"Terrible indifference" reigns in the crypto market – Santiment
Date: 2023-07-25 Author: Karina Ziganova Categories: BLOCKCHAIN, IN WORLD
The dynamics of social activity around bitcoin remains positive, but it hardly indicates readiness for a rally
Traders took a wait-and-see attitude, as a lull reigned in the market. This conclusion was reached by the blockchain firm Santiment. According to published data, starting from July 12, social activity around bitcoin (BTC) began to fall. Although the dynamics of discussions are positive, it is not even close to the values that would indicate an impending rally.
If traders stop discussing bitcoin, the market is likely to focus on altcoins for short-term profits, according to Santiment. The lack of high social activity around cryptocurrencies may indicate market apathy, analysts say.
"So far, there seems to be a lull in the activity of traders. The fear of making the wrong decision is one thing, but now there is an almost terrible indifference on cryptocurrency forums," Santiment said.
At the same time, from the social activity that exists, there are more and more calls to sell cryptocurrency, the researchers found. According to traders, the inability of bitcoin to resist above $30,000 signals a reversal of the cryptocurrency's movement.
However, it is unclear how much (if it happens at all) bitcoin could fall. Santiment notes that bitcoin has remained in a narrow range of $28,000-30,500 in the BTC/USD trading pair for a month due to the lack of any trading activity in the market.
Earlier, analytics firm Glassnode concluded that long-term bitcoin investors control a record three-quarters of the circulating supply of bitcoin. According to analysts, the balance of funds in the wallets of long-term investors increased by 62,882 BTC ($1.8 billion), to a record 14.5 million BTC in July 2023. The previous peak of 14.4 million BTC was recorded at the end of May.
