On Bitcoin's social slump and on-chain gains | Santiment Weekly Report

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Ibis
Aug 31, 2021


As Bitcoin struggled to maintain its upward momentum over the past 7 days, signs of waning retail interest and bearish bias have popped up in the coin’s social data.


And while the limelight is still on high-performing alts, could low market expectations work in the top coin’s advantage?


In Santiment’s weekly Pro report, we dive deep into Bitcoin’s latest social and on-chain data, and what it suggests about the current state of the crypto market:


A bearish pivot?


As Bitcoin continued to tread water over the past week, the crypto community had gradually turned their attention to a wide selection of upward-facing alts instead.


The numbers back this up - according to text data collected from 1000+ crypto social channels (including Telegram, Reddit, Twitter and more), the amount of Bitcoin-related mentions shrank by -31.8% last week, a sign that the

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Assets from this insight

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BitcoinBTC

$ 47562.73

3.56%in last 7d
1