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Mind Of Mav

Retail Interest in Bitcoin Quite Low vs. Last Bull Run

Despite a noticeable uptick in Bitcoin and digital asset values, retail investors remain skeptical, as observed by Joe Vezzani, CEO of LunarCrush, a platform analyzing social media within the crypto market. Vezzani notes that, in contrast to previous significant market upswings, current social media interaction and general retail enthusiasm for cryptocurrencies are markedly subdued. Analysis over the past six months reveals sporadic spikes in Bitcoin mentions, particularly in January and March, coinciding with events like the approval of spot Bitcoin ETFs by the SEC and Bitcoin reaching new price peaks. Yet, even as Bitcoin soared to $73,737 on March 14, social media chatter did not intensify accordingly.

Vezzani points out that, excluding spam and bot-generated content, there’s an apparent stagnation, if not a decrease, in social media activity concerning cryptocurrencies. While there’s an increase in the number of content creators and influencers discussing crypto, the engagement level with their content hasn’t seen a corresponding rise. He suggests that complex industry events, such as the Bitcoin halving, might not drive retail engagement significantly, as they are often seen as insider-centric and potentially off-putting for crypto novices.

Highlighting the importance of social media engagement data, Vezzani argues that in the fragmented landscape of the crypto market—characterized by the continuous introduction of new coins and exchanges—social media insights can provide traders with a competitive advantage. This data not only helps in understanding market dynamics but can also serve as a protective measure against potential losses and aid in identifying cryptocurrencies with enduring social traction.

From an investing perspective, maximum interest in an asset occurs when everyone feels like the price will go higher, which is when buying frenzies occur. This apparent disinterest in Bitcoin/Crypto is actually good news for investors who expect prices to go higher in the future. 

 

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