YouTube crypto content popularity hits five-year low, but social sentiment shows polarization

The popularity of the cryptocurrency industry has shown an interesting divergence. The viewership of crypto-related content on YouTube has dropped to its lowest level since January 2021, with the decline over the past three months being particularly sharp. Meanwhile, the sentiment on social media regarding Bitcoin has quietly improved. This “ice and fire” phenomenon is worth paying attention to.

The Scale and Scope of the Decline in Viewership

According to Cointelegraph, Benjamin Cowen, founder of ITC Crypto, recently shared the 30-day average viewership data for multiple crypto YouTube channels, visually illustrating the extent of this decline. This is not an isolated incident for a single channel but a widespread trend across the entire crypto content ecosystem.

More notably, this decline is not limited to YouTube. Cowen pointed out on X (formerly Twitter) that engagement across various crypto channels has also decreased, indicating that the root cause is not just algorithm changes on a single platform but a general decline in industry attention.

Possible Reasons for the Decline

Several factors may be behind the drop in viewership:

• Market entering a correction phase, investor attention waning
• Content creators reducing output or declining in quality
• Fewer hot topics in crypto news
• User fatigue, seeking new content formats
• Market participants shifting from social media to on-chain trading

Contradictory Signals in Social Sentiment

Interestingly, while viewership declines, social media sentiment towards cryptocurrencies has shown divergence.

Data from on-chain analysis platform Santiment on Friday indicated that social sentiment for Bitcoin is “becoming increasingly positive, although not fully recovered yet, but at least showing slight signs of improvement.” Santiment specifically emphasized that the $90,000 price level is crucial for maintaining retail investors’ positive outlook.

In contrast, sentiment towards Ethereum “appears more scattered, with no clear trend emerging.” This suggests that market participants have differing expectations for different assets.

Interpreting the Contradiction Between Popularity and Sentiment

The phenomenon of declining viewership alongside improving sentiment may reflect several underlying changes:

• Retention of core participants: although viewership has decreased, those remaining are more optimistic
• Price support effects: Bitcoin’s performance at key levels influences market confidence
• From passive viewing to active participation: some users may shift from consuming content to direct trading
• Rationality returning to market participants: reducing blind followings, making decisions based more on fundamentals

Future Focus

The evolution of this phenomenon warrants ongoing observation. If Bitcoin can stabilize above $90,000, the improving social sentiment might gradually translate into increased participation, potentially leading to a rebound in content viewership. Conversely, if prices face renewed pressure, even the current positive sentiment could be short-lived.

Summary

The decline in YouTube crypto content viewership to its lowest since 2021 reflects a general cooling of industry enthusiasm. However, this decrease in heat does not mean market participants have completely lost confidence; rather, after an adjustment period, signs of divergence and improvement in sentiment are emerging. This suggests that industry heat and market sentiment do not always move in sync; sometimes, beneath a “cold” surface, new opportunities are brewing. The key remains whether prices can hold steady at critical support levels and whether this positive sentiment can be sustained.