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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.
Age consumed, a metric tracking how long moved coins sat untouched, hit 580 million token-days that day, roughly 9x the September weekday average and the highest since June 2.
Exchange supply rose about 18,000 ETH that day before falling roughly 21,000 the next, against the 5.9 million ETH currently held on exchanges.
For comparison, the last comparable spike on June 2 saw balances jump more than 140,000 ETH. Santiment notes it can’t yet confirm who moved these coins, since past spikes this size have often reflected wallet reshuffling rather than holders cashing out.
What the ETF Flows Show
XRP spot ETFs pulled in $4.07 million on Oct. 1, ending two sessions of zero net flows and pushing this week’s total inflows to $8.03 million
Franklin led with $4.06 million, while Bitwise’s $3.18 million nearly offset outflows from Canary.
Ethereum ETFs told the opposite story, losing $55.37 million on Oct. 1 in a third straight outflow session, bringing combined withdrawals to $117.76 million.
That reversal followed six consecutive days of inflows, with Fidelity and Grayscale’s (NASDAQ:ETHE) leading the latest exits.
Where ETH and XRP Stand Technically
XRP is coiling inside a broadening wedge with price holding above every EMA. RSI at 57.53 shows steady, non-extended momentum.
- Resistance: $1.60 (upper trendline)
- Support: $1.4671 (20-day EMA)
Ethereum consolidates just below its recent breakout high, down slightly to $2,685, riding a multi-month ascending trendline near $2,634. RSI at 62.85 confirms healthy bullish momentum.
- Resistance: $2,774
- Support: $2,634 (20-day EMA and trendline)
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