According to a recent CoinGecko study, many cryptocurrency investors are negative about the recent price performance of the cryptocurrency market. The performance of Bitcoin and other cryptocurrencies undoubtedly left many investors wanting more in June and the first week of July.

This indigent performance is far from what many might have expected, especially considering Bitcoin recently completed its halving. CoinGecko’s report, which polled 2,558 people, shows that 49.3% of respondents are still confident about the market.

CoinGecko report reveals decline in bullish sentiment

As the market has been developing recently through a tough periodno wonder investor confidence has suffered. According to up-to-date study According to CoinGecko, less than half of cryptocurrency holders are still confident about their investments.

The study, which ran from June 25 to July 8, 2024, examined the varying sentiments of 2,558 cryptocurrency market participants and found no clear consensus. However, the study was able to identify a decline in bullish sentiment that persisted throughout most of the first half of the year.

Only about 45% of surveyed crypto investors are still waving the crypto flag with enthusiasm. That means most are either sitting on the fence or have abandoned ship altogether. Specifically, only 23.2% of respondents were fully bullish, while 26.1% felt somewhat bullish.

In addition, 25.5% of traders were neutral and did not lean towards either bullish or bearish sentiment. On the other hand, 25.2% of respondents were bearish. This group was also divided into two cohorts: 11.8% of them were completely bearish, while 13.4% of them felt slightly bearish to some extent.

Despite the weakening bullish sentiment, it is vital to note that the numbers include all market participants, including spectators and short-term traders. These two groups of traders are not known for their long-term bullish sentiment.

The breakdown of sentiment by participant type shows that investors continue to maintain a bullish bias, as 54.1% of crypto investors felt bullish, while only 20.7% were bearish. Investors are those who are more inclined to hold their assets for the long term. Builders were the second most confident, with 47.6% indicating a bullish bias and 31.6% indicating a bearish bias.

As expected, short-term traders and viewers were the least confident. Only 39.0% of short-term traders were bullish, while 33.5% were bearish. At the same time, only 28.5% of viewers were bullish, compared to 42.4% who were bearish. Viewers are respondents who were not directly involved in the cryptocurrency market at the time of the survey.

At the time of writing this text, cryptocurrency the market is starting to recover and rose 2.98% in 24 hours. Investors are bracing for what could be bullish week for bitcoin and other cryptocurrencies.

Featured image from IndyStar, chart from TradingView