Key Points
- Bitcoin sentiment on social media has reached a seven-month high, with a positive-to-negative comment ratio of 2.12 as of June 11, according to Santiment.
- Bitcoin has repeatedly surpassed $110,000 this week, peaking at an all-time high of $112,000 on May 22, though it currently sits at $108,635.
- Retail interest in Bitcoin remains low per Google Trends data, scoring only 32 out of 100 compared to its peak over the last 12 months.
- The Crypto Fear & Greed Index indicates a bullish market sentiment with a score of 71 out of 100, placing it in the "greed" zone.
- Price gains are largely driven by institutional and nation-state adoption, though a rise in retail sentiment could further boost Bitcoin's value.
Summary
Bitcoin is experiencing a surge in bullish sentiment on social media, reaching a seven-month high with a positive-to-negative comment ratio of 2.12 as of June 11, per Santiment data. This optimism coincides with Bitcoin repeatedly breaking past $110,000 this week, nearing its all-time high of $112,000 set on May 22, though it currently trades at $108,635. The Crypto Fear & Greed Index reflects this positivity, scoring market sentiment at 71 out of 100, in the "greed" zone, though it falls short of the four-year high of 94 seen after Trump’s election win in November. Despite the social media buzz, Google Trends data suggests retail interest remains subdued, with a score of 32 out of 100 compared to its 12-month peak. Bitcoin’s recent price gains are attributed to institutional and nation-state adoption, but a potential uptick in retail enthusiasm could further propel its value. Santiment tracks sentiment across platforms like X, Reddit, and Telegram, highlighting the disparity between online positivity and broader public engagement.