Bitcoin dropped under $77,000 for the first time in weeks, trading at $76,400 as of Wednesday — a loss of more than 5% over the past seven days. The slide comes alongside a sharp turn in social media sentiment, but on-chain data tells a different story: the number of whale wallets, defined as addresses holding at least 100 BTC, climbed to 20,229, an 11.2% increase from a year ago.
Sentiment flips bearish
Santiment’s positive-to-negative sentiment ratio fell to 0.94, the lowest reading since April 21. That means bearish comments now edge out bullish ones across crypto social channels — a mood shift that often precedes a reversal. The analytics firm points out that digital asset markets historically move against the crowd. Still, the metric hasn't entered what Santiment calls the 'FUD' zone, where rebound odds become notably higher.
Whales keep stacking
While retail sentiment sours, large holders are quietly adding. The 11.2% year-over-year rise in whale wallets points to accumulation by institutions and high-net-worth investors. It's the kind of divergence that tends to catch traders off guard — prices falling, but the biggest players buying the dip.
What to watch
The key question now is whether bearish chatter deepens into outright fear. If the sentiment ratio drops further into FUD territory, Santiment's historical pattern suggests a bounce becomes more likely. For now, the market is caught between a price slide and a steady build-up of whale positions — a tension that usually doesn't last long.
