- Only 21.4% of Korean investors expect Bitcoin to rise this week, down from 36.8% last week.
- Bearish sentiment grows, with 40.4% predicting a decline, up from 21.1%.
- Nearly half of investors expect U.S. tariffs to negatively impact the market.
A recent survey conducted from March 25 to 28 shows declining optimism among Korean cryptocurrency investors. The survey, which polled 2,000 participants, tracks weekly market sentiment trends.
This week, only 21.4% of respondents believe Bitcoin (BTC) will rise significantly. This marks a sharp drop from last week’s 36.8%. Separately, 38.2% predict a stable market (down slightly from 42.1%), while those expecting a decline nearly doubled to 40.4%, up from 21.1% previously.
Notably, Bitcoin is trading at approximately $81,630. During the survey period, Bitcoin experienced a decline of about 4%, trading just above $83,700 on March 28. The price drop aligns with the growing investor caution reflected in the survey results.
Korean Crypto Sentiment Turns Cautious
When asked about the overall market outlook, 44.1% of investors described their sentiment as neutral. Meanwhile, 23% expressed optimism, including extreme optimism, while 32.9% reported feelings of fear or extreme fear. The data suggests a growing sense of caution among traders as uncertainty persists.
Related: This Analyst Believes Bitcoin’s Death Cross is Actually a Bullish Sign
Investors also watch external factors like the Trump administration’s planned reciprocal tariffs, set to take effect on April 2. The survey found almost half (49.5%) of respondents expect these tariffs to negatively impact the crypto market, potentially leading to price drops.
This caution persists even as overall crypto adoption in South Korea remains high. Reports indicate that by late 2024, approximately 15.6 million individuals—about 30% of the nation’s population—were investing in digital assets. The majority of these investors are reportedly men in their 30s, followed by those in their 40s.
Regarding the tariffs’ impact, the survey also revealed differing opinions within the Korean crypto community. About one-third (33.4%) believe the tariffs’ potential market effect is already priced in. They expect the market to rebound once related uncertainties settle. The remaining 17.1% foresee no significant market reaction.
Broader Market Factors and Altcoin Interest
Broader macroeconomic concerns likely influence current crypto sentiment as well. Recent global inflation data and shifting consumer confidence reports have contributed to uncertainty across both cryptocurrencies and related traditional markets like stocks.
Related: Bitcoin and Ethereum ETFs Display Contrasting Trends in Capital Flows
Meanwhile, while Bitcoin remains a focal point, altcoins play a significant role in the South Korean market. On Upbit, the country’s largest crypto exchange, altcoins account for 88% of the total trading activity. This indicates a strong interest in alternative digital assets despite Bitcoin’s declining investor confidence.
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