- At the moment, the highest trending key phrases in cryptocurrency present concern out there.
- Knowledge from Santiment reveals that {hardware} wallets and security-related key phrases dominate social media.
- There have been related indicators of concern after the FTX chapter final November.
Crypto key phrases at present trending on blockchain analytics platform ‘Santiment’ present appreciable concern within the crypto market. The most recent trending key phrases could point out market bottoms and trace at an uptick within the close to future. An analogous key phrase panorama was witnessed within the aftermath of final yr’s FTX chapter.
In accordance with the key phrase traits collected by Santiment over the previous week, matters corresponding to ledger, firmware, and {hardware} are the highest trending key phrases. These are complemented by associated phrases like pockets, safe, seed and key, all of which dominate cryptocurrency circles on social media platforms.
The repeated look of key phrases corresponding to safe and pockets reveals the concern of the present cryptocurrency market. “One of many important indicators of concern is that the highest trending crypto key phrases are nearly all associated to {hardware} wallets and safety,” Santiment tweeted right this moment, citing merchants’ present security issues. emphasised.
Santiment added that related key phrase traits have been noticed after the FTX chapter in November 2022. Key phrases like safe and pockets are reportedly getting used continuously on social media when the market is feeling concern. Such traits may additionally point out a market reversal.
The argument that concern is rising out there is simply bolstered by different cryptocurrency dashboards. A multi-factor crypto market sentiment evaluation of options confirmed a big drop in concern and greed over the previous month, dropping from the grasping stage of 63 to the present impartial stage of 48.
The bearish sentiment amongst crypto merchants can also be displaying of their buying and selling positions. In accordance with Coinglass knowledge, quick positions opened by crypto merchants outnumbered lengthy ones. Moreover, merchants are making increasingly quick trades after Might 13, 2023.
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