According to CoinDesk, data tracked by crypto research firm Delphi Digital suggests that the increased user base for popular crypto-focused YouTube channels has historically marked major price tops in bitcoin. The number of subscribers and hours spent per day watching these videos can be used as a sentiment indicator to gauge how the general populace feels about the crypto market and predict major market tops and bottoms.

Delphi research analyst, Priyansh Patel, stated that analyzing the relationship between the average weekly views and subscriber growth/decline of popular crypto-related YouTube channels can provide valuable insight into the market trend and the impact of retail participation. Retail investors often base their investment decisions on information disseminated through freely available sources like YouTube and blogs, making a pick up in viewership for these channels a contrary indicator.

Data tracked by Delphi shows that the weekly change in views and subscriber counts of popular channels like The Moon, BitBoy Crypto, DataDash, EllioTrades Crypto, and Ivan on Tech have historically mimicked the crypto boom-bust cycles. For example, the weekly gain in the subscriber count and viewership for "The Moon" and "Ivan on Tech" peaked in early 2021 as bitcoin reached its first significant high above $60,000 and quickly fell to $30,000.

Delphi also suggests that analysis of popular social media platforms can be as effective as YouTube viewership in predicting market trends. Patel noted that similar analysis can be performed on popular Twitter accounts, SubReddits, blogs, and podcasts, likely finding these trends being mimicked.