Bitcoin’s bullish sentiment plummeted to a record low after a $70 million exploit targeted Coldcard hardware wallets, shaking investor confidence. Data from Santiment reveals the ratio of bullish to bearish comments dropped to 0.58, meaning for every positive Bitcoin mention, nearly two negative ones appeared across platforms like X, Reddit, and Telegram.
This sudden shift in sentiment is notable because it’s not triggered by price crashes or exchange failures, but by the very tools investors rely on for security. Coldcard, once seen as a fortress for crypto assets, became the source of widespread alarm after the exploit exposed vulnerabilities in self-custody methods. The fallout has sparked intense debates about how safe hardware wallets truly are.
Santiment pointed out that the level of fear surpasses the social panic recorded during geopolitical crises earlier this year and even some of the most turbulent moments in crypto history. Such a sharp and concentrated drop in trust puts Bitcoin holders on edge amid a market that remains otherwise stable. This sentiment crash follows on the heels of Bitcoin’s recent dip below $63,000, exacerbating doubts around security and asset control.
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