Analysis: Bitcoin panic sentiment rises, but after the selling pressure is released, buying interest may return. Information report from Chainalysis platform Santiment reveals that the current level of panic discussions about Bitcoin on social media has risen to the highest since 2026, while market sentiment indicators have fallen to their lowest since November last year. The overall atmosphere has shifted from cautious to clearly panicked. The current market is in a de-risking phase; after previous gains, stocks and precious metals have also experienced pullbacks. Cross-market liquidity contraction and cooling leverage may continue to impact the cryptocurrency market trend. However, a sharp deterioration in sentiment often approaches a stage of "capitulation sell-off." Retail investors tend to exit under pressure, while long-term funds usually choose to absorb at low levels. If Bitcoin prices gradually stabilize, the current pessimism could quickly reverse and drive subsequent buying interest. Analysis indicates that if macro market volatility persists or Bitcoin fails to recover key levels that traders focus on, panic sentiment may continue for several days, and short-term trends may remain volatile.