BTC investor sentiment deteriorates, entering a clear bearish phase

CryptoQuant said BTC investor sentiment is worsening. The firm said its analyst consensus index fell from -1.0σ to -1.8σ over the past seven days, entering what it classified as a clear bearish phase. Over the same period, BTC also slipped to around $73,000. CryptoQuant said 88 of 149 analysts who gave clear outlooks over the past seven days were bullish, while 59 were bearish. While bullish views still accounted for about 62%, the firm said overall investor sentiment had weakened significantly versus the typical level seen over the past 90 days. It added that the indicator is classified as being in a clear bearish phase when it falls below -1.5σ, and said ETF outflows, inflation concerns, and Nasdaq weakness are weighing on sentiment.