Metric Indicates Cryptocurrency Market Has Entered a Bear Phase, Says Analyst Carl Moon.

One Metric Signals a Crypto Bear Market, Says Influencer Carl “The Moon” Runefelt

By Ciaran Lyons – Cointelegraph Magazine
February 22, 2026

TL;DR

• Swedish‑born crypto YouTuber Carl Runefelt (known as “The Moon”) argues that the average view count on crypto‑focused YouTube videos has fallen sharply, marking a shift from the bullish frenzy of 2021 to a bear market today.
• Runefelt notes that his own channel now garners roughly 15‑20 k views per upload, compared with 100‑200 k during the 2020‑2021 rally.
• He adds that low view counts, together with stagnant Bitcoin pricing around $90 k and a muted alt‑coin sector, can be used alongside tools such as Google Trends to gauge retail sentiment.
• Analysts caution that while audience metrics are useful, they should be interpreted with other on‑chain and macro indicators before drawing firm conclusions about market cycles.

The Claim

During a recent interview in his Dubai apartment, Runefelt—who has built a personal brand around crypto education and entertainment—said the declining average viewership of crypto videos is a concrete sign that the market has entered a bear phase. In the height of the 2021 bull run, his channel and several peers routinely attracted six‑figure view counts per upload. Today, the numbers have slipped to the mid‑teens of thousands.

“When the market is booming, people are hungry for content. Back then we were hitting 100‑200 k views. Now it’s more like 15‑20 k,” Runefelt told Magazine.

He attributes the drop to Bitcoin’s sideways movement near $90 k and a broader weakening of sentiment, especially among altcoins, which have been trending lower for months.

Why View Counts Matter

Historically, crypto‑related media consumption has mirrored market dynamics:

Runefelt argues that when retail investors become active again—often signalled by spikes in video views—an “alt‑season” may be on the horizon, offering early clues to a market upswing.

Supporting Indicators

The YouTube metric is not being used in isolation. Industry observers typically track multiple data points to assess retail pulse:

• Google Trends: Search volume for “crypto” and related terms tends to rise ahead of price rallies. Recent data shows a 30 % dip from the 2021 peak.
• On‑chain activity: Transaction counts and wallet activation rates have plateaued, with two‑week moving averages down 18 % versus the boom period.
• Social sentiment: Twitter/X and Reddit engagement have fallen in line with viewership, with average daily mentions of “Bitcoin” dropping from 120 k to roughly 45 k.

Combining these signals provides a more nuanced picture than any single metric alone.

Expert Perspective

Market analyst Mira Patel, senior research lead at CryptoMetrics, cautioned that audience metrics can be lagging indicators.

“YouTube views reflect interest that has already been sparked by price moves, not the cause of them. Still, when you see a sustained contraction across multiple platforms, it often coincides with reduced retail inflow, which is a hallmark of bear markets,” Patel said.

Patel added that the current environment also shows decreased funding for new crypto startups, another bearish sign.

Implications for Creators and Investors

• Content creators: Runefelt suggests that the slowdown may impact ad revenue and affiliate earnings; however, he believes early‑stage creators who persist through bear markets can reap larger rewards when sentiment recovers.
• Investors: Low media engagement may imply weaker short‑term demand, prompting caution for speculative positions. Conversely, it could present buying opportunities for long‑term holders who view the dip as a temporary market correction.

Key Takeaways

• Viewership decline: Average crypto‑YouTube views have fallen from six‑figures in the 2021 bull run to the mid‑teens of thousands today.
• Correlation with market sentiment: The reduction aligns with Bitcoin’s stagnant price around $90 k and a prolonged altcoin downtrend.
• Multifactor analysis: Complementary metrics—Google Trends, on‑chain data, and social‑media chatter—support the notion of a subdued retail environment.
• Caution for interpretation: While useful, view counts are lagging indicators; they should be evaluated alongside more direct market data.
• Strategic outlook: Creators who continue producing content during a bear market may benefit from a “seed‑planting” effect, while investors might consider the lower engagement as a risk‑adjusted signal.

Carl Runefelt’s observation adds a fresh perspective to the suite of tools analysts use to gauge crypto cycles. As the market navigates a period of relative stagnation, watching how audience engagement evolves could offer early clues about the next phase—whether that be a resurgence or a prolonged correction.

Source: https://cointelegraph.com/magazine/crypto-market-bear-phase-youtube-views-influencers-carl-moon-runefelt-cointelegraph/?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound