This key metric is a historically bullish signal for the crypto market – Bitcoin (BTC/USD), Ethereum (ETH/USD)

The collapse of the ailing FTX and the arrest of its disgraced founder Sam Bankman Fried has traumatized the entire cryptocurrency market.

With increased regulatory scrutiny and investigations, the crypto market is experiencing historically high levels of negativity that are not just aimed at cryptos Bitcoin BTC/USD and ether ETH/USD, but the entire sector. Now, new data shows pessimism is reaching a threshold pointing to a possible bottom.

According to leading crypto analytics firm Santiment, a metric signals a bullish reversal in the market based on previous bear market pivot points.

Santiment says Fear, Uncertainty, and Doubt (FUD) is peaking in the market dictated by the proliferation of negative crypto terms. This includes terms like “sell” being followed across multiple social media platforms.

The crypto firm said three altcoins are signaling bullish sentiment with activity from dormant wallets.

Santiment also says automatic yield farming protocol year finances YFI/USD shows unusual network activity “after a brief period of depression”.

The crypto firm said that the decentralized crypto exchange Uniswap UNI/USD shows strong growth in network activity.

Likewise the decentralized finance project reindeer REN/USD “not gaining as much momentum due to his complicated financial situation”.

Also Read: Wall Street Wolf Says He Was Wrong About Bitcoin: ‘I Really Hated Crypto’

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