Santiment Recorded FOMO Around Ethereum Amid Fears Over Bitcoin and XRP

• On social media, there are 2.05 bullish comments about Ethereum for every bearish one.
• According to Santiment, this points to rising FOMO around the asset.
• Sentiment around bitcoin and XRP remains negative.

Crypto market participants’ sentiment toward Ethereum, bitcoin, and XRP differs significantly. According to analytics platform Santiment, optimism around ETH is strengthening on social media, while negative comments dominate for the other two assets.

Meanwhile, CryptoQuant analysts recorded Binance’s share of Ethereum open interest at its highest level since 2023. 

Ethereum enters the FOMO zone

According to data from Santiment, on X, Reddit, and Telegram, there are 2.05 bullish comments about Ethereum for every bearish one. This metric indicates that optimistic sentiment is prevailing and that fear of missing out on potential gains (FOMO) is rising, the statement said. 

Experts added that market participants are focused on Ethereum reclaiming a key support level, demand for staking, and positive expectations around upcoming network upgrades.

For bitcoin, the situation is the opposite: for every bearish comment, there are only 0.82 bullish ones. Santiment links the shift in sentiment to another price rejection near $87,000, a drop toward $81,000, mass liquidations of long positions, and macroeconomic pressure.

XRP is also in a zone of fear, uncertainty, and doubt (FUD). The ratio of bullish to bearish comments stands at 0.92. Over the past week, the asset has fallen by more than 9%, while leveraged position liquidations and difficulty reclaiming levels above $1.40 have reinforced negative sentiment.

In Santiment’s view, from a contrarian perspective, fear around bitcoin and XRP may be a more favorable signal for a potential price recovery than excessive optimism around Ethereum.

Binance controls nearly half of Ethereum open interest 

According to CryptoQuant, since late September, Ethereum’s price has fallen from $2,775 to $2,500 — nearly 10%. Over the same period, nominal Ethereum open interest (OI) on Binance declined by $600 million.

Between October 8 and 9, over a 24-hour period, long positions worth $345 million were liquidated. At first glance, this pointed to traders de-risking during the correction.

However, open interest denominated in Ethereum paints a different picture. Its volume on Binance has returned to late-September levels, totaling about 2.46 million ETH. So, despite the price drop, the amount of Ethereum used in futures positions on the exchange has not decreased, experts added.

At the same time, Binance’s share of Ethereum open interest among the largest centralized exchanges reached nearly 49%. This is the highest level since 2023. As a result, almost half of Ethereum open interest in this market segment is concentrated on Binance.

CryptoQuant also noted that the record figure coincided with the exchange’s licensing issues under Europe’s MiCA framework and Greece’s preparations to grant it a license.

As a reminder, CryptoQuant previously said that analysts are most positive on Solana and Ethereum.

Сообщение Santiment Recorded FOMO Around Ethereum Amid Fears Over Bitcoin and XRP появились сначала на INCRYPTED.