By Tom Blitzer
Key Insights:
- Recent crypto keyword trends on social media indicate panic in cryptocurrency, potentially hinting at a future market recovery.
- Santiment’s analysis highlights a prevailing apprehension, with security-related terms and hardware wallets dominating crypto discussions.
- Alternative’s crypto dashboard shows a significant decline in fear and greed indicators, pointing to a growing pessimistic outlook among traders.
Sentiments blockchain analytics platform reveals considerable apprehension within the crypto market, as evidenced by the trending crypto keywords. Moreover, these latest keyword trends could hint at a forthcoming market recovery, suggesting the possibility of an impending rally. A comparable keyword scenario reminiscent of FTX’s downfall in the previous year was also observed.
Decoding Crypto’s Trending Topics and Keywords
Based on the recent data compiled by Santiment, a notable keyword trend has emerged in the last week. The most popular topics garnering attention are ledger, firmware, and hardware, which have claimed the leading positions on the trending keywords list. Furthermore, within the crypto communities on various social media platforms, terms such as wallet, secure, seed, and key have emerged as prominent and widely discussed subjects, complementing the abovementioned topics.
The prevalence of consistently mentioned terms such as “secure” and “wallet” signifies the prevailing apprehension within the current cryptocurrency market. Santiment recently tweeted that the dominance of hardware wallets and security-related keywords among the top trending crypto topics indicates safety anxieties among traders.
Santiment observed a similar pattern in keyword usage following the downfall of FTX in November 2022. Notably, terms such as secure and wallet have been consistently utilized on various social media platforms during periods of market apprehension. These emerging trends may signify a forthcoming market reversal.
Crypto Dashboard Highlights Growing Market Fear
The crypto dashboard provided by Alternative serves as further evidence supporting the growing apprehension within the market. According to Alternative’s comprehensive analysis of the cryptocurrency market sentiment, there has been a substantial decline in fear and greed indicators over the previous month, transitioning from a Greed rating of 63 to the current Neutral rating of 48.
Source: Alternative.me
Crypto traders’ pessimistic outlook is evident in their trading positions, as indicated by data from Coinglass. The analysis reveals that short works initiated by these traders have surpassed the number of long posts. Moreover, since May 13, 2023, traders have increasingly favored short trades, reflecting their bearish sentiment.