Santiment, an on-chain data analytics platform, revealed that the proportion of panic discussions about Bitcoin on social media has risen to its highest level since 2026, while market sentiment indicators have fallen to their lowest point since November of last year, with the overall atmosphere shifting from cautious to clearly panicked. The market is currently in a de-risking phase, with stocks and precious metals experiencing corrections after previous gains. The contraction of cross-market liquidity and the cooling of leveraged funds may continue to influence the cryptocurrency market. However, a sharp deterioration in sentiment often approaches a phase of "capitulation selling," where long-term funds typically choose to buy at lower levels as retail investors exit under pressure. If Bitcoin prices gradually stabilize, the current pessimistic sentiment may quickly reverse and drive subsequent buying back in. Analysis indicates that if macroeconomic market volatility continues, or if Bitcoin fails to recover key price levels watched by traders, panic may persist for several days, and the short-term trend may remain volatile. (CoinDesk)