Analysis: The crypto topics on Chinese social media Weibo
On the evening of March 16, the topic of “Bitcoin” was listed as Weibo (Twitter-like media in China) trending topic again, once ranking No. 8 for 2 hours and 30 minutes.
In fact, the cost of listing bitcoin as a trending search every time is quite large, far higher than the market price of the general buying top places on the list. According to the historical statistics of enlightent, there are five hot topics containing the keyword “bitcoin”, namely, #bitcoin, #bitcoin dump, #bitcoin breaks $10000, #tens of billions of dollars of bitcoin has been permanently lost. Three of the five topics are hot search for the decline of the bitcoin price, and only one is about the rise of the price.
However, the bitcoin topic with the highest-ranking has nothing to do with the dump and pump of the price. The topic related to the ownership of bitcoin #permanent loss billions of dollars of bitcoin has the highest ranking in the third place of Weibo trending list as well as the topic related to bitcoin that is most concerned by netizens in China.
The latest trending topic, #bitcoin, has had 288800 searches, owning the highest number of searches in all previous trending topics. It seems that the decline following the environment has also brought bitcoin a wider range of attention. The topics with high search volume include #bitcoin breaks $10000 and #bitcoin dump, both of which have exceeded 200000 times, 242600 times and 219700 times respectively.
Last year, the number of hot searches #10 billion dollars of bitcoin has been lost forever and # bitcoin dump is only 104200 and 88400 respectively, significantly lower than the three trending topics this year. Obviously that after one year, bitcoin attracts more attention.
From the perspective of topic relevance, bitcoin and blockchain are the two topics with the highest relevance, with 269 times of relevance, followed by the topic #bitcoin and #crypto space, with 67 times of relevance. However, it is worth noting that the relevance between bitcoin and U.S. stock is the highest among all the combinations of topics outside the crypto space.
This means that not only from the perspective of data research but also from the perspective of investor public opinion, the correlation between bitcoin and the S&P 500 index is increasing, investors are increasingly considering bitcoin in the global financial market, which may reversely promote the correlation between bitcoin and the S&P 500 index. And Huobi is the most frequently associated crypto exchange.
Posts about the recent decline of bitcoin price account for about 15.77% and 12.90% of the recent losses, 20.43% of the recent personal profits, and 50.90% of the future market trend.
For these topics, Weibo users have some relatively consistent views, which constitute the secondary narrative content. As for why bitcoin has dumped recently, many Weibo users think it is related to the epidemic or the deterioration of the global economy, while others think it is related to the return of the U.S. dollar and the reversal of institutions to short positions.