Short-term data from social media indicates that traders do not want to buy bitcoin (BTC) on a withdrawal right now … but the long-term picture looks brighter as a separate study shows that 77% of family offices in the US either look at or have invested in cryptocurrencies.

The BTFD data was collected from posts indicating “buy autumn” on social media platforms such as Twitter, Reddit, Discord and Telegram by author K J Lanaul and published on the Insights Santiment blog earlier this week. He also tells a positive story on a roundabout.

The study found that over the past year, many traders have advocated buying too early in a downward trend as the price often falls further after that and fails to recover in several months.

“Often the public unanimously calls for a dip / bottom before the actual dip and real bottom is formed when the smallest amount is expected, which is represented by little or no mention of anything in Buy The Dip. There are very few signals at the moment. ”
For example, in mid-May last year, after the price of BTC began to fall in response to China’s bitcoin mining ban and Elon Musk-related R & D, almost 68,000 online retailers reported buying into bitcoin’s falling price. fell to around $ 44,000. However, the bottom was not reached until the end of July when BTC was marked at almost $ 29,000.

Lanaul wrote: “The pattern we know is the 3rd wave Buy the dip, which is mentioned during a downward trend that is lower than the previous one, and after 3 waves the bottom occurs before the market picks up again.”

Buy Dip Social Volume x BTC Price: Insights Santiment
Family encryption
While prices fluctuate in the short term, the long-term increase in cryptocurrencies seems inevitable as affluent individuals and families support the sector. According to the latest edition of BNY Mellon’s global family office survey, 77% of family offices are either active in crypto or planning to invest in the sector in the near future.

Family offices are private companies that manage investments on behalf of wealthy individuals or families. BNY Mellon is a giant investment banking company that also provides services to the family office market.

RELATED: Hedge Fund Report Says Bitcoin Price is “Relatively Cheap”

The survey included 200 respondents consisting of 144 multi-family offices and 56 single-family offices, each of which manages over $ 150 million in assets.

Among the large group who were interested in or active in crypto, 72% reported that they intended to increase access to crypto over the next 12-24 months. In particular, the survey also showed that 64% of multi-family offices actively invest in crypto, compared with 36% of single-family offices.

Regarding the effect of cryptocurrencies, 58% of respondents said that they prefer exchange traded funds (ETFs), while 42% indicated that they prefer direct ownership and custody.

Source: CoinTelegraph