Bitcoin recorded its strongest August gain since 2017, but market sentiment failed to keep pace with the speed of the price increase.
According to on-chain analytics firm Santiment, Bitcoin surged from around $64,700 on August 18 to $78,300 on August 21, gaining approximately 25% on a monthly basis. However, the average Sentiment Balance from August 19 to 31 was +32, lower than July’s +72.
The figure also reflected the impact of sentiment plunging temporarily to -540 in the aftermath of the Coldcard hack in early August. The daily peak during the rally reached only +73, well below July’s +183. Santiment said no signs of overheating had emerged despite the sharp price increase, assessing that investor sentiment had yet to fully catch up with the uptrend.