Post Bitcoin (BTC) Halving, Digital Assets Market Sentiment Mixed with Many Investors Still Bullish – Report

Crypto market sentiment has become divided just two months after the Bitcoin Halving, with no strong consensus sentiment, the team at CoinGecko noted.

According to a recent survey shared by CoinGecko, 49.3% of crypto participants “still felt bullish about the market, even amid the pullback that has reversed an initial post-Halving rally.”

Specifically, 26.1% of survey respondents “felt somewhat bullish, which was slightly more than the 23.2% who were fully bullish.”

CoinGecko also mentioned in its update that 1 in 4 crypto participants felt “neutral about the market, neither leaning towards bullish nor bearish sentiments.”

CoinGecko further noted that the neutral sentiment “was the second most common survey response.”

This might reflect participants’ uncertainty “towards crypto market conditions, or indicate that participants were waiting for further developments before forming their market view.”

CoinGecko added that the “remaining 25.2% of participants felt bearish on the crypto market. Again the bearish crypto market sentiment was almost evenly distributed, with 13.4% responding that they were somewhat bearish and 11.8% fully bearish.”

Among four types of survey participants, investors were “the most optimistic about the market: 54.1% of crypto investors felt bullish and only 20.7% had bearish sentiments.”

CoinGecko also mentioned that builders were “the second most optimistic, with 47.6% indicating bullish sentiments and 31.6% bearish.”

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

This perhaps highlights how traders “with shorter-term holdings are more likely to adjust their market sentiments in line with price action, whereas investors and builders are more focused on the crypto market’s potential in a longer time horizon.”

CoinGecko added that sidelined spectators “were the most pessimistic about the crypto market, with the 28.5% bullish responses outnumbered by the 42.4% who expressed bearish sentiments. Given that they self-identified as having no direct crypto involvement, spectator respondents might reflect the views of participants who have taken profits and exited the market for the time being.”

That said, CoinGecko pointed out that it “is worth noting that the survey did not strictly define each participation type so as to allow respondents to self-select based on their own perception.”

As such, perceived definitions of “long-term and short-term crypto holdings may vary.”


The study examined 2,558 crypto participants’ responses “in the anonymous CoinGecko Post-Halving Sentiment Survey from June 25 to July 8, 2024.”

Survey results should be taken as “indicative only.”

Among the survey participants, 69% considered themselves “as crypto investors with mainly long-term holdings, 18% identified as traders with mainly shorter-term holdings, 7% as builders and 6% as sidelined spectators.”

In terms of how long participants had “been in crypto, 46% were in their first cycle (0 to 3 years in crypto), 41% in their second cycle (4 to 7 years) and the remaining participants were veterans with 8 or more years of experience.”

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