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Crypto markets reeled last week after Bitcoin tumbled to around $60,000, a sharp drop that shook confidence and prompted holders to sell. Traders were left weighing whether the decline could be a buying opportunity or whether the market was moving deeper into bear territory.
According to market intelligence platform Santiment Feed, negative sentiment surged during the most intense phase of the sell-off. In Santiment’s positive/negative sentiment chart, bearish social commentary and fear spiked as Bitcoin moved toward $60,000.
Santiment said that when markets fall, online discussions tend to be dominated by pessimistic forecasts and predictions of further declines. Historically, however, these sentiment extremes have coincided with short-term bottoms.
Bitcoin briefly touched $60,001 on Thursday, then rebounded by nearly 19% in less than 24 hours. The cryptocurrency reached a high of $71,469 on Friday, before a correction pulled it back to $68,800 by Tuesday. Even after the rebound, Bitcoin remained down more than 11% for the week.
CoinGlass data indicated that about $1.3 billion in long positions across digital assets were liquidated during Bitcoin’s rally last Friday. Santiment also reported that negativity intensified as Bitcoin fell below $70,000, with bearish commentary increasing as the price began to recover.
Santiment noted that social media chatter—including the words “buy,” “buying,” or “bought”—rose alongside references to “dip.” The platform said such spikes are common during rapid downturns, but warned that this metric alone is not a reliable trading signal.
Crypto markets have not fully recovered since a wave of liquidations in October eroded investor confidence. Analyst IT Tech said the lack of stabilizing demand since the start of the year has contributed to negative new investor inflows.
Over the past 30 days, cumulative capital movement stands at a $2.6 billion net outflow, suggesting that last week’s sell-off has not been offset by new participants entering the market.
IT Tech contrasted this with prior bull phases, when pullbacks attracted new capital at an accelerating pace. This year’s decline, the analyst said, is not drawing significant new buyers—an outcome that has historically signaled early bear-market transitions.
“Without renewed inflows, upside moves remain corrective. This behavior is consistent with early bear market conditions: contracting liquidity and narrowing participation,” the analyst commented.
The analysis also pointed to shifting behavior among market participants. Long-term holders and whales increased their spending activity over the last 30 days at rates higher than those of new investors taking positions. Thirty-day cumulative outflows from this group have risen to levels seen near previous-cycle peaks.
Meanwhile, seasoned investors appear to be selling into strength and transferring coins to newer market participants. While such rotation can support prices temporarily, it can also increase the risk of a supply overhang if demand does not expand.
At the same time, demand has slipped into negative territory, indicating weakening capacity to absorb distributed supply. The article noted that similar divergences in earlier cycles preceded periods of slowing momentum, including the 2021–2022 cycle, when markets consolidated for months before prices began rising.
In related news, CryptoQuant founder Ki Young Ju said Bitcoin does not currently have the conditions needed for sustained price acceleration. He cited that in 2024, $10 billion in capital could translate into $26 billion in Bitcoin market value through multiplier effects.
Ju contrasted that with last year, when $308 billion in inflows entered the market alongside a $98 billion drop in market capitalization. He argued that this comparison suggests heavy selling pressure is dampening the impact of new money, and that corporate accumulation and digital asset treasury approaches are not sufficient to change current sentiment.
“Bitcoin is not pumpable right now. MSTR and DATs won’t work until it becomes pumpable again,” the CryptoQuant founder explained.
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