- Data from Santiment revealed that hardware wallet and security-related keywords are dominant on social media.
- Similar fear indicators were seen after the collapse of FTX in November last year.
The current trending crypto keywords on the blockchain analytics platform Santiment indicate considerable fear in the crypto market. The latest trending keywords may also be indicative of a market bottom, signaling a rally in the near future. A similar keyword landscape was also witnessed in the aftermath of FTX’s collapse last year.
According to the keyword trends gathered by Santiment over the past week, topics like ledger, firmware, and hardware have taken the top spot on trending keywords. They are complemented by connected words like wallet, secure, seed, and key, all of which have dominated the crypto circles on social media platforms.
The recurring appearance of keywords like secure and wallet are indicative of the fear in the crypto market at the moment. “One of the primary signs of fear is when the top trending crypto keywords are almost all related to hardware wallets & security,” Santiment tweeted earlier today, highlighting the current safety concerns from traders.
Santiment added that a similar trend in keywords was noticed after the collapse of FTX in November 2022. Keywords like secure and wallet are reportedly used frequently on social media in times of fear in the market. Such trends may also indicate a reversal in the market.
The argument for increased fear in the market is only strengthened by Alternative’s crypto dashboard. Alternative’s multifactorial crypto market sentiment analysis showed that the fear and greed had degraded significantly over the past month, going from a Greed level of 63 to its current Neutral level of 48.
The bearish sentiment among crypto traders is also visible in their trading positions. Data from Coinglass shows that short positions opened by crypto traders exceeded the long positions. Additionally, traders have been placing more and more short trades since May 13, 2023.