CoinGecko’s survey conducted with over 2,500 participants in the last two weeks revealed that only half of crypto investors are currently bullish about the crypto market. Conducted between June 25 and July 8 and published on July 10, the survey asked 2,558 people; 94% of them reported holding or working in crypto.
CoinGecko Survey Sparks Interest
When asked how they currently feel about the crypto market, 49.3% felt either bullish or somewhat bullish. About a quarter were almost equally divided between bearish and somewhat bearish, while another quarter said they were neutral and did not think the market would move up or down.
CoinGecko research analyst Lim Yu Qian explained that the large portion of neutral sentiment could reflect participants’ uncertainty about crypto market conditions or that they are waiting for more developments before forming market views.
Among the four types of survey participants (investors, traders, developers, and spectators), those most bearish about crypto were spectators, with two out of five indicating some pessimism. Spectators were found to have the highest share of neutrality in the market at around 30% and had no direct involvement in crypto.
Noteworthy Details
Meanwhile, investors who reported holding long-term crypto assets were the most bullish, followed by those working in the crypto space. The survey revealed that Bitcoin’s mining rewards halving event, the largest cryptocurrency by market cap, has seen a drop of approximately 9.5% since the event.
Bitcoin is currently trading around $57,585, slightly above last week’s four-month low of $54,000. Past Bitcoin halving events, which occur approximately every four years, have historically witnessed a rise in the cryptocurrency’s price in the following months.
However, the market was soon shaken by the potential selling pressure from the $7.6 billion worth of Bitcoin to be repaid to creditors of the failed crypto exchange Mt. Gox and the recent release of Bitcoin by the German government.
