Korean Crypto Investors Shift From Bitcoin Bullishness to Caution as Sentiment Drops After FTX Repayment News
A comparison of recent surveys among Korean cryptocurrency investors highlights a notable shift in market sentiment. Earlier data from April showed rising bullishness for Bitcoin (BTC), with 46.2% of respondents expecting price increases, while Bitcoin was also viewed as a stronger investment than gold. However, a newer survey conducted from May 20 to 23, 2025, by Bitcoin World and Cratos indicates that optimism has cooled significantly: only 27.5% now express a positive outlook, with a larger portion (29.3%) reporting fear and 43.2% staying neutral. Short-term bullish expectations for Bitcoin fell sharply to 37.6% from 49.4% the previous week. Market participants are now more cautious, with increased proportions expecting either a stable or declining BTC market. Regarding the upcoming second phase of FTX’s $5 billion creditor repayments on May 30, 41.7% of respondents believe the event will be bearish or that any bullish effect has already been priced in, and 31.4% expect no impact, focusing more on macroeconomic factors than single news events. This trend signals growing risk aversion, reduced emphasis on isolated crypto events like the FTX payouts, and an overall shift towards market stability rather than event-driven trading momentum.
Bearish
Earlier surveys indicated strong bullish sentiment among Korean crypto investors, with expectations of Bitcoin significantly outperforming traditional assets and rising prices. However, the latest data shows a marked decline in optimism, with fewer traders expecting BTC price increases and more expressing caution, neutrality, or outright fear. The forthcoming FTX creditor repayments, once thought to be a major event, are now largely viewed as already priced in or insignificant, further dampening short-term enthusiasm. This change signals a shift toward risk aversion and market stability, where traders respond less to isolated news and more to macroeconomic trends. For Bitcoin traders, this cooling in sentiment suggests potential for limited upside and reduced momentum, with the risk of further downside if global conditions do not improve.