A CoinGecko survey of over 2,500 people conducted over the last two weeks has revealed that only around half of crypto investors and onlookers are “bullish” about the crypto market at the moment.
The July 10 published survey, conducted between June 25 and July 8 asked 2,558 people — 94% of which reported either holding or working in crypto.
It found that 49.3% felt either “bullish” or “somewhat bullish” when asked how they felt about the crypto market right now.
Around a quarter were near-evenly split between “bearish” and “somewhat bearish,” while roughly another quarter said they were “neutral” on the market — not feeling it would move up or down.
The large share of neutral sentiment “might reflect participants’ uncertainty toward crypto market conditions, or indicate that participants were waiting for further developments before forming their market view,” wrote CoinGecko research analyst Lim Yu Qian.
Among the four types of survey participants — investors, traders, builders and spectators — the latter were the most bearish on crypto, with two in five reporting some level of pessimism.
Spectators were identified as having “no direct crypto involvement” and also had the highest share of those neutral on the market, at nearly 30%.
“Spectator respondents might reflect the views of participants who have taken profits and exited the market for the time being,” Lim added.
Meanwhile, investors who said they had long-term crypto holdings were the most bullish, closely followed by those who work in the crypto space.
The survey comes as Bitcoin (BTC) — the largest cryptocurrency by market cap — has fallen around 9.5% since its April 20 halving, when mining rewards were cut in half.
It’s now trading at around $57,585 — slightly up from last week’s four-month low dip below $54,000.
Past Bitcoin halving events — which happen about every four years — have historically seen the cryptocurrency’s price rally in the following months.
But the market has been rattled by potential sell pressure from $7.6 billion worth of Bitcoin, which will soon be repaid to creditors of the failed crypto exchange Mt. Gox, as well as a recent dumping of Bitcoin by the German governmentt.