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Coin Metrics, Social Market Analytics team up to provide crypto Twitter sentiment data

Wed, 19 Jun 2019, 04:16 am UTC

Crypto analytics company Coin Metrics is working with Social Market Analytics (SMA) to incorporate feed of real-time sentiments toward cryptocurrency based on data from social networking sites.

As per a press release, the new collaboration will see data posted by crypto communities on social media being collected and analyzed, with the aim of providing a new tool that will help crypto traders build their portfolio strategies by tracking social media sentiment data.

As the crypto investing market continues to mature, institutional investors are demanding data from trusted partners. These institutions are looking to make data-driven decision by accessing sources of data that they understand from their legacy investing frameworks,” Coin Metrics CEO Tim Rice said.

The forthcoming product will initially focus on sentiment data from microblogging site Twitter, Cointelegraph confirmed from Rice, adding that they are not considering Facebook as of the moment.

The product, called the SMA cryptocurrency Sentiment Feed, will be integrated by Coin Metrics into the market data platform that will offer calculated Twitter metrics data. The calculation algorithm will not only cover relevant tweets but also calculate “19 different aggregate sentiment metrics down to snapshots of one minute,” Rice told The Block.

The feed will also eliminate bad bots or Twitter chaos using an in-house build proprietary phrase and word dictionary.

We believe that the power of combining sentiment data with granular network and market data is fundamental to building a deeper understanding of crypto assets,” he added.

Noting that there is already an increasing interest of quant-based crypto funds, Rice believes the inclusion of Twitter sentiment data will help lure users into the platform.

The news follows after Coin Metrics recently announced the acquisition of crypto-asset index provider Bletchley Indexes, which will be rebranded to Coin Metrics Bletchley Indexes (CMBI) and rolled out in the coming months.

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