Santiment AG

🚀 Thrilled to share insights from #CVSummit 2024! We had the opportunity to discuss key crypto trends that are shaping the Web3 landscape today. We dove into the influence of dominant narratives, highlighting the impact of ETFs, Memecoins, and AI on market discussions. Martynas Kasiulis from Streamable Finance also showcased the future of finance with innovative blockchain solutions, emphasizing the importance of stablecoins like USDC and USDT for seamless transactions. Let’s continue to explore how these trends redefine our industry!

WANTED • Python Developer 🐍 We at santiment.net are looking for a new talent to complement our amazing team! Please send your application incl. CV to jobs@santiment.net https://lnkd.in/diDxd-KH

WANTED • Middle Python Dev We at santiment.net are looking for a new talent to complement our amazing team! Please send your application incl. CV to jobs@santiment.net https://lnkd.in/diDxd-KH

📊 Bitcoin's brief visit below $50K coincided with the largest week of volume (~$99B thus far) since the November, 2022 FTX collapse. And due to the bullish trader sentiment just prior to this crash, average returns of BTC wallets active in the past 30 days fell to 26-month lows.

📉😱 Is this THE dip? Discussions about buying have spiked, but not as much as you may think on such a dramatic drop. Expect for the bigger reaction to come as the US wakes up for their Monday morning shock. Emotional selloffs will only accelerate the timing of crypto's rebound.

📊 Chainlink and Ethereum are seeing their combined lowest levels of 30-day (short term) and 365-day (long term) average trading returns Sunday. Historically, the more 'blood in the street' there is from other traders, the more justification there is to buy into others' pain.

📊 Saturday is finally bringing a bit of solace to the markets, with mild bounces forming for Ethereum (back just above $3K) and Solana (just above $150). Longs were heavily liquidated on the drop. The hope is that greed stays tempered now, allowing for a weekend relief rally.

🤷 With this dip being roughly on par to the one we saw in early July, the same crowd enthusiasm for dip buying isn't present... at least not yet. Look for $60K BTC or $2.9K ETH to be key psychological levels that may be enough for traders to open their wallets.

📊 Crypto markets have retraced across the board, leaving traders calling for sub-$50K prices once again. However, history shows that when we see such low 7-day average trader returns for top caps like BTC, ETH, ADA, XRP, DOGE, and LINK, bounce probabilities rise significantly.

🐂🤞 Traders mainly have a bullish outlook toward top caps as the calendar has turned to August. Expect the FOMO to die down a bit before BTC, ETH, XRP, and SOL go on major runs. BNB is one of the few large caps seeing less bullish narratives than average at the moment.