Bitcoin sentiment has turned sharply bearish as the US midterm elections add uncertainty to crypto markets. Santiment data shows negative Bitcoin commentary nearly doubled positive discussions, with the ratio falling to 0.51 from 1.8 in just two weeks.
Google Trends data also points to a sharp drop in public interest in Bitcoin and the wider crypto market.
According to Santiment, Bitcoin’s positive-to-negative social sentiment ratio has fallen to 0.51, meaning negative comments are nearly twice as high as positive ones.
This marks a sharp shift from October 20, when the ratio stood at 1.8, with positive comments significantly outnumbering negative ones as Bitcoin traded above $85,000.
The decline accelerated on October 29, when the ratio dropped to 0.37 following the Binance $6.3 billion security breach. Although it recovered slightly over the next few days, the ratio weakened again on November 4 as Democrats won control of both the House and Senate.
Bitcoin is now trading around $78,123, with Santiment recording just 51 positive comments for every 100 negative ones.
The sentiment decline comes as retail activity on Binance also falls to a multi-year low.
Earlier Coinpedia news reported that Binance’s 30-day average retail inflows have dropped to just 281 BTC. The metric tracks deposits below 1 BTC and shows how much smaller investors are sending to the exchange.
Google Trends data also shows limited search interest.
Over the past month, Bitcoin averaged a worldwide search score of 51, compared with 37 for the Cryptocurrency topic and 26 for the Crypto search term. Bitcoin searches briefly hit 100 around October 30 before falling again.
Together, these figures show weaker retail activity and interest as political uncertainty adds pressure to the crypto market.
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