Cardano’s retail base has flipped bearish after weeks of drawdowns, setting up conditions where whales could step in.

Data from Santiment shows ADA’s bullish-to-bearish commentary ratio slumped to 1.5:1 this week — the lowest in five months. The sentiment dip coincided with a 5% rebound, suggesting traders who sold into frustration may have helped mark a local bottom.

Historically, ADA rallies have tended to begin when retail sentiment is weakest. Santiment flagged a similar setup in mid-August, when a 2:1 ratio aligned with a surge. Conversely, euphoric spikes — like the 12.8:1 ratio earlier this summer — have preceded sharp pullbacks.

Sentiment extremes matter because crypto markets are unusually sensitive to retail psychology. When optimism peaks, the crowd often buys into tops. When pessimism sets in, larger players use the selling pressure to accumulate. That pattern has been visible across multiple assets this year, including bitcoin and XRP.

For Cardano, the shift suggests whales could use current weakness to build positions, especially if retail continues to capitulate.

The crowd-versus-price divergence remains one of crypto’s more reliable short-term trading signals. For now, ADA’s impatient traders may have just handed longer-term investors their entry point.

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South Korean retail traders have continued to favor crypto-related stocks instead of high-profile US tech firms amid growing disappointment with companies like Tesla and the global push for digital assets.

Tesla Loses Ground, Bitmine Gains Momentum

On Monday, Bloomberg reported that Tesla stock has lost ground among South Korea’s retail investors, who ramped up their selling during August in favor of crypto-related equities.

According to the report, the electric carmaker company has seen a $1.8 billion exodus over the past four months, suggesting weakening enthusiasm among one of Tesla’s most loyal global retail investor bases.

A 33-year-old retail trader told the news media outlet that the company has been unable “to win people’s hearts” as it has “failed to lead with its own AI narrative.” The investor, who first bought the stock in 2019, sold out earlier this year to focus on equities that currently have more upside.

Bloomberg calculations of depository data revealed that while the company remains the top foreign stock among South Korean retail traders, individual investors sold approximately $657 million of Tesla stock in August, recording the company’s largest outflows since 2019.

In contrast, retail traders in South Korea favored more volatile bets in August, like crypto-related stocks. During this period, investors poured $253 million into Bitmine Immersion Technologies Inc., which is seen as a proxy for Ethereum (ETH).

As reported by Bitcoinist, South Korean investors purchased $259 million worth of Bitmine stock in July, Bloomberg previously highlighted. According to Korea Securities Depository data, this made the company the most purchased foreign security stock.

Korean Investors Pour Millions Into Crypto Stocks

Data from the Korean Center for International Finance (KCIF) showed that the percentage of crypto-linked equities in the top 50 net-bought stocks by local retail investors increased from 8.5% in January to 36.5% in June before dropping to 31.4% in July.

Citing a report from 10x Research, The Korea Times highlighted that individuals have purchased over $12 billion worth of crypto-related stock in 2025, with Bitmine, Circle Internet Group, and Coinbase leading the sector.

Retail investors’ buying spree reportedly intensified last month, as traders poured $426 million into Bitmine, $226 million into Circle, and $183 million into Coinbase. This marks a shift from the leading trend over the past few years, when Korean retail investors poured into US tech giants.

“Korean investors are pouring billions into crypto stocks, reshaping global flows in ways Wall Street can no longer ignore,” the report affirms. Adding that “the push has been amplified by U.S. and Korean stablecoin legislation, creating a powerful backdrop for this surge in capital.”

Amid the global push for digital assets regulation, the institutionalization of won-pegged stablecoins gained significant attention, with President Lee Jae-myung vowing to address it alongside the status of crypto-based exchange-traded funds (ETFs) during his electoral campaign.

Since then, multiple bills related to the issuance and distribution of KRW-pegged stablecoins have been introduced in South Korea’s National Assembly. Nonetheless, the industry has expressed concerns about the disconnect between the industry and South Korean regulators.

On September 1, the nominee for Financial Services Commission (FSC) Chairman Lee Won-eun stated that digital assets “differ from traditional financial products like deposits and securities in that they lack intrinsic value.”

In his written response to the National Assembly’s Political Affairs Committee, Lee also expressed a negative stance on specific policies related to cryptocurrencies, including whether to allow investment in virtual assets through pension and retirement accounts. This raised concerns among multiple industry players that a one-sided regulatory policy may continue.

Ethereum (ETH) trades $4,366 in the one-week chart. Source: ETHUSDT on TradingView

Featured Image from Unsplash.com, Chart from TradingView.com

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Tokenized stocks, a new breed of digital assets mirroring the prices of listed companies, could give investors a false sense of ownership and undermine market confidence, according to a top European regulator.

Natasha Cazenave, executive director of the European Securities and Markets Authority (ESMA), cautioned that many tokenized stock products being marketed in the European Union fail to grant actual shareholder rights, such as voting or dividends.

She said that the lack of clarity in how these assets are presented could lead retail investors to believe they hold company shares when, in reality, they do not.

Shareholder rights absent

Unlike traditional equity purchases, tokenized stocks are often issued through special-purpose vehicles or intermediaries, and the tokens merely track the underlying stock’s price.

Cazenave stressed that while tokenization promises features like fractional trading and round-the-clock market access, the absence of ownership rights poses a “specific risk of investor misunderstanding.”

Her remarks come as platforms including Robinhood and Kraken expand tokenized stock offerings in Europe and other regions.

The World Federation of Exchanges last week echoed ESMA’s concerns, urging regulators to strengthen oversight before the sector grows larger. The group warned that without intervention, tokenized products could expose investors to unexpected risks and damage market integrity.

Efficiency gains still elusive

Advocates have argued that tokenization can modernize finance by lowering costs and broadening access to assets ranging from equities and bonds to real estate.

Cazenave acknowledged this potential but noted that most existing projects remain limited in scale, illiquid, and far from delivering the efficiency benefits touted by advocates.

For now, European regulators appear intent on balancing innovation with investor safeguards, signaling that tokenized stocks will remain under scrutiny as the technology develops.

Mentioned in this article

Ethereum Positive/Negative Sentiment Still At Muted Levels

In a new post on X, analytics firm Santiment has talked about the sentiment around Ethereum that’s present among social media users. The indicator shared by Santiment is the “Positive/Negative Sentiment,” which tells us how the positive and negative comments related to ETH compare against each other on the major social media platforms.

The metric separates between the two types of comments by putting users’ posts/threads/messages through a machine-learning model. Once they have been divided, it counts up the number of each and takes the ratio between them.

Below is the chart shared by the analytics firm that shows the trend in the Ethereum Positive/Negative Sentiment over the last few months:

As displayed in the graph, the Ethereum Positive/Negative Sentiment interestingly witnessed a plunge as the asset’s breakout earlier in the month took place. This would suggest that social media users weren’t convinced by the rally. The continuation in the run since then has meant that the sentiment has improved a bit, but it still remains much lower than the high from last month. Thus, it seems retail is in disbelief, despite the fact that the cryptocurrency is nearing its all-time high (ATH).

If the past is anything to go by, this fact could actually be a positive signal for ETH. “Prices historically movein  the opposite direction of retail traders’ expectations,” says Santiment. The analytics firm has highlighted in the chart some instances of this trend in action. It would appear that FOMO spikes led to price drops for the asset, while excessive FUD resulted in price rises.

“With key stakeholders accumulating loose coins that small ETH traders are willing to part with right now, prices are showing very little sentiment resistance from breaking through and making history in the near future,” explains Santiment.

In some other news, the Ethereum Futures Open Interest has shot up alongside the price surge, as analytics firm Glassnode has pointed out in an X post.

The Futures Open Interest measures, as its name suggests, the total amount of futures-related positions that are currently open on all centralized derivatives exchanges. From the chart, it’s visible that the metric has climbed beyond the $35.5 billion mark, which is a new record.

ETH Price

Following a rally of over 7% in the last 24 hours, Ethereum has reached the $4,730 mark, now sitting within touching distance of the ATH.

Google search activity for “altcoin” has reached its highest level in five years, matching interest levels last seen during Ethereum’s foundation.

The surge coincides with a shift in market structure as Bitcoin’s share of the total crypto market has slipped toward 60% after peaking mid-summer, a pattern that has often preceded periods of stronger performance in alternative cryptocurrencies. Ethereum has subsequently reached multi-year highs, breaking $4,500.

Bitcoin dominance recently eased to the 59–61% range, a threshold where capital historically begins to rotate into large-cap altcoins such as Ethereum, Solana, and XRP. That rotation appears to be underway in institutional markets as well. CoinShares reported record weekly inflows into digital asset investment products in late July, totaling $4.39 billion, with Ethereum accounting for $2.12 billion, nearly double any previous weekly inflow for the asset.

On-chain and derivatives data also reflect the change in positioning. CoinGecko’s Q2 report showed perpetual DEX trading volumes hitting a quarterly record of $898 billion even as centralized spot volumes softened. Market-wide capitalization excluding

Bitcoin and Ethereum broke out of a seven-month downtrend in June, reclaiming roughly $900 billion. Kaiko data from Q1 also identified a widening volatility gap between altcoins and Bitcoin, a structural feature common in the early stages of previous alt seasons.

Search data is not a direct measure of trading activity, but past cycles have shown that spikes in retail attention tend to align with the initial phases of altcoin rallies.

The current alignment of high search interest, a decline in Bitcoin dominance, elevated inflows to non-Bitcoin products, and increased leverage usage on alt-heavy trading venues mirrors conditions seen ahead of major altcoin cycles in both 2017 and 2021.

The sustainability of the trend will depend on whether Bitcoin consolidates near its highs or reasserts dominance.

A decisive move above the mid-60 percent dominance range would historically blunt altcoin outperformance, while a continued range-bound Bitcoin price could maintain conditions favorable for further rotation into the broader altcoin market.

Mentioned in this article

Retail investors in the U.K. will soon be able to buy crypto exchange-traded notes (cETNs) under a new rule from the Financial Conduct Authority (FCA) set to take effect Oct. 8.

The FCA had previously barred retail access to crypto ETNs in 2021, citing investor protection concerns.

However, with the market maturing and some crypto investment products now better understood, the regulator said it will allow access, provided the ETNs are listed on recognized, FCA-approved U.K.-based exchanges.

Products must follow financial promotion rules to prevent misleading advertising and inappropriate incentives. The FCA’s Consumer Duty rules, which require firms to avoid causing foreseeable harm, will apply. The FCA warned, however, that there won’t be coverage under the Financial Services Compensation Scheme for these products.

The move comes after retail investors gained access to a plethora of cryptocurrency exchange-traded funds (ETFs) overseas in the U.S. These funds, per SoSoValue data, have already accumulated $146.4 billion in total net assets.

The UK Financial Conduct Authority (FCA) has formally lifted its 2021 ban on crypto exchange-traded notes (cETNs) for retail investors.

In an Aug. 1 announcement, the regulator confirmed that these products will now be available on UK-regulated markets, marking a significant policy shift to broaden access to digital asset investments.

The original ban was introduced amid concerns over market volatility and consumer protection. At the time, the FCA argued that crypto ETNs carried “inherent risks, ” making them unsuitable for individual investors.

However, the regulator now believes the market has matured sufficiently to justify a controlled reintroduction, highlighting better infrastructure, increased transparency, and a more informed investing public.

David Geale, the FCA’s Executive Director of Payments and Digital Assets, said the regulator’s decision reflects changing market conditions. According to Geale, crypto investment products are now more comprehensible, and the supporting infrastructure has advanced.

This move mirrors global trends, particularly in the U.S., where crypto-linked ETFs—especially those tied to Bitcoin and Ethereum—have experienced rapid growth. The broader digital asset market has also gained momentum amid a more supportive regulatory environment under President Donald Trump’s administration.

Cautions remain

Despite the move toward inclusion, the FCA continues to urge caution.

According to the regulator, crypto ETNs remain unprotected by the Financial Services Compensation Scheme (FSCS), meaning retail investors will not be eligible for reimbursement in the event of losses.

To minimize consumer risk, providers of cETNs must comply with updated financial promotion rules and ensure all marketing materials are fair, transparent, and not misleading.

Geale also stressed the critical importance of transparency and investor education in the space. According to him, firms offering cETNs must help customers assess whether such instruments align with their financial objectives and risk profiles.

Meanwhile, the FCA stressed that it is still restricting retail trading of crypto derivatives. The regulator considers those products too complex and volatile for the general public.

This policy update is part of the UK’s broader push to create a structured regulatory environment for digital assets. As part of its long-term crypto roadmap, the FCA is expected to introduce additional proposals for investor protection and market integrity.

The National Bank of Ras Al Khaimah (RAKBANK), a government-owned bank in the United Arab Emirates (UAE), is the first conventional bank in the country to offer retail crypto trading.

In a Tuesday news release, the bank announced the launch of a crypto brokerage service through its mobile banking app, allowing customers to buy, sell and swap cryptocurrencies directly from their UAE dirham accounts.

“We recognize the opportunity this solution will provide to customers in the UAE, as we believe they deserve a more efficient and seamless crypto buying, selling and swapping journey that is fully regulated and entirely in AED [dirhams],” said Raheel Ahmed, group CEO of RAKBANK.

The new offering is powered by Austria-based Bitpanda, with transactions facilitated by Bitpanda Broker MENA DMCC, a Virtual Assets Regulatory Authority (VARA)-regulated entity in Dubai.

Related: Dubai regulator clarifies real-world asset tokenization rules

Bank-backed crypto trading now possible

RAKBANK said customers can trade crypto without needing to transfer funds to an external exchange or convert between fiat currencies, eliminating foreign exchange fees. The integration uses Bitpanda’s infrastructure to execute trades and manage custody.

“We are proud to be the first conventional bank in the UAE to enable simple, secure, and regulated access to a world-class digital assets platform,” Ahmed said.

The crypto trading service is currently available by invitation only, with a broader rollout expected in the coming months.

Lukas Enzersdorfer-Konrad, deputy CEO of Bitpanda, called the partnership “a big moment for digital assets in the region.” Bitpanda is regulated in multiple European jurisdictions and has existing institutional partnerships with Deutsche Bank, N26 and Raiffeisen Bank.

Cointelegraph reached out to RAKBANK for comment but had not received a response by publication.

Related: Dubai taps Crypto.com to enable crypto payments for govt services

RAKBANK launches crypto platform in UAE

Last year, RAKBANK partnered with Bitpanda to build a digital asset management platform for residents. The bank described digital assets as the “future,” adding that they offer a more efficient and secure way for customers to manage finances.

RAKBANK’s push into crypto comes as the UAE strives to establish itself as a primary destination for blockchain and crypto projects.

The Dubai Multi Commodities Centre free zone has attracted over 600 crypto companies, with more firms flocking to the Dubai International Financial Centre and One Central district as the country positions itself as a leader in digital finance.

Last month, the Dubai Financial Services Authority, the financial regulator in charge of the Dubai International Financial Centre, approved Ripple’s RLUSD stablecoin. 

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Bitcoin has reached consecutive record highs this week, yet retail investors seem reluctant to jump back into the market, according to a crypto researcher.

However, demand for spot Bitcoin (BTC) exchange-traded funds (ETFs) is surging, with Thursday and Friday recording daily inflows of over $1 billion, the first time this has happened on two consecutive days.

Bitcoin leg up “driven by institutions”

Bitwise head of research André Dragosch said in an X post on Friday, “Bitcoin is at new all-time highs but retail is almost nowhere to be found,” pointing to the lack of Google search interest in “Bitcoin” despite the asset setting consecutive all-time highs this week.

“Latest leg up is mostly driven by institutions,” Dragosch said.

Google global search interest for the term “Bitcoin” increased by 8% from June 29–July 5 to July 6–12, coinciding with Bitcoin breaking its previous all-time high of $111,970 on Wednesday, and climbing further to $118,780 by Friday, according to Google Trends and CoinMarketCap data.

However, Bitcoin search interest is 60% lower than the week of Nov. 10–16, 2024, the week after Donald Trump won the US presidential election. 

That period was followed by a month-long rally that propelled Bitcoin to reach $100,000 for the first time ever on Dec. 5.

Bitcoiners say retail thinks they “missed the boat”

Some Bitcoin proponents are speculating that retail investors may perceive the current price of Bitcoin as too high to enter the market.

Bitcoin commentator Lindsay Stamp said, “I think a lot of retail folks find out the price of one Bitcoin is 117k and think, nahhh I missed the boat and don’t even give it a second thought.”

Echoing a similar sentiment, the Bitcoin Matrix podcast host Cedric Youngelman said in an X post on Saturday, “At what Bitcoin price do you think retail wakes up?” I’ll go first. I don’t think they’re coming for a long time.” 

Bitcoin onchain analyst Willy Woo said Bitcoin’s uptrend is far from over. “This run has plenty of legs left in it,” Woo said in an X post on Saturday.

Related: Bitcoin price expected to accelerate if daily close above $113K is secured

Meanwhile, spot Bitcoin ETFs had a strong trading week, with $2.72 billion inflows over the five days, according to Farside data.

Cointelegraph recently reported on July 5 that if the end holder of a BTC ETF share is a retail client, it may be time to reconsider how onchain data is interpreted, as this could represent the reality of retail Bitcoin demand.

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