BTC Twitter Mentions Dropped To 2 Year Low

[bitcoinst]

Researchers from the Santiment team recorded a weakening of interest among Twitter users in bitcoin. The number of posts mentioning the largest cryptocurrency fell to a two-year low.
This trend is a direct result of the recent drop in the value of BTC, analysts say. Recall that in September Bitcoin could not gain a foothold above $ 12,000 and fell in price to $ 10,000.

At this level, the support grew every time. Traders are clearly not interested in a more significant weakening of the bitcoin rate.

According to the co-founder and CEO of Gemini exchange Tyler Winklevoss, the $ 10,000 mark is essential for BTC. It is from this level that a new breakout is expected to start.

The Santiment review says that typically, a drop in interest from Twitter users in Bitcoin precedes a sharp increase in volatility in the crypto market.

This is the trend that was observed before the March fall in BTC ("Black Thursday"). Then, on the contrary, positive sentiment dominated among Twitter users. However, instead of growth, the market crashed.

https://cryptocurrency.tech/kolichestvo-upominanij-btc-v-tvittere-upalo-do-dvuhletnego-minimuma-stoit-zhdat-rosta-tseny/

Translated from Russian

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[mk4]

If the article writer was right, I'm really not surprised due to the huge hype around this "defi" thing. Funny thing is, it ain't even new! The Ethereum people on Twitter just simply made up a new hype phrase for their token ecosystem.

[tyz]

A simple explanation or one of the reasons can be- back in the day a lot of ICO projects or airdrop used to use #BTC and/or #Bitcoin in their post to get more reach out which now has been decreased as people don't give a shit to such spammy post.

This is an explanation that applies. Another is also (my observation) that there are much less Bitcoin and crypto related tweets shared/retweeted, also because there are only a few Twitter bounty campaigns as there used to be. These alone have artificially inflated the number of mentions at the peak of ICO hype.

But this doesn't have to be a bad sign overall, which also shows the stability of the Bitcoin price. Bitcoin is bought today by professional investors much more than two or three years ago. And these do not talk about such investments and certainly not at a medium like Twitter.

[buwaytress]

Good. Less rubbish to wade through, though it seems like all that nonsense's actually flowed out to Ethereum and whatever else people are defi-raving about now.

I'm so worried. Twitter doesn't love Bitcoin anymore. How am I going to wrap all my Bitcoin in fancy tokens now so I can hop on the Defi train?

[DeathAngel]

I don’t think bitcoin's success or lack of it depends much on Twitter users. Most people who spend all their time on social media are broke so wouldn’t add much.

We’re aiming for mainstream adoption but losing mentions on Twitter isn’t going to be harmful.

[Lucius]

3-4 years ago the forum was full of those looking for new followers for their Twitter, and there were a lot of Twitter campaigns on the forum that paid quite solid amounts (about a little less than 0.01 BTC) per week for fairly simple tasks. Back then, it was important to have Twitter and as many followers as possible, but it all started to melt after the 2017 ATH and after it became clear that the ICO was nothing more than a bunch of scams.

It is now more than clear that another story (DeFi) is being sold, and that BTC is being mentioned less and less. But it is not the case that interest in BTC has fallen only on Twitter, I think that even on this forum it is evident that a stable price does not cause much interest. But that just shows that most haven’t learned anything in the past 3-4 years.

[Jayrmalakas]

for security of twitter that he needs to minimize of promoting in bitcoin because twitter need to be aware for twitting or promoting project that they do not know how to share the project if youve already scam

[noorammak]

2 years ago people didn't know much about bitcoin and at that time there were more bounty projects. Most projects require the hashtag #bitcoin #ethereum or #cryptocinent ... and hunters also make the hashtag #Bitcoin as well as bitcoin and crypto-related discussions bubbly. than.
We have too many Bitcoin-related topics and Bitcoin knowledge and posts are saturated. Few people will talk about them because they exist. Most people already know about Bitcoin.

[btc_angela]

There is also a similar study in 2017, it's not twitter but forum posts and bitcoin price correlation, When Bitcoin encounters information in an online forum: Using text mining to analyse user opinions and predict value fluctuation.

I also noticed reddit as well, it shifted from bitcoin to mentions like "moon", or "uniswap". So perhaps this is just one of the reason, Defi, Swap is the new thing for this social media platform. But we all know that this is just temporary, bitcoin has been here for 10 years and I doubt that it can be replace by this new hype in the altcoin ecosystem.

[20kevin20]

Do people typically write about BTC randomly? Altcoins are usually heavily mentioned only during hypes and pumps, as everyone literally spams "moon!" everywhere. Bitcoin has been quite stable around the 10-11k area for a long time now, so a lot of people probably lost their interest compared to months ago.

I think you could call it "the calm before the storm". I've noticed it's usually the calmest times that come right before heavy bull seasons.

[mariah.sadio]

Crowd needs hype to talk about bitcoin. We will see more mentions then there will be big movements

[DdmrDdmr]

I’m not sure if we’re interpreting the data correctly here … The source of the data is this Tweet: https://twitter.com/santimentfeed/status/1309544704028168193

Their website does not seem to provide further detail, so the Tweet seems to be all we’ve got. Now the chart on the Tweet shows the weighted social sentiment, which:

<…> measures the positive/negative ratio of comments multiplied by the overall frequency of comments, is currently sitting at a 2-year low.

That, the above ratio (their ratio), is what is currently the 2YLow, not BTC Twitter Mentions, which may or may not be coincidently, but the ratio combines Twitter mentions with their sentiment variable:

Weighed Social Sentiment = rolling z-score of [Sentiment Balance] x [Unique Social Volume]

It is therefore a product of the two variables. Not sure how their z-score goes, but it seems clear to me that if the Sentiment tends to Neutral (0), the Weighed Social Sentiment will tend to be reduced, (more or less) outweighing the [Unique Social Volume]. That is what we are seeing here.

It’s a combined variable, and we therefore cannot see the underlying values for BTC Twitter mentions …

[Vatimins]

     If you think about it deeply, the number of mentions about bitcoins in twitter decreasing is really quite serious. I mean, just think about it, when a star is famous, a lot of people are interested which then results to people talking about it anywhere especially on social media sites. So the decrease of bitcoin mention in twitter may mean that the people interested about it is also decreasing. I just hope that this really isn't the case and that the decrease of mention means nothing more.

[mk4]

I don’t think bitcoin's success or lack of it depends much on Twitter users. Most people who spend all their time on social media are broke so wouldn’t add much.

We’re aiming for mainstream adoption but losing mentions on Twitter isn’t going to be harmful.

Because it really isn't. It's just somewhat of a small indicator of bitcoin's interest from the masses. Though this indicator really isn't that accurate and also taking note that Twitter is probably just a small portion of the whole picture so this shouldn't be taken THAT seriously. This should just be treated as a sort of "fun fact", completely assuming that it's actually factual/accurate.

[tranthidung]

I tried to do cross-checking with Google trend and used two keywords (see below). I narrowed down data to last 5 years. It seems the Google Trend charts show currently, statistics are in bottom range (click on links to see charts).

• Bitcoin on Twitter
• Bitcoin

Google Trend has many bias factors and some delayed effects but it reflects general trend of interest in community. From those charts, it seems the latest halving of Bitcoin help it gets more momentum that in turn help its price has tried to reach $14k range. Positively, if consider the interest in community has not yet increased too much (still in bottom range), the chance to see more exponential growth next year is good.

Base on history, BTC price usually takes off one year after its halving days. Please think positively about the findings. 

[Lucius]

So the decrease of bitcoin mention in twitter may mean that the people interested about it is also decreasing. I just hope that this really isn't the case and that the decrease of mention means nothing more.

You don't have to worry too much that there is supposedly less interest in Bitcoin on Twitter, because as I wrote in the previous post the attention is directed in a different direction similar to the case of 2016/17 after halving with ICO, we now have DeFi. People always follow the line of the least resistance, they want to invest in something cheap that could supposedly bring them big profits in a short time - and the story of BTC halving as a magical moment after which the price of BTC will go up in the sky is become a thing of the past.

While seemingly ordinary people are not interested in BTC, large companies like Grayscale or Micro Strategy buy fairly large quantities of BTC because they recognize the moment to invest. Those who seek investment advice on Twitter and other social networks are actually wasting their time...

[canaris1985]

I bet BTC Twitter mentions were through the roof in the beginning of 2018, but was it a good time for BTC? Hell no. Bitcoin is now more popular than any time before, and fck twitter anyway, it's cancer in our world's ballsack 

[hatshepsut93]

I never paid attention to these lagging indicators like google trends or twitter mentions. They have immeasurably small influence on the market. Twitter mentions are down because Bitcoin's price isn't showing some amazing performance like in 2017, but it won't be crashing because Twitter mentions are down, there's no feedback loop here.

[pooya87]

Researchers from the Santiment team recorded a weakening of interest among Twitter users in bitcoin.

the number of tweets per day mentioning bitcoin is not a representative of twitter users' interest in bitcoin. most of the times it is about what hype is going on specially when it is being compared with 2 years ago (2017 and 2018) when the hype of the big rise and the hype of the big drop were huge.
additionally a lot of the tweets mentioning bitcoin were actually advertising some shitcoin or some ICO and were asking people to pay them in bitcoin or didn't even have anything to do with bitcoin. obviously now that is almost dead so the spam is also dead.

[pixie85]

If the article writer was right, I'm really not surprised due to the huge hype around this "defi" thing. Funny thing is, it ain't even new! The Ethereum people on Twitter just simply made up a new hype phrase for their token ecosystem.

I feel like they're trying to pump a new thing every few years.

ICOs, IEOs, Defi... any name is good to make money and every time there's a flock of enthusiastic followers that come from god knows where and later complain on the forums and social media how much they lost on this new big thing.

I'm happy there's not much twitter hype for bitcoin. Usually twitter hype equals FUD and scam like it was with cloud mining and many other.