Investor Sentiment is Turning Bullish for Cryptos

Over the past month, we’ve seen a dramatic pullback in the cryptocurrency market, with Bitcoin (BTC-USD) leading the plunge lower. Although we've also seen consumer mentions of investing in and purchasing cryptos fall from an ATH in that same timeframe, the selling appears to have tapered off, and a strong base of investor interest remains. The number of retail investors talking about Selling a cryptocurrency remains elevated on a YoY basis at +515% YoY (7-day moving average). Yet, selling mention volume amounts to just ~15% of bullish investment mentions, which have gained +767% YoY.

Furthermore, Investment Mentions are outperforming Selling Mentions in the near-term: +69% QoQ vs. -3% QoQ  (7-day moving average). Sentiment towards the crypto market at large remains mixed, but our data shows that retail investors are still bullish.