73% of Traders Are Bearish on Bitcoin


Traders remain very cautious towards risk assets, as judged by our latest sentiment survey.

Let's jump in.

IMPORTANT: when we reference "traders" in this article, we are specifically referring to T3 Sentiment Survey respondents.

SPX: Few Bulls Out Here

This week, bullish sentiment on SPX fell to 19% - by far the lowest reading we've ever had in our admittedly short 19 week history.

This week, bullish sentiment bounced to 32%, the second lowest reading in our history. 

And it's dramatically below our all-time average of 59%. Needless to say, traders are very bearish overall.

Bitcoin Sentiment Hits Record Low

For the second week in a row, Bitcoin Sentiment hit a record low, with just 27% of survey respondents saying they are bullish on Bitcoin for the next 30 days.

This is no surprise considering that Bitcoin just dropped from $44,0000 to $38,000 in the span of a few days.

Apple Still Not Trusted

Apple (AAPL) delivered a monster earnings report 4 week ago... but nobody cares.

Just 34% of traders are bullish on Apple, up slightly from last week.

Tesla Still Not Feeling Love

Tesla (TSLA) sentiment fell to 22% last week, and this week it bounced to 31%.

Still, that's very low compared to the long-term average of 51%.

Gold Bullishness Falls

Gold sentiment hit a record high of 81% last week.

And it fell back down to 68%, even with gold spiking up big time this past week.

Oil Sentiment Drops

Oil has led the market by a country mile in 2022 with OIH up 30% and XLE up 23%.

But it appears that the late week pullback in oil priced spooked the bulls. 

Now 67% of traders believe oil will rise over the next 30 days.

What Happens Now?

Traders are still very bearish for a variety of reasons, including:

As we pointed out last week, sometimes (but not always) the market bottoms when traders show maximum fear. 

We'll see if that's true this time around.

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