Bitcoin’s positive sentiment has witnessed a “serious decline,” according to analysts at market intelligence platform Santiment.

On Thursday, as Bitcoin (BTC) struggled to reclaim its recent upward trajectory, Santiment shared that funding rates suggest a surge in bearish bets.

“Positive commentary toward Bitcoin has plummeted despite the mid-sized crypto market bounce this week. Many traders, particularly on Binance, are opening shorts with the expectation of BTC dropping again,” the platform wrote.

Bullish commentary on Bitcoin price has fallen to about a third of the rate seen four months ago. Data also shows traders are increasingly betting against BTC rising in the short term.

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