According to a recent survey by CoinGecko, many crypto investors are feeling pessimistic about the crypto market’s recent price performance. The performance of Bitcoin and other cryptocurrencies undoubtedly left many investors wanting in June and the first week of July.
This lackluster performance is a far cry from what many might have anticipated, especially considering that Bitcoin recently concluded its halving. CoinGecko’s report, which featured 2,558 people, shows that 49.3% of respondents still felt bullish about the market.
CoinGecko Report Reveals Decline In Bullish Sentiment
With the market recently going through a rough patch, it’s no wonder that investor confidence has taken a hit. According to a new survey by CoinGecko, less than half of crypto holders still feel bullish about their investments.
The survey, which spanned through June 25 to July 8, 2024, examined various sentiments from 2,558 crypto participants to conclude with no clear consensus sentiment. However, the survey was able to conclude a decline in bullish sentiment which persisted for the majority of the first half of the year.
Only about 45% of crypto investors surveyed are still waving the crypto flag with enthusiasm. That means the majority are either sitting on the fence or have jumped ship altogether. Specifically, only 23.2% of respondents were fully bullish, while 26.1% felt somewhat bullish.
Furthermore, 25.5% of traders were neutral and were neither leaning 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 slightly bearish to some degree.
Despite the waning bullish sentiment, it is important to note that the figures consider all kinds of market participants, including spectators and short-term traders. These two groups of traders are not really known for their long-term bullish sentiment.
Breaking down the 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 on a long-term basis. 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 expressed bullishness and 33.5% were bearish. At the same time, only 28.5% of spectators were bullish, 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 is starting to recover and is up by 2.98% in a 24-hour timeframe. Investors are gearing up for what might be a bullish week for Bitcoin and other cryptocurrencies.
Featured image from IndyStar, chart from TradingView