Optimism on social media about bitcoin has surged to its highest level so far in 2026. Similar spikes earlier this year were followed by short-term price pullbacks, blockchain outlet Cointelegraph reported on May 31.

Crypto sentiment analysis platform Santiment said bullish views on bitcoin numbered 2.23 for every bearish view, the most one-sided positive ratio this year. It suggests online opinion on bitcoin alone has tilted strongly optimistic while the broader crypto market is bearish.

Santiment said the two earlier instances of high positive ratios this year also appeared ahead of short-term price declines. By contrast, extreme negative sentiment coincided with local bottoms, it said. It added that the current euphoria clearly diverges from bearish spot bitcoin ETF flows.

Spot bitcoin ETFs recorded net outflows for a 10th straight trading session on May 30. Cumulative net redemptions since May 15 have exceeded $2.97 billion.

Markets have used such sentiment indicators as a reference for short-term trading decisions. That is because there have been many cases where prices moved against expectations. Santiment said extreme positive sentiment more often preceded short-term pullbacks than further gains.

Some traders view it as a contrarian indicator. When bitcoin fell to its year-to-date low of $60,000 in February, Gemini co-founder Tyler Winklevoss (타일러 윙클보스) wrote on X that sentiment in the crypto market was so bad that it made him optimistic.

The Fear and Greed Index, which reflects overall sentiment in the crypto market, stood at 23 on May 31, indicating extreme fear. Michael van de Poppe (마이클 반 데 포페), founder of MN Trading Capital, said current sentiment was the worst he has seen and was worse than in 2022 and 2018.

Views differed on the influence of retail investor sentiment. Some argue that the importance of social media sentiment indicators has diminished as institutional participation in bitcoin has grown, but Swan Bitcoin CEO Cory Klippsten (코리 클립스턴) said sentiment still matters because actual buyers are mainly retail accounts.

This warning is meaningful in that it focuses on the gap between sentiment and fund flows rather than the price itself. Social media optimism has grown, but ETF money is leaving. It again shows that the bitcoin market needs to look at expectations and supply and demand together.