Bitcoin sentiment deteriorates sharply in two weeks

Bitcoin investor sentiment has deteriorated sharply amid uncertainty over the U.S. midterm elections and the fallout from the Binance hack, according to on-chain analytics firm Santiment. In a post on X, Santiment said bullish commentary on BTC was 1.8 times bearish commentary on Oct. 20, but that ratio fell to 0.37 immediately after the Binance hack. Sentiment then recovered briefly, but has since slipped again to 0.51. Santiment said the U.S. midterm election outcome is heightening anxiety among retail investors, while a recovery in BTC to $79,000 amid prevailing market pessimism could signal a price rebound moving against broader sentiment.