The Crypto Community Is Not Yet Behind the Recent Market Rebound, According Analytics Firm Santiment

According to analytics firm Santiment, social metrics show that the crypto community has not embraced the latest market recovery.

Santiment reports that the frequency of “sell” mentions on Twitter, Reddit, and Discord has reached a two-month high, despite Bitcoin’s recent moderate price rise (Bitcoin) and most of the crypto market.

To tell analytics company,

What if cryptocurrency prices continue to rise despite crowd disbelief that the trend could continue? A complete FUD storm that could keep market capitalization recovering.

BTC is trading at $23,893 at the time of writing. The top-ranked crypto assets by market capitalization are up more than 3% in the last 24 hours and more than 4.5% in the last 7 days.

Santimento too Note Bitcoin spent most of 2022 closely correlated with the S&P 500, but has recently lagged behind the stock index recovery. Decoupling has historically been bullish for BTC, according to the company.

In addition, Santimento Note Its top stablecoin tether ratio (USDT) has surged from 19.7% on May 9 to 42.0% today.

The analytics firm explains:

This can be seen as a signal that traders have profited from the price rebound, as well as a sign of a two-year high in purchasing power.

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