This crypto crash looks very familiar...
Summary
TLDRIn this insightful discussion, Brian from Santiment shares his analysis on the current state of the crypto markets, focusing on Bitcoin's precarious position at the $60,000 mark. He discusses the sentiment across the market, the drivers for the recent price action, and makes predictions based on data. The conversation delves into the correlation between crypto and the S&P 500, the impact of inflation concerns and U.S. Federal Reserve policies on the market, and the influence of social media and on-chain data. Brian also explores the behavior of small traders and whales, the significance of Bitcoin ETF discussions, and the potential for traditional investors to use crypto as a hedge during economic uncertainty. The discussion concludes with a look at the overall sentiment towards Bitcoin and the importance of using data to understand market trends rather than relying on speculation.
Takeaways
- 📉 The crypto markets are experiencing a downturn with Bitcoin struggling to maintain its value above the $60,000 mark.
- 📊 There is a significant correlation between the performance of Bitcoin and the S&P 500, suggesting that traditional financial market trends are impacting crypto prices.
- 🌐 Inflation concerns in the US are affecting both the stock market and crypto markets, highlighting the influence of macroeconomic factors on digital currencies.
- 🗨️ Social media sentiment indicates a growing bearish outlook among traders, with a decline in discussions about Bitcoin reflecting a loss of confidence.
- 📈 Historical data shows that periods of high social volume and positive sentiment often precede market corrections, suggesting that current bearish sentiment could signal a future price increase.
- 🐋 Whale and shark activity, representing large Bitcoin holders, has recently shown profit-taking, which may be contributing to the current market downturn.
- 💰 The introduction of Bitcoin ETFs has created a new dynamic for crypto investment, potentially leading to price movements that are less dependent on traditional market indicators.
- 🚫 Recent news about the potential non-approval of Ethereum ETFs has caused market uncertainty and FUD (fear, uncertainty, and doubt), impacting investor sentiment.
- 📊 On-chain data analysis is crucial for understanding market trends and investor behavior, providing a more accurate picture than anecdotal evidence or social media bias.
- 👥 The conversation suggests that both individual and institutional investors are closely watching market developments, with decisions influenced by a mix of sentiment analysis and macroeconomic factors.
- ⏳ The market is currently in a state of flux, with many uncertain about the mid to long-term trends, and the potential for a recovery or continued decline is a subject of ongoing debate.
Q & A
What is the current sentiment in the crypto markets according to the discussion with Brian from Santiment?
-The sentiment in the crypto markets is quite bearish, with Bitcoin hanging on at the $60,000 mark and a general decline across the board. There is a sense of concern among traders and the crowd is more spooked compared to a couple of weeks prior.
What psychological support level did Bitcoin reach that many traders were watching?
-Bitcoin reached the $60,000 psychological support level, which is a significant point that traders had been keeping an eye on since April 18th.
What is the correlation between Bitcoin and the S&P 500 index according to the data presented in the script?
-There is a significant correlation between Bitcoin and the S&P 500 index, with both experiencing dramatic drops, especially amid new inflation concerns in the US.
How does the US Federal Reserve's policy and inflationary trends impact the crypto market according to the discussion?
-The US Federal Reserve's policy and inflationary trends have a substantial impact on the rest of the markets, including crypto. The way the US stock market performs has a direct influence on the direction of the crypto market.
What does the social volume data suggest about the current state of Bitcoin discussions?
-The social volume data suggests that Bitcoin is being talked about less and less, indicating a potential bearish sentiment and a belief that the all-time high on March 14th might be the peak for a while.
What is the significance of the number of wallets holding more than zero coins in relation to market sentiment?
-The number of wallets holding more than zero coins is an indicator of confidence in the market. A rising number suggests that people are confident and want to hold or buy more, while a flattening or declining number could signal hesitation and bearish sentiment.
How do whale and shark activity, in terms of Bitcoin holdings, correlate with market prices?
-Whale and shark activity, which includes holdings of 10 to 10K BTC wallets, has a strong correlation with market prices. Prices tend to move up when these large holders accumulate and go down when they sell or dump.
What is the potential impact of ETFs on the crypto market, particularly on Bitcoin?
-ETFs can introduce a new way of investing in crypto, allowing for indirect purchasing and potentially leading to an influx of new money into the market. This could change the pattern of market reliance on traditional financial indicators and possibly lead to a decoupling from the S&P and other equities.
What does the script suggest about the relationship between stablecoin holdings of whales and potential market movements?
-The script suggests that an increase in stablecoin holdings by whales could be a precursor to market accumulation. If whales start collecting more tether and USD coin, it could lead to more Bitcoin accumulation and potentially a rise in market prices.
How does the script describe the typical cycle of a bull market in Bitcoin's history?
-The script describes a typical bull market cycle in Bitcoin's history as starting with euphoria, followed by a dramatic drop in sentiment as prices fall, a period of flatness, and then a relief rally to bait investors back in. This cycle repeats with peaks of euphoria followed by corrections.
Outlines
📉 Crypto Market Sentiment and Analysis
The video discusses the recent downturn in the crypto markets, with a focus on Bitcoin's precarious position around the $60,000 mark. Brian from Santiment provides insights into market sentiment, price drivers, and predictions for the future. He mentions a correlation between crypto and the S&P 500, suggesting that US stock market trends have an impact on crypto prices. The conversation also touches on the potential for a rebound if the S&P recovers and the importance of considering broader economic factors when assessing the crypto market's direction.
📈 Market Sentiment and Social Volume Analysis
This paragraph delves into the sentiment and social volume of Bitcoin, highlighting a decrease in discussion over time, which may indicate a bearish sentiment. Brian discusses the correlation between social media buzz and market trends, noting that less talk about Bitcoin could signal a lack of confidence. He also addresses the impact of macroeconomic trends on the crypto market, suggesting that traditional financial market sentiments play a significant role in shaping the crypto space. The conversation hints at the possibility of a relief rally, drawing on historical patterns of market cycles.
🤔 Analyzing Market Cycles and Sentiment Shifts
The discussion continues with an analysis of Bitcoin's historical market cycles, noting periods of euphoria followed by dramatic sentiment shifts. Brian uses social volume and sentiment ratio charts to illustrate how market corrections often occur after spikes in positive sentiment. He points out the unpredictability of recent market trends and the potential for a relief rally if the market sentiment becomes extremely bearish. The importance of combining social data with on-chain metrics is emphasized to gain a comprehensive understanding of market dynamics.
🐋 Whale Behavior and its Impact on Market Trends
This paragraph examines the behavior of large Bitcoin holders, or 'whales', and their influence on market prices. It details how accumulation by whales often precedes price increases, while their selling can lead to drops. Brian presents data showing a significant accumulation of Bitcoin by whales in early 2022, followed by a substantial profit-taking period. He suggests that until whales resume accumulation, the market may continue to experience downward pressure, highlighting the importance of monitoring whale activity alongside broader market sentiment.
💡 The Role of ETFs and Traditional Market Influence
The conversation explores the impact of ETFs and traditional market instruments on the crypto market. Brian discusses the potential for an influx of traditional investors into the crypto space through ETFs, which could lead to a decoupling of crypto prices from traditional markets. He also considers the possibility of traditional traders using crypto as a hedge during turbulent stock market periods. The discussion underscores the need to monitor both on-chain and off-chain factors to understand the full scope of market influences.
📊 Current Market Trends and Future Predictions
In the final paragraph, Brian and the host reflect on the current market trends, discussing the potential for an altcoin rally towards the end of the year if Ethereum ETFs are approved. They also consider the broader economic context and how it may influence market sentiment. The importance of using data to validate or invalidate hypotheses is emphasized, as anecdotal experiences and biases can often mislead. The video concludes with a reminder of the value of ongoing analysis and the unpredictability of market reactions to news events.
Mindmap
Keywords
💡Crypto markets
💡Sentiment analysis
💡Bitcoin
💡Influencers
💡Bull market
💡Altcoins
💡ETF discussions
💡Onchain metrics
💡Whale activity
💡Macro markets
💡FUD (Fear, Uncertainty, and Doubt)
Highlights
Bitcoin is currently hanging on at the $60,000 mark, but the crypto markets are down across the board.
There is a gradual slide down in the market, which is concerning as it doesn't feel like a flash crash that would imply a quick rebound.
Social data confirms that the crowd is more spooked this time around compared to one or two weeks ago.
Influencers are still saying that the market is in a bull trend and that the current retraction is normal.
There is a significant correlation between the price of Bitcoin and the S&P 500 index.
Inflation concerns in the US are impacting both the US Stock Market and the crypto market.
An inverse correlation exists between the US dollar and crypto, where a stronger dollar tends to make crypto struggle.
Sentiment in the macro markets and traditional financial markets is affecting the crypto market.
Bitcoin's social volume has jumped up dramatically, indicating a rise in discussion and concern.
There is a bearish sentiment as Bitcoin is being talked about less and less over the past 30 days.
ITUS Capital is a platform for cryptocurrency individual retirement accounts (IRAs), allowing tax-free trading.
Historical data suggests that after periods of euphoria, markets typically correct, and sentiment cools down.
Bitcoin's social volume and sentiment can be measured over time to understand market trends.
The number of wallets holding Bitcoin has flattened, indicating small trader hesitation and fear.
Whales and sharks have been taking profits, with a significant drop in Bitcoin held by these large holders.
Stablecoin holdings by whales and sharks could be a precursor to further Bitcoin accumulation.
The prevalence of purchasing Bitcoin through ETFs might change the market pattern, allowing for indirect investment.
There is speculation that traditional traders might hedge their bets by putting money into crypto during tumultuous stock periods.
The current market situation is a combination of fundamental factors, on-chain data, and whale activity.
The amount of discussion around Bitcoin is high, with an increase in talk about liquidating Bitcoin for fiat currency.
Transcripts
Hello friends how's it going today we've
got Brian from santiment back at it
we're going to be talking about the
crypto markets which haven't been
looking so hot lately uh at the point we
are right now I think bitcoin's Hanging
On by a thread at the $60,000 Mark uh
but markets are down across the board so
we're going to talk about why that might
be we'll look at sentiment across the
market some of the drivers for this
price action and then we'll we'll
predict to the best of our abilities
with the data what might happen next so
that you can uh add that into your plan
and again as always if if you do want to
get access to these data tools you can
find link to Sandman in the description
below and there is a coupon code hosi in
there as well uh so Brian take us away
let's stock markets absolutely it's been
a wild ride uh especially this week as
we reached the 60k psychological support
level that many Traders have had their
eyes on for the first time since April
18th uh it feels like a lot longer but
yeah we just had that quick nose dive
excuse me back on uh the 18th that
spooked a lot of people and then there
was a quick recovery that time I think
in this case it's been a little more of
a gradual slide down which is concerning
because it doesn't it doesn't feel as
much like a flash crash this time that
would imply a quick rebound um and a lot
of our social data is confirming that
the crowd is a bit more spooked this
second time around compared to the one
two weeks ago
yeah and then looking at just social
media from everyone's account might be
looking slightly differently you know
algorithms and such but right now I'm
seeing almost consensus that this is not
good now there are still quite a few
people who I see on there especially the
influencer types are saying Hey listen
we're still in a bull market this is a
normal retraction I think we can talk
through that here and see what the data
says about whether There's real reason
to be concerned about the mid to
longterm Trend or if this is just a one
of those classic 40
50% drops for altcoins in the midst of a
bull market yeah totally and you know we
have to always acknowledge the fact that
there is a pretty big correlation right
now between crypto and the S&P and I
just pulled up this chart that shows
here in green this is bitcoin's price
here in teal this is uh the S&P 500
they're obviously on different axes but
you can see the relation between them
with Bitcoin of course being the more
volatile of the two um and both been
dropping pretty dramatically today in
particular um on some new inflation
concerns that have popped up in the US
um whatever country you may be watching
this from you've
probably kind of acknowledged that the
way the FED is and the way the uh
inflationary policies have been here in
the US at least the last few years have
had just a massive
uh kind of impact on the rest of the
markets so until that changes we have to
be conscious of the fact that the way
this the US Stock Market has been going
lately has had an impact on the way
crypto goes and it might
be uh emphasizing a greater drop than
crypto otherwise would be seeing on its
own if the S&P was stable right now so
that that could actually be a positive
argument uh indicating that if the S&P
starts to recover then crypto might see
a bit of a a relief rebound of its
own do you do you ever uh apply to this
particular chart now I agree with the
S&P correlation I know there's also gold
listed here on the the correlation chart
do you ever do this with the dollar as
well as in where the correlation is
between this and the US dollar yeah I'm
hoping we actually get dollar data on
our uh charts soon we don't currently
have them so usually I'll just open up
Yahoo um you know stocks and and kind of
see that way how crypto versus the
dollar are going and there is a pretty
inverse correlation between the two as
the dollar Rises crypto tends to
struggle obviously GP crypto is
perceived as the anti- Fiat so it only
makes sense and the ratio of you know
what makes Bitcoin worth 60k or so so
right now it's literally Bitcoin as the
numerator USD is the dollar so if the
dollar goes up that should theoretically
have an impact on bitcoin's value being
less um so yeah there there's an obvious
correlation that's kind of always
existed and I think 2022 was the most
recent uh time period where we saw the
Dollar's
value spiking I think it got to like 114
or so at one point maybe a little higher
um and that was in having a dramatic
impact on bitcoin's price falling off
the cliff and eventually getting into
the
15ks as FTX collapsed in November of
that
year yeah very interesting stuff so
obviously sentiment in the macro markets
and Tra traditional financial markets
matter here and there's lots of
concerning things on the macroeconomic
trends I feel like sentiment wise people
had priced in almost a guarantee of rate
hikes and quantitative easing and all
the things that led to the 2021 right
Bull Run Bull Run fervor and now we're
kind of saying that might not happen
this year might not happen in the
following year we're not sure yet um
yeah yeah interesting stuff the
indication was at least at the beginning
of the year that the rate hikes may be
done and people were actually leaning
toward uh the higher probability outcome
of of Rate rates being reduced again
which would be great for
yeah and so far neither has occurred
it's just been kind of a
hands-off um type of policy from the Fed
so far and I'm curious to see whether
that's going to change in our next uh
big fomc announcement in May um so
that'll have a pretty dramatic impact
whatever they end up
deciding gotcha that makes sense so then
also on maybe like from a socials
perspective or from an onchain
perspective even what are things what
are things looking like right now prob I
mean obviously negative price action but
what are other data points that we can
look at that might tell us a big story
yeah on the price and you can see the
sea of red no surprise there Bitcoin
down
4.3% and most assets down more than that
uh but bitcoin's social volume here has
jumped up dramatically today um up 25%
compared to the previous day if you look
at the previous week though Bitcoin is
actually being talked about less and
less and this is kind of a reflection of
all assets ethereum had a bit of a jump
because of the ETF discussions that have
been going on and the will they or won't
they news going on about whether the SEC
approves the first ethereum spot ETF but
the big story here is Bitcoin being
talked about less and less and that goes
all the way back to the past 30 days
this is a measurement of 30-day social
volume compared to the previous 30 days
and it's just with a few exceptions as
always just less and less discussion
across the board about assets and that's
kind of a an indication that there is
more and more of a bearish sentiment
going on and people believing that that
you know March 14th alltime
high was was the big moment and there
won't be another one for quite some time
so everyone's kind of just jumping off
the bandwagon now now I want to thank
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situation the
best yeah and you know you obviously
historical data only tells you so much
because we're in a very different space
than we were two three years ago but at
the same time thinking back to just
anecdotally my experience in previous
bull market setups is there are a couple
of these defl like deflating moments uh
in spans in the market where people
think it's over let's roll it up and see
you in a couple years and then things
come springing back to life y it's is
cooling off uh Curious to get your
thoughts on that you know maybe from the
lens of the data and what you what
you've been looking at over the last few
days yeah totally I mean you nailed it
there are so many cycles throughout
bitcoin's history where you see Euphoria
like we did throughout January February
and March and then things cool down
dramatically uh on the sentiment side
after prices drop where they go flat for
a while and all these foom oers who came
in over here in mid-march they're like
oh this isn't what I signed up for wi
price is going down I'm not interested
in crypto anymore and then there comes a
relief rally to kind of bait them back
in and start foming in and then the top
happens and rinse and repeat
um I'll open up a chart here I want to
show you exactly what our social volume
for Bitcoin looks like over time and how
uh sentiment comes into play on that so
we can measure we can measure
both uh the social volume of Bitcoin as
well as the positive versus negative
score ratio kind of like a fear and
greed index which many of you may be
familiar with um so this is is social
volume you can see how actually about
two weeks before the all-time high this
was when Euphoria was peing and there
was just tons and tons of discussion we
get a little more of a leg up and then
boom we start to have this dramatic drop
um and then weighted sentiment so this
is measuring the actual amount of social
volume related to bitcoin and it's
multiplied by the amount of comments
that are positive versus negative so
long story short when you see these
really high bars that's a sound of
euphoria and markets typically correct
when people are foming in and saying
they're about to get their new Lambo and
XYZ asset is about to go to the moon and
then vice versa when things are super
negative that tends to be when markets
rise this was a good example year in
late November and then people got
euphoric after the bounce happened and
then we see a retrace and a few weeks of
negativity
um it's been a bit more unpredictable
right we had from mid-march all the way
until mid April five straight weeks
where we were seeing more bearishness
than usual based on the historical
decade plus amount of data that we have
during that time it was kind of chopping
back and forth we Revisited 70k a little
bit ends up falling and then as we
rebound here we see the first big
Euphoria Spike this was last week as we
got all way back to I believe a little
above
67k and then after that Euphoria Spike
we dropped dramatically and now we're
back in this hugely bearish um fud
written type of narrative that the crowd
has created and I believe that's a good
thing based on history now of course
this is just the social end of things
and it's best if we combine it with you
know how the whales are acting what the
funding rates look like the overall
activity of Bitcoin and other top cap
networks that control the rest of the
smaller assets but on its own this is a
very good sign that we're starting to
see a lot of panic and fud and people
actually legitimately dropping their
their coins um and that's actually
Illustrated really well on this this is
one of my new favorite charts this is
actually the amount of wallets uh that
hold more than zero coins so basically
any non-empty coin uh and as it goes up
this is usually a sign that people are
confident and want to hold or buy more
and there's a a larger and larger
distribution of wallets of the given uh
finite supply of Bitcoin and actually
ever since April 26th or so about four
days ago from the time of this recording
uh we started to see this big flattening
period And this is a sign of small
Trader uh hesitation and fud and worry
generally during that time especially if
it's starts to go down so like these
these small Traders decide to liquidate
their wallets because they're just no
longer interested that's when we see
these huge Rises uh it's not a perfect
correlation by any means but we actually
want to see the amount of wallets that
have coins in them stop growing and
start to decline because that's a sign
of fud um and this line is almost
exclusively controlled by the small
wallets the amount of weight wallets out
there make up less than 0.01% of these
wallets so it's going to be the you know
tiny 0.01 BTC wallets that are really
driving this line up and
down so with this Rising this Rising
incline thereabouts in you know the
April time frame does that signal to you
not sizable necessarily but accumulation
from what we would deem maybe retail is
users yeah yeah it's it's these small
traders who decided uh that this this
dip here especially right here and in
mid April two three weeks ago this was a
great dip to buy according to them and
they were buying with confidence because
you know for the past six months before
it we were just seeing up up up Rising
all around so they were kind of defying
what the price trend was doing and
saying I'm going to buy with confidence
here because I think it's just going to
go back to 7 K and maybe break this
all-time high here uh and they ended up
being wrong right we saw a small relief
bounce but now all these people who were
buying here they're getting punished by
us
reaching the lowest level right now in a
couple weeks but probably it looks like
it's going to go to the lowest level
since late February right now right so
then ju opposing this then
against whale activity is probably
useful way to look at this right yeah
tot so if we go up to one of my go-to
charts here that I share on our own live
streams uh we're seeing here a few
different lines this bright green line
is the percentage of Supply that's held
by sharks and whales which we deem 10 to
10K BTC wallets there's obviously some
exchanges in here and some nullified
information but this is kind of the meat
meat and potatoes uh tier
of traders that tend to control where
prices go next and they have a pretty
good uh correlation with prices moving
up when they accumulate and going down
when they dump and we saw some
accumulation especially uh beginning in
late January up until late March and
during this time of course we had an
all-time high so about 10 days after
that alltime high they suddenly started
to dump and this dark green line
actually shows the amount of Bitcoin
held regardless of the percentage of
supply and from let's just go from
February 4th up until we say April four
April 3rd this two Monon stretch they
accumulated
27,000 BTC which is enormous tens of
billions of dollars after that I think
that actually might be hundreds of
billions of dollars actually but after
that they've actually dropped about 34k
of that
so still I mean the long-term Trend
looks pretty nice here but at
least since the beginning of the month
these last 4ish weeks or so we're we're
looking at the whales and sharks
actually taking some profit and the
prices seemingly following them uh and
until they start to turn it around and
resume their
accumulation there can be an argument
that will continue to slide very
slowly uh until either the crowd gets
really really fearful like the way late
November 2022 was with the FTX collapse
or the whales just decide you know what
prices are low enough I'm going to start
pumping those prices again and feel like
58k or 56k is a good uh price for me to
get in um and and start to accumulate
some wealth
again makes sense yeah it's interesting
to watch to watch these it's it's
looking at Where will accumulate versus
where the you know smaller Trader even
the you know the
individual is accumulating you can kind
of see exact see the difference between
the two yeah and great the reason I have
these red and blue lines here too is
they're the the lines representing shark
and whale uh stable coin Holdings and a
good predecessor that may be hinting
that they're going to start accumulating
again would be Fiat coming in from
outside sources to start indicating that
they're they're collecting a lot more
tether and USD coin once again if they
collect that then that leads to more
Bitcoin accumulation with those stable
coins so right now both are somewhat low
I mean stable coins especially they've
been dropping pretty dramatically
indicating that you know even during
this accumulation the stable coins were
being swapped for Bitcoin during that
big run that eventually got us to an
all-time high I'd like to see stable
coins start to jump up again right dry
powder for them to
buy exactly yeah how much how much do
you think the the prevalence for Bitcoin
specifically obviously but the
prevalence of purchasing through
instruments like the ETF now also an ETF
in I think it was Hong Kong
um do you think that that changes that
pattern a little bit where you can buy
not you can buy indirectly in a sense
not using usdt or USD DC mhm yeah
absolutely I mean it is a a new world
ever since the the ETFs were approved in
uh what was it January 10th or 11th
depending on your time zone of this year
um when that happened we kind of had
this new way of
viewing uh
onchain metrics and and
applying we have to we have to
understand that there's going to be
action that is impact ing prices that
are that that's completely away from the
onchain side of things now and uh we we
try to pay attention to inflows and
outflows uh we do have a dashboard that
kind of tracks volume we're still
working on an inflow and outflow aspect
of it that can show like the net inflow
versus outflow which is way more
important than volume in my opinion uh
but the next time we call that might be
done and I can show that off but it's
been kind of flat based on I've
understood and read from some of our
other um sources in crypto that do great
research on this stuff and even though
volume is maintaining like three to four
billion dollars per day at least among
the seven top seven largest ETFs for
Bitcoin it's a little concerning that
it's not coming from just new dollars
moving into the ETFs it's kind of just
buyers and sellers battling on a daily
basis right now right right and and then
that could be a result of
questionable economic situation around
the world right now you know trying to
figure out oh yeah what how to play
it yeah I'm also interested you know
especially when stocks and equities kind
of go through a bit of a tumultuous
period like they are right now do some
of those traditional Traders try to
hedge their bets and put their money in
crypto and if they do is that going to
lend to
crypto uh uncorr with the S&P and
pumping crypto up without its Reliance
so much uh so that could be a
development that we might see later this
year or in
2025 yeah that from even just from a bit
a Bitcoin perspective I'd be curious
because it will sort of validate or
invalidate the thesis that large larger
you know institutions but also just
larger net worth individuals
will seek refuge in in Bitcoin as a
wealth wealth preservation me mechanism
and I'm curious to see if that actually
pans out now that there is a financial
product they can access it
through yeah same I mean all the best
bull markets that we have seen going
back 12ish years or so they have
occurred when there is no Reliance uh on
the S&P 500 and equities markets it's
just Bitcoin doing its own thing right
some people think it has to be inverse
but that's not true either it's
basically just Bitcoin doing its own
thing and ignoring what's happening in
the real world that's when we see our
biggest gains in Bitcoin and crypto got
it yeah yeah it's this is why it's
better to look at data to try and make
sense of things rather
than just using our imagination because
sometimes what we think is influenced by
in invalid invalid data right or we just
have anecdotal experiences you might see
five straight posts on Twitter SLX and
say oh okay everyone's bullish yeah but
when you take a look at uh a scale of
millions of comments instead it might
paint a different picture right exactly
yeah we have a a a bias based on our
scope and algorithms Feed Us certain
stuff Yep this is why machines are
taking over they just do a better job
than we can at uh seeing the at putting
the vast quantity of information into a
meaningful story gotcha agreed but yeah
I mean the last thing I wanted to show
here is just the the overall amount of
discussion going into Bitcoin right now
which is quite high you can see these
these lines here are kind of widening a
little bit as of late bitcoin's price
Bitcoin and Fiat as people talk about
liquidating or bringing in new money I
think this is more so due to people
liquidating uh and trying to convert
their Bitcoin to dollars because they
think that the bull market is over which
actually is a bullish sign mhm um the
having is being talked about less and
less makes sense you've got random
outliers like Rune being talked about a
lot mem coins is certainly being they're
being ignored again because uh they've
been hammered as of late alt coins in
general are just getting uh crushed for
the past well throughout April really um
after the party kind of ended in in late
March for most mcoins and altcoins so
there's a lot of stories that you can
find here and um as as hashoshi
mentioned at the beginning of the call
you can just get a free trial and and
enter the code hashoshi and all caps and
you can just get uh all of this data at
your fingertips for free uh enjoy it for
a week decide if you like it and and
become a member if you'd like yeah
definitely something that I use pretty
often especially if I the way I use it
is um I come up with a hypothesis and I
come in here to try and validate or
invalidate it you know because then I
I'll usually be able to find some some
examples in here that that kind of
follow the trend I'm looking at and
others that say not so much and then I
can weigh the cases on either side you
know a lot of the stuff that we're
seeing now I think is a lot of people
who had priced in just through their
their speculation a lot of events that
are now becoming clear either they're
not happening at all or not happening
yet so we talked about rate cuts and we
talked about ETFs Etc all those things
together to me from a fundamentals
perspective add up to what we're seeing
in the markets today plus the data you
showed on on chain you know whales
trimming taking profits all the stuff
that's happening there causing us to
grind
down yeah no I think that's really well
said we saw a ton of FUD at the end of
last week when that announcement came
out about ethereum's ETFs um likely not
going to happen according do multiple
sources um and there there tends to be
an overreaction just like we saw with
the Bitcoin ETFs in like November and
December you know we started to hear
that it might be a while we had coin
Telegraph who we respect a lot you know
that in turn kind of put out that post a
little prematurely that they were
approved and that caused chaos and then
eventually it was approved and we
saw kind of a a sell the what was it a
buy the room or sell the news event
where everyone was like why isn't
Bitcoin going up they just got approved
and then after they stopped um being
euphoric about the ETFs that's when we
saw the alltime high in March so I
wouldn't be surprised if the crowd stops
or or becomes uh disinterested in the
ethereum ETFs then they get approved
maybe later this year who knows uh and
then we see this this big influx of an
altcoin rally uh toward the end of the
year but that's kind of a rough
prediction based on what we know now
yeah for sure it's hard to say so we'll
have to keep doing these videos and see
what the data tells us you know sort of
week in week out and uh and yeah Brian
thanks so much for being here thanks for
sharing all this data with us and again
your folks that are watching if you want
to test out sentiment links will be in
the description below not sponsored but
it's a tool that I use love having Brian
here so thanks very much and uh until
next time cheers always a pleasure
thanks my friend talk to you all soon
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