Crypto Market Sentiment Divided Two Months After Bitcoin Halving, Data Shows

Bitcoin’s post-halving pullback appears to have divided the crypto community, with investors seen as the most bullish group at the moment.

Cryptocurrency investors, developers, speculators, and traders seem to be divided with their views on the current market state with “no strong consensus sentiment” prevailing right now, crypto prices aggregator CoinGecko says.

In a survey conducted from mid-June to July 8, involving 2,558 participants, CoinGecko assessed market sentiment. The largest group of respondents (26.1%) described themselves as “somewhat bullish,” while the smallest group (11.8%) identified as strongly bearish. Overall, nearly 50% of participants leaned bullish despite Bitcoin’s recent price drop below $56,000.

CoinGecko says the neutral sentiment was the “second most common survey response,” suggesting that this might indicate that participants are “waiting for further developments before forming their market view.” Among the group, investors were the most optimistic, with over 54.1% feeling bullish and only 20.7% having bearish sentiments.

“In comparison, traders’ crypto market sentiments were largely mixed, with 39.0% expressing bullishness and 33.5% bearish.”

CoinGecko

Speculators were the most pessimistic, with 28.5% of them feeling bullish compared to 42.4% who were bearish. CoinGecko suggested that this cohort might have taken profits and “exited the market for the time being.”

In early July, Bitcoin’s (BTC) price plummeted rapidly as German authorities started offloading tranches of BTC onto exchanges after seizing 50,000 BTC from the illegal film website Movie2k. In a recent interview with CNBC, crypto entrepreneur Anthony Pompliano suggested that people are “scared of buying Bitcoins” due to the influx of thousands of coins into the market, adding that BTC is currently in a highly illiquid market state, with German sell-offs significantly impacting the price.