CryptoQuant: Bitcoin Analyst Sentiment Significantly Bearish, Index Drops to -1.8σ

On November 11, CryptoQuant reported that Bitcoin analyst sentiment has become increasingly bearish, with the analyst consensus index dropping from -1.0σ to -1.8σ over the past week, as Bitcoin prices retreated to around $73,000. Among 149 analysts with clear positions in the last 7 days, 88 were bullish and 59 were bearish, resulting in a bullish proportion of about 62%. Although this is still slightly bullish in absolute terms, it has significantly decreased relative to recent norms. Outflows from ETFs, inflation concerns, and a weakening Nasdaq are dragging down market sentiment. The index tracks the bullish and bearish statements of analysts covered by CryptoQuant on platforms like X, Seeking Alpha, and Substack regarding Bitcoin, aggregating votes on a one-person-one-vote basis and comparing them to the norm over the past 90 days. A negative value indicates that the current consensus is more bearish than recent norms, with a threshold of -1.5σ or lower marked as a clearly bearish zone.

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