Bitcoin Sentiment Cools as Whales Keep Buying

Santiment sees less social activity and weaker spot volumes, while wallets holding 10 to 10,000 BTC keep accumulating around $60,000.

Key Takeaways

• Crypto interest kept fading in July, while Bitcoin stayed around $60,000 (€52,600) and daily social volume fell to 41,800 reactions.
• Spot volume on centralized exchanges and trading activity declined, pointing to weaker demand and a wait-and-see approach from traders.
• Wallets with 10 to 10,000 BTC added about 11,000 coins in a week, while retail attention stayed low.

Crypto interest kept slipping in July, even as Bitcoin held near $60,000 (€52,600). Santiment said daily social volume fell to 41,800 reactions, the second-lowest reading since October 2024. Trading activity is also losing steam at the same time.

Chatter and Volume Are Drying Up

The slowdown is showing up in several places at once. Santiment says there are fewer reactions across X, Reddit, Telegram, and other channels, while volumes in large-cap crypto are drifting toward their weakest average level in two years. Together, those trends suggest softer spot demand and a more cautious mood among traders.

The wider market is telling a similar story. CryptoRank reported that spot volume on centralized exchanges reached $3 trillion (€2.6 trillion) in the second quarter, the weakest three-month period in two years. That lines up with a market where many participants seem content to wait on the sidelines.

Why the Market Is Slowing Down

The data points to a mix of pressures, including macro uncertainty, geopolitical tensions, changing Bitcoin ETF flows, and a more cautious appetite for risk. Crypto has already seen sharp swings in 2026, with Bitcoin dropping below $64,000 (€56,100) in February and again in July after, among other things, forced liquidations and a shift in sentiment.

That combination of weaker activity and uncertainty around rates and inflation is weighing on risk appetite. In a market like this, the biggest moves often come only after liquidity has already thinned out.

What This Means for Bitcoin

For European crypto readers, the key point is that low activity can cut both ways. Thin liquidity can slow a rally if demand keeps fading, but it can also make even modest buying push prices higher once sellers step back.

Santiment also describes fading interest as an underappreciated form of FUD. At the same time, the platform says wallets holding 10 to 10,000 BTC added about 11,000 coins in a week, which suggests larger holders are still accumulating while retail attention remains muted. That does not prove a durable bottom, but Bitcoin's quiet stretch makes the next move especially important.

That also fits into the broader debate over whether a bottom is forming, with on-chain signals increasingly pointing to accumulation even as price action stays weak. A recent analysis of Bitcoin on-chain signals shows why some market watchers are already looking at a later stage of the cycle.