Bitcoin’s price has struggled to stabilize in recent days , and the shift in sentiment surrounding the asset has become just as significant as the price movement itself. The cryptocurrency slipped further into the mid-$80,000 region this week in the middle of a downtrend that has kept buyers on the defensive. New data from the on-chain analytics platform Santiment reveals a collapse in crowd sentiment. The chart shows a sharp plunge in bullish-to-bearish commentary that aligns with Bitcoin’s downward trajectory and retail traders reacting emotionally to the sustained sell-off. Bitcoin Sentiment Plunges To Lowest Level Since 2023 Santiment data shows that Bitcoin’s sentiment across major social platforms has fallen to its lowest point since December 11, 2023. The ratio of bullish to bearish comments on X, Reddit, Telegram, and other hubs has deteriorated rapidly, forming a steep decline on the sentiment chart that lines up with Bitcoin’s recent drop in price. According to the on-chain analytics platform, retail participants are capitulating at a rate not seen in two years, with the Bitcoin environment dominated by fear and pessimism. The chart image captures a pronounced downward swing in the sentiment line, showing that positive commentary has been overwhelmed by bearish voices as the Bitcoin price correction deepened. Speaking of Bitcoin’s price correction, market conditions throughout November have led to repeated bouts of selling as traders react to every failed attempt at recovery. The candlestick pattern on the chart shows persistent lower highs and lower lows, and this structure has increased retail panic. Bitcoin’s sentiment across social media has officially dipped to its lowest point since December 11, 2023. According to bullish vs. bearish comments on X, Reddit, Telegram, and others, retail is capitulating and panic selling at a significant level we haven’t seen in 2 years. pic.twitter.com/4Hi0iTgsHO — Santiment (@santimentfeed) November 21, 2025 Panic selling is visible in the sharp downturn on both the price chart and the sentiment indicator. The capitulation is now unfolding across multiple crypto exchanges, with many traders abandoning bullish positions after watching Bitcoin lose important psychological levels around $90,000. According to Santiment data cited by crypto analyst Ali Martinez, 20,000 Bitcoin BTC worth nearly $2 billion, have been sent to exchanges in the past week. 20,000 Bitcoin $BTC , nearly $2 billion, have been sent to exchanges in the past week! pic.twitter.com/V6CCRIXUTg — Ali (@ali_charts) November 22, 2025 More Losses Ahead? The question of where Bitcoin goes from here has divided market participants into two distinct camps. A lot of analysts are looking at the possibility of further downside due to the ongoing outflows from Spot Bitcoin ETFs and low whale activity on the Bitcoin futures market. That view is backed by data from CryptoQuant, which describes the current state as “A Market Without Whales,” how retail investors are now doing much of the heavy lifting, and how the fatigue is showing. However, an example of a bullish outlook suggests the crash is actually a good thing, as it means Bitcoin’s four-year cycle is over and a new cycle is about to emerge. At the time of writing, Bitcoin is trading at $85,502, up by 1.3% in the past 24 hours. Featured image from The Financial Commission, chart from TradingView
