Bitcoin, the pioneering cryptocurrency, has been grappling with an unprecedented level of fear, uncertainty, and doubt (FUD) on social media platform X, according to insights from Santiment, a leading cryptocurrency intelligence platform. Despite trading sideways at the $65,000 mark, Bitcoin has been met with widespread disinterest and fear from traders, a phenomenon that Santiment describes as "rare."

The cryptocurrency's price has fluctuated between $67,294 and $64,180 over the past week, reflecting the uncertainty and skepticism that pervades the market. Santiment's Weighted Sentiment Index, which measures the ratio of positive to negative Bitcoin mentions on X, has remained negative since May 23, currently standing at -0.738. This indicates that the overwhelming majority of Bitcoin-related comments on X are negative in nature.

Notably, the index has spiked to positive levels in response to significant events, such as the approval of 11 spot Bitcoin ETFs on January 10 and the Bitcoin halving on April 20. These events saw the index surge to 4.49 and 2.35, respectively, suggesting that positive developments can temporarily shift sentiment in favor of Bitcoin.

However, the prevailing sentiment on X remains overwhelmingly negative, reflecting the fear and disinterest that has gripped the market. As Bitcoin continues to trade sideways, it remains to be seen whether the sentiment will shift in response to future events or developments.