Latest Trending Crypto Keywords Indicate Fear in the Market
- The top trending keywords in crypto right now indicate fear in the market.
- Santiment data revealed that keywords related to hardware wallet and security are dominant on social media.
- Similar fear indicators were seen after the FTX collapse in November of last year.
The currently trending crypto keywords on blockchain analytics platform Santiment indicate considerable fear in the crypto market. The latest trending keywords can also be indicative of a market bottom, signaling a rally in the near future. A similar keyword landscape was also observed after the FTX crash last year.
According to keyword trends collected by Santiment over the past week, topics like ledger, firmware, and hardware ranked first for trending keywords. They are supplemented by connected words like wallet, secure, seed, and key, all of which have dominated crypto circles on social media platforms.
The recurring appearance of keywords like secure and wallet is indicative of the fear in the crypto market right now. โOne of the biggest signs of fear is when the top trending crypto keywords are almost all related to hardware and security wallets,โ Santiment tweeted earlier today, highlighting current merchant security concerns.
Santiment added that a similar trend was noticed in keywords after the FTX crash in November 2022. Keywords like secure and wallet are reportedly used frequently on social media during scary times in the market. Such trends can also indicate a reversal in the market.
The argument for increased fear in the market is only bolstered by Alternative's crypto dashboard. Alternativeโs multi-factor analysis of crypto market sentiment showed that fear and greed had degraded significantly over the past month, moving from a Greed level of 63 to its current Neutral level of 48.
Source: Alternative.me
The bearish sentiment among cryptocurrency traders is also visible in their trading positions. Data from Coinglass shows that short positions opened by cryptocurrency traders outpaced long positions. Furthermore, traders have been increasingly shorting trades since May 13, 2023.
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