Bitcoin sentiment hit peak bearishness at recent lows, peak bullishness near tops

Crypto Daybook Americas Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Bitcoin sentiment hit peak bearishness at recent lows, peak bullishness near tops Your day-ahead look for June 5, 2026 By Shaurya Malwa | Edited by Sheldon Reback Jun 5, 2026, 11:25 a.m. 3 min read Make preferred on What to know : This is an excerpt from CoinDesk newsletter 'Daybook.' Sign up here , if you haven't already. In recent weeks, bitcoin BTC $ 61,875.23 sentiment has been most bullish when the price was highest and most bearish exactly when it was most stressed, according to Santiment data covering May 21 through June 4. Peak bullishness hit on May 22, with bitcoin near its high of $78,000 for the period. The most bearish came June 3, with bitcoin near the low. While sentiment is not a timing tool, peak conviction at the highs and peak fear at the lows is the inverse of where the trade usually pays. Bitcoin was recently trading near $62,400, down about 20% from the late-May peak. The risk picture has cracked alongside it. The investments into artificial intelligence (AI) companies that pulled global equities to record highs this year has stalled after Broadcom's chip forecast fell short of expectations. South Korea's KOSPI index fell 4.7%, and the won and Indonesia's rupiah are at multiyear lows as capital flees emerging Asia. U.S. spot bitcoin ETFs ended a 13-day, $4.4 billion outflow streak on Thursday with a tiny $3.05 million inflow. Spot ether ETFs ended their parallel 17-session streak with $19.30 million on the same day. Both numbers are too small relative to the streaks they ended to call it a regime change. Friday's U.S. nonfarm payrolls report at 8:30 a.m. ET is the binary catalyst. A soft print revives Federal Reserve interest-rate cut expectations under new Chair Kevin Warsh and likely takes risk assets back up, while a hot print may extend the unwind. And keep an eye on how bitcoin behaves at the $60,000 round number if it gets tested before the data lands. Stay alert! Read more: For analysis of today's activity in altcoins and derivatives, see Crypto Markets Today . For a comprehensive list of events this week, see CoinDesk's " Crypto Week Ahead ." What’s trending Zcash plummets 38% as Shielded Labs reveals a major bug that went undetected for four years (CoinDesk): Shielded Labs published a detailed disclosure on X, revealing a now-plugged vulnerability that, if exploited, could have allowed an attacker to create an unlimited number of counterfeit ZEC tokens, completely undetected. JPMorgan, Bank of America, Citi to start blockchain offensive with shared tokenized network (CoinDesk): America's biggest banks plan to build a shared, tokenized deposit network by the first half of 2027 to protect their deposits from the threat posed by stablecoins. Bitcoin and ether ETFs end record multi-billion outflow streak (CoinDesk): U.S. spot bitcoin ETFs pulled $3.05 million in net inflows on Wednesday after 13 straight sessions of redemptions totaling roughly $4.4 billion, while ether ETFs ended a 17-day outflow streak with $19.30 million entirely into BlackRock's ETHA. U.S. and Iran show little progress in talks after week of clashes (Bloomberg): The U.S. and Iran have made little progress in talks over an interim peace deal this week, with both sides seeing their worst clashes since an April ceasefire began and fighting continuing in Lebanon. Today’s signal The chart shows weekly changes in bitcoin's market capitalization relative to an index of altcoins that excludes the 10 largest tokens. Bitcoin has underperformed for several weeks as the altcoin measure became stronger, and the ratio recently tested a resistance level that has persisted for over a year. If declines in zcash, hyperliquid and near continue, the chances are that it will drop further back. Crypto Daybook Americas More For You Standard Chartered's three 'Ifs' that stand between bitcoin and a market low By Omkar Godbole | Edited by Sheldon Reback Jun 4, 2026 Your day-ahead look for June 4, 2026 What to know : This is an excerpt from CoinDesk newsletter 'Daybook.' Sign up here , if you haven't already. Read full story Latest Crypto News Crypto's worst week since July 2024 deepens as bitcoin, ether near critical price levels 46 minutes ago JPMorgan, Bank of America, Citi to start blockchain offensive with shared tokenized network 2 hours ago U.S. bitcoin, ether ETFs end record multibillion outflow streak 2 hours ago Here's what could happen if bitcoin breaks below $60,000 3 hours ago Bitcoin in danger of dropping to $60,000, with Zcash bulls turning their backs on ZEC 5 hours ago Bitcoin plunges to near $62,000 as the AI trade unwinds, HYPE falls 14% 5 hours ago Top Stories Zcash plummets 38% as Shielded Labs reveals a major bug that went undetected for four years 5 hours ago Crypto Clarity Act in spotlight for bad-actor provisions as Senate process grinds forward 15 hours ago Not all Ethereum layer 2s are dying, but many general-purpose chains no longer have a reason to exist 21 hours ago OCC chief says Democrats applying sole political pressure in World Liberty charter choice 17 hours ago Strategy's Saylor's explanation for bitcoin's slide isn't what bears think 22 hours ago In this article BTC BTC $ 61,875.23 ◢ 2.59 %