According to a recent survey by CoinGecko, many crypto investors are pessimistic about the recent price development of the crypto market. The performance of Bitcoin and other cryptocurrencies undoubtedly left many investors feeling unsatisfied in June and the first week of July.
This disappointing performance is a far cry from what many had expected, especially considering that Bitcoin recently completed its halving. CoinGecko’s report, which polled 2,558 people, found that 49.3% of respondents were still optimistic about the market.
CoinGecko Report Reveals Decline in Optimistic Sentiment
Now that the market has recently gone through a difficult timeit is no wonder that investor confidence has taken a hit. According to a new study According to CoinGecko, less than half of crypto owners are still optimistic about their investments.
The survey, which ran from June 25 to July 8, 2024, examined various sentiments from 2,558 crypto participants and concluded that there was no clear consensus sentiment. However, the survey did identify a decline in bullish sentiment, which persisted for most of the first half of the year.
Only about 45% of the crypto investors surveyed are still enthusiastically waving the crypto flag. That means the majority are still on the fence or have jumped ship completely. Specifically, only 23.2% of respondents were completely optimistic, while 26.1% felt somewhat optimistic.
Moreover, 25.5% of traders were neutral and leaned neither towards bullish nor bearish sentiments. On the other hand, 25.2% of respondents had a bearish outlook. This group was also divided into two cohorts: 11.8% of them were completely bearish, while 13.4% of them felt somewhat bearish.
Despite the declining bullish sentiment, it is important to note that the figures take into account all types of market participants, including spectators and short-term traders. These two groups of traders are not exactly known for their long-term bullish sentiment.
Breaking down sentiments by participant type, investors still maintain a bullish outlook, as 54.1% of crypto investors felt bullish and only 20.7% had bearish sentiments. Investors are those who are more likely to hold their assets for the long term. Builders were the second most optimistic, with 47.6% indicating bullish sentiments and 31.6% bearish.
As expected, short-term traders and spectators were the least optimistic. Only 39.0% of short-term traders indicated that they were optimistic, while 33.5% were bearish. At the same time, only 28.5% of spectators were optimistic, compared to 42.4% who expressed bearish sentiments. Spectators are respondents who had no direct involvement in the crypto market at the time of the survey.
At the time of writing, the crypto market starts to recover and is up 2.98% in the space of 24 hours. Investors are bracing for what could be a bullish week for Bitcoin and other cryptocurrencies.
Main image from IndyStar, chart from TradingView