According to a recent survey by CoinGecko, only about half of investors are actually bullish about the current crypto market.
The study, which featured 2,558 people, was conducted over the last two weeks, from June 25 to July 8.
Crypto Investors Lead Bullish Outlook
The CoinGecko report highlights that 49.3% of crypto participants are still optimistic about the market’s future. This is despite the crypto market’s downward trend following the post-halving rally .
Among these participants, 26.1% felt somewhat bullish, and 23.2% fully bullish. Interestingly, 25% of participants maintained a neutral stance. On the other hand, 25.2% of participants expressed bearish sentiments. This bearish group was nearly evenly divided, with 13.4% somewhat bearish and 11.8% fully bearish.
Breaking down the sentiments by participant type, investors emerged as the most optimistic, with 54.1% feeling bullish and only 20.7% bearish. Builders who work in the space followed closely, with 47.6% bullish and 31.6% bearish sentiments. Traders showed mixed feelings, with 39.0% bullish and 33.5% bearish, possibly due to their short-term market focus.
Sidelined spectators, having no direct crypto involvement, were the most pessimistic, with only 28.5% of responses being bullish compared to 42.4% being bearish.
Bitcoin’s Decline Continues
The latest survey results show that Bitcoin has fallen about 9.5% since its April 20 halving. Historically, Bitcoin halving events, occurring roughly every four years, have been followed by price rallies in the subsequent months.
However, this time, Bitcoin has been plunging since peaking at a new all-time high in March. Over the past month, its price action has been marked by a series of lower highs and lower lows, with the crypto hitting a two-month low of $53,500 on July 5.
Despite trying to regain upward momentum, the market’s confidence has been recently shaken by potential sell pressure from $7.6 billion worth of Bitcoin. Notably, the funds are intended to soon be repaid to creditors of the defunct crypto exchange Mt. Gox. Additionally, recent Bitcoin sales by the German government have further rattled investor sentiment.
