Bitcoin, Ethereum, XRP Pare Earlier Gains as Sentiment Turns Negative

Bitcoin (CRYPTO: BTC) has pared gains from Friday morning trading, selling off $84,600 after a rally to $86,500 into a weaker-than-expected jobs numbers report.

Ethereum (CRYPTO: ETH) and XRP (CRYPTO: XRP) followed the reversal, with social sentiment flipping sharply negative, according to data provider Santiment.

How Negative Sentiment Has Gotten

Santiment flagged on X that ETH is down to 0.89 bullish comments per bearish comment across X, Telegram, Reddit, and other platforms, its lowest ratio since June 7. 

XRP sits even lower at 0.67, its weakest reading since Aug. 17. A ratio below 1.0 means bearish commentary now dominates the conversation across crypto communities.

Santiment argues heavy pessimism like this can create a useful contrarian setup. When most traders already expect prices to fall, much of the panic selling may have already happened. 

The firm’s social analysis has repeatedly shown that quiet fear tends to produce better entry conditions than obvious buy-the-dip excitement. This doesn’t guarantee a bounce, but the current mood sits far from the euphoria typically seen near local tops.

Why Dormant ETH Just Woke Up

Santiment also flagged that long-dormant ETH moved on Sept. 30 at a scale not seen since early June, even as exchange balances barely budged.