Bitcoin’s sentiment across major social platforms has dropped to its lowest level in nearly two years, signaling widespread retail panic amid the latest market downturn.
Data from Santiment shows bearish commentary dominating X, Reddit, Telegram, and other platforms, a capitulation level not recorded since December 11, 2023. The tone has shifted sharply, with retail traders reacting to price swings by exiting positions and amplifying fear.
📊 Bitcoin's sentiment across social media has officially dipped to its lowest point since December 11, 2023. According to bullish vs. bearish comments on X, Reddit, Telegram, and others, retail is capitulating and panic selling at a significant level we haven't seen in 2 years. pic.twitter.com/4Hi0iTgsHO
— Santiment (@santimentfeed) November 21, 2025
The drawdown arrives during one of the most volatile stretches of 2024, and on-chain analytics confirm a widening divide between institutional winners and losers. While some large holders remain in profit, others are facing heavy unrealized losses as market conditions continue to shake confidence across every major asset class.
Sentiment Hits December 2023 Levels
Market sentiment indicators across social networks are trending decisively negative. Santiment’s real-time data shows a steep drop in bullish commentary, replaced by a surge in bearish sentiment and panic selling. Conversations from X to Reddit highlight fear, exhaustion, and frustration, signaling that retail traders are bracing for deeper declines.
The shift mirrors the psychology seen during the December 2023 pullback, when similar capitulation waves marked a temporary market bottom. Whether that pattern repeats remains uncertain, but the sentiment environment is now nearly identical. Retail is not just cautious, it is shaken.
While retail sentiment crashes, institutional wallets tell a different story. According to Lookonchain, the current market drop has produced a massive divergence in performance among top holders. Some institutional buyers remain far above water despite the correction, while others are now staring at multi-billion-dollar unrealized losses.
Strategy Remains Deep in Profit
Strategy currently holds 649,870 BTC, purchased at an average price of $74,433.
Even after the recent drawdown, the position is up $6.15 billion, reflecting a +12.72% unrealized gain.
Despite the aggressive market volatility, large-scale BTC holders like Strategy remain strongly positioned, with long-term accumulation still outperforming the short-term noise.
As the market dropped:
Strategy's 649,870 $BTC($54.52B) bought at $74,433 avg is now sitting on $6.15B(+12.72%) in unrealized profit.
Bitmine's 3,559,879 $ETH($9.75B) bought at ~$4,010 avg is now at an unrealized loss of -$4.52B(-31.67%).
Forward Industries' 6,834,506… pic.twitter.com/i2dRHxkrea
— Lookonchain (@lookonchain) November 21, 2025
Bitmine Takes a Heavy Loss on Ethereum
Bitmine, which accumulated 3.56 million ETH at an average cost of roughly $4,010, is facing a deep unrealized loss.
The position is now down –$4.52 billion, representing a –31.67% decline.
ETH’s recent price action has amplified stress across institutional portfolios, and Bitmine’s exposure highlights the severity of this year’s corrections in the Layer-1 sector.
Forward Industries Down Almost 45% on Solana
SOL exposure has also hit institutional portfolios hard.
Forward Industries accumulated 6.83 million SOL at an average price of $232.08.
The position is now down $711 million, or –44.85%.
Solana’s volatility has been among the most extreme during the downturn, and Forward Industries’ portfolio reflects how quickly the market has shifted from strength to deep retracement.
The spread between Strategy’s profit and the losses of Bitmine and Forward Industries underscores a broader truth: this cycle is brutally uneven, rewarding disciplined BTC positioning while punishing high-beta exposure.
Satoshi Nakamoto’s Net Worth Drops $47 Billion
Even Bitcoin’s anonymous founder has not been spared by the downturn.
According to Arkham Intelligence, Satoshi Nakamoto’s estimated net worth has fallen to $90.7 billion, down from an all-time-high of $137 billion in October.
That is a decline of $47 billion, representing a 34% drawdown.
This marks the lowest valuation for Satoshi’s BTC holdings in several months. Even though these coins have never moved and are widely believed to be permanently dormant, their indexed value remains a symbolic indicator of Bitcoin’s macro trajectory. When Satoshi’s net worth plunges, it reinforces the scale of the correction hitting the entire market.
SATOSHI NAKAMOTO IS DOWN $47 BILLION USD
Satoshi Nakamoto’s wealth has fallen to $90.7B, the lowest since achieving his all-time-high of $137B in October.
He is currently down $47 BILLION, or 34% of his all-time-high net worth. pic.twitter.com/0R5Uvl22UO
— Arkham (@arkham) November 21, 2025
Retail Panic vs. Institutional Patience
The current landscape shows a clear divide:
- Retail sentiment is collapsing.
- Influencers and social commentators are overwhelmingly bearish.
- Panic selling is at a two-year high.
- Institutions, while facing turbulence, remain committed to long-term positions.
This divergence is not new. Historically, retail tends to capitulate at local bottoms, while institutional players either accumulate quietly or hold through volatility.
The slump in sentiment, combined with aggressive retail selling, may set the stage for a potential reversal, but only if broader macro conditions stabilize. Until then, fear continues to dominate online discussion.
Market Eyes Next Move as Bearish Sentiment Peaks
With sentiment charts flashing levels unseen since late 2023, traders are now watching closely for signs of whether this is a temporary washout or the beginning of a deeper correction. Bitcoin’s price action continues to dictate the mood across the entire crypto sector, while institutional PnL spreads show which parts of the market were over-leveraged during the rally.
As retail capitulates and social fear peaks, analysts warn that volatility may intensify before the market finds its next equilibrium. But capitulation events often precede major inflection points, and this week’s sentiment data places the market firmly in that historical pattern.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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