Bitcoin Drops Below $63K Amid ETF Outflows and Record Bearish Sentiment
Bitcoin slid under $63,000 on Wednesday, pressured by heavy outflows from US spot ETFs and the most bearish social media sentiment on record.
The leading cryptocurrency fell below the $63,000 mark as negative signals piled up. On July 31, US spot Bitcoin ETFs recorded a combined net outflow of $265.37 million, dragging on market confidence.
Sentiment took a further hit from news of a firmware vulnerability in Coldcard hardware wallets. On-chain analytics firm Santiment reported that the ratio of positive to negative Bitcoin comments had reached its worst level ever, surpassing even the depths seen during the FTX collapse.
The data underscores a sharp shift in crowd mood, with bearish narratives dominating crypto social media channels.
Source: ForkLog