Bitcoin, Ethereum and XRP pare gains as social sentiment turns negative

Bitcoin pared Friday morning gains after rallying to $86,500 around a weaker-than-expected jobs report. Ethereum and XRP followed the reversal, with social sentiment turning sharply negative, according to Santiment. Santiment recorded 0.89 bullish comments per bearish comment for Ethereum across X, Telegram, Reddit and other platforms, the lowest ratio since June 7. Santiment recorded an even lower ratio of 0.67 for XRP, the weakest reading since Aug. 17. A ratio below 1.0 means bearish commentary dominates crypto community discussions. Santiment argues that heavy pessimism can create a useful contrarian opportunity. Santiment argues that much of the panic selling may have already happened when most traders expect prices to fall. Santiment's social analysis has repeatedly shown that subdued fear tends to produce better entry conditions than enthusiastic buying after price declines. The sentiment does not guarantee a rebound. The current mood remains far from the euphoria typically seen near local price peaks. Santiment also flagged long-dormant Ethereum moving on Sept. 30 at a scale not seen since early June, while exchange balances barely changed. The age-consumed metric tracks how long moved coins remained untouched. The metric reached 580 million token-days on Sept. 30, roughly nine times the September weekday average and the highest since June 2. Ethereum exchange supply rose about 18,000 ETH that day. Ethereum exchange supply fell roughly 21,000 ETH the next day. Exchanges currently hold 5.9 million ETH. The last comparable activity spike on June 2 accompanied an increase of more than 140,000 ETH in exchange balances. Santiment said the firm cannot yet confirm who moved the dormant coins. Santiment noted that past spikes of this size have often reflected wallet reshuffling rather than holders selling. SoSoValue recorded $4.07 million in XRP spot exchange-traded fund inflows on Oct. 1, ending two sessions of zero net flows. SoSoValue put this week's total XRP spot exchange-traded fund inflows at $8.03 million. Franklin led the Oct. 1 inflows with $4.06 million. Bitwise's $3.18 million nearly offset outflows from Canary. However, Ethereum exchange-traded funds lost $55.37 million on Oct. 1 in a third consecutive outflow session. Combined withdrawals across those three sessions reached $117.76 million. The outflow sequence followed six consecutive days of inflows. Fidelity and Grayscale led the latest Ethereum exchange-traded fund outflows. XRP traded within a broadening wedge pattern while holding above every exponential moving average. XRP's relative strength index of 57.53 indicated steady momentum without excessive strength. XRP resistance stood at $1.60, the upper trendline. XRP support stood at $1.4671, the 20-day exponential moving average. Ethereum consolidated just below its recent breakout high, with the price down slightly to $2,685. Ethereum followed a multi-month ascending trendline near $2,634. Ethereum's relative strength index of 62.85 indicated healthy bullish momentum. Ethereum resistance stood at $2,774. Ethereum support stood at $2,634, where the 20-day exponential moving average and ascending trendline converged.