Bitcoin Faces Rare ‘Extended Level’ of FUD Amid Sideways Trading
Bitcoin has been facing an “extended level of FUD” on social media platform X amid sideways trading at the $65,000 mark, according to data from cryptocurrency intelligence platform Santiment. This rare phenomenon has sparked concerns among traders and analysts, who are now questioning the future of the cryptocurrency.
Fear, uncertainty, and doubt
Santiment’s Bitcoin social sentiment indicator has been flashing red, indicating that traders are increasingly fearful or disinterested towards Bitcoin as prices range between $65,000 to $66,000. The Weighted Sentiment Index, a metric that measures Bitcoin mentions on X and compares the ratio of positive to negative comments, remains negative since May 23.
Negative sentiment towards Bitcoin
However, positive events for Bitcoin, such as the approval of 11 spot Bitcoin exchange-traded funds on January 10 and the Bitcoin halving on April 20, have seen the indicator spike to positive levels of 4.49 and 2.35, respectively.
Spot Bitcoin ETFs approved
Negative sentiment towards Bitcoin on social media has come from all ends of the crypto community, including traders and analysts with significant followings. Many are calling the current market conditions “boring” and are expecting a massive price surge in the near future.
Bitcoin price action
Some believe the lengthy consolidation could be making way for a meteoric price surge. On June 13, Cointelegraph reported that Bitcoin was in its longest period of consolidation, at 92 days at the time, with analysts saying the extended steadiness could be setting the asset up for a “massive upside rally.”
Bitcoin consolidation
Meanwhile, another crypto market sentiment gauge, the Fear and Greed Index, is showing a Greed reading of 63, down 11 points over the past seven days. This metric also considers social media sentiment, volatility, market momentum, and volume, market dominance, and current trends.
Fear and Greed Index
Institutional Adoption on the Horizon
Bitcoin and crypto-linked stocks are underrated and ripe for institutional adoption, broker Bernstein said in a research report on Wednesday. Bernstein predicts that bitcoin will reach a cycle high of $200,000 in 2025, $500,000 by 2029, and $1 million by 2033.
Institutional adoption on the horizon
Spot bitcoin ETFs were approved for the first time in the U.S. in January, dramatically broadening access to the world’s biggest cryptocurrency. The institutional basis trade appears to be the “Trojan horse for adoption” and these investors are now evaluating net long positions as they become more comfortable with improving ETF liquidity.
Spot Bitcoin ETFs approved
The Australian Securities Exchange (ASX) has also approved its first spot-bitcoin ETF, providing investors exposure to bitcoin by investing in the VanEck Bitcoin Trust (HODL) which is a United States ETF listed on the Cboe BZX Exchange, Inc (Cboe).
ASX approves first spot-bitcoin ETF
The fund primarily acts as a ‘feeder fund’ employing a passive management strategy, the product disclosure statement said. The ASX approval is a significant milestone for the crypto industry, marking a major step towards mainstream adoption.
Mainstream adoption
In conclusion, Bitcoin is facing a rare ’extended level’ of FUD amid sideways trading, but institutional adoption is on the horizon. With spot bitcoin ETFs approved in the U.S. and Australia, the future looks bright for the world’s biggest cryptocurrency.
Bitcoin future
