment Reaches New High Amid Market Declines

According to Santiment's data, the bullish sentiment surrounding Bitcoin (BTC) has reached its highest level in 2026, with a ratio of 2.23 to 1 in favor of positive comments over negative ones on May 31.

This peak in sentiment occurred despite market declines and outflows from spot Bitcoin exchange-traded funds (ETFs), which exceeded $2.97 billion since May 15. The Crypto Fear and Greed Index posted a score of 23, indicating extreme fear among investors.

However, some traders view this as a contrarian signal, suggesting that the current market conditions may be due for a reversal. Swan Bitcoin CEO Cory Klippsten emphasized the importance of retail sentiment in the crypto market, stating that 'it's not like BlackRock owns the Bitcoin and Fidelity owns the Bitcoin.'