Large Accounts are Maintaining Bitcoins Huge Sentiment

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Large Accounts are Maintaining Bitcoins Huge Sentiment

Aug 4, 2022 - Jack Dalton

5:15 AM


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Image credit: Thought Catalog

Why is Social Sentiment Important? and Where Can You Track it?

Over the past couple of years, there have been some "Social Sentiment Stocks and Cryptocurrencies" like GME, AMC, SHIBA, and DOGE that performed amazingly based on their social sentiment. As a result of this, an increasing amount of importance has been placed on a stock/crypto's social sentiment.

Out of the several Bitcoin (BTC) discussions available, there are 2 that influence Bitcoin's social sentiment more than any others. These 2 discussion forums include the Bitcoin Stocktwits and Bitcoin Twitter communities.

Bitcoin Stocktwits Unmoved

Here are the latest analytics from the BTC-USD Stocktwits forum (over the last 24hrs):

  • 1,527 Posts (up 4.59% day over day)
  • 1,638 Likes (down -9.6% day over day)
  • 1.6M Impressions (down -11.18% day over day)

As you can see, there have not been any sizeable increases and/or decreases in social sentiment in the Bitcoin StockTwits community. This is likely to stem from the fact that BTC has been relatively flat over the past 5 days (down 3% over a 5-day span).

Bitcoin Twitter is Stagnant as well

Here are the latest analytics from the BTC-USD Twitter community (over the last 24hrs):

  • 24,415 Tweets (up 2.42% day over day)
  • 2.63M Likes (down -57.18% day over day)
  • 148.3M Impressions (down -0.55% day over day)

Similarly, the sentiment in the Bitcoin Twitter community is more of the same as there have not been any sizeable increases/decreases in their sentiment (aside from likes, which is the least important measure of social sentiment). As you can see, the Bitcoin Twitter community is significantly larger than the Bitcoin Stocktwits community. This is due to the fact that the Bitcoin Twitter community fetches 16x the amount of posts and over 92x the number of impressions as that of the Bitcoin Stocktwits community.

As you might be able to tell, the Bitcoin Twitter community has far more impressions (92x) while only having 16x the amount of posting volumes as the Twitter Stocktwits community. The reason is that there are a disproportionate amount of accounts with large followings posting about Bitcoin on Twitter than there are large accounts posting about Bitcoin on Stocktwits.

BTC-USD Twitter Accounts that Influence Social Sentiment

Here is a count of “whale” accounts that are active on BTC-USD Twitter (over the past 72 hrs):

  • 1,617 somewhat large Twitter accounts 10,000+ followers,
  • 303 large Twitter accounts with 100k+ followers
  • 26 very large accounts with 500k+ followers

This is by far the most accounts with large followings posting about any given stock or cryptocurrency. This is great for Bitcoin as its price is based off of demand, and these tweets can help increase and/or maintain the demand for Bitcoin.

Final Thoughts: BTC-USD Forums and Discussion Boards

Overall, investors are very active on the BTC-USD Stocktwits and BTC-USD Twitter Forum. Being able to quickly gain insights into a stocks social sentiment has proven to be beneficial for modern investors.

Utradea Social Sentiment Dashboard, is a quick way to stay up-to-date with social sentiment.