On-chain analytics firm Santiment reported that while Bitcoin rose by approximately 25% in August, marking its best August performance since 2017, investor sentiment has not strengthened as much as the price increase. He stated, "Bitcoin surged from approximately $64,700 on August 18th to about $78,300 on August 21st. However, the average Santiment Balance, which indicates investor sentiment, only reached +32 from August 19th to 31st. This is lower than the +72 recorded in July, when the price was consolidating around $63,000. The Coldcard hacking incident that occurred in early August appears to have affected investor sentiment. Due to this incident, the indicator plummeted to -540 on August 1st and only recovered to around 0 by August 19th, when the rally began. Even after the bull market started, there were no signs of overheating. The daily peak of the Santiment Balance during the rally period was +73, whereas it had risen to +183 in July, when the market was consolidating. Although a bull market has begun, investor sentiment has not yet caught up," he assessed.
