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Crypto investors are still rattled by uncertainty, even as Bitcoin maintains its bullish structure, according to LunarCrush CEO Joe Vezzani.

Speaking with TheStreet Roundtable’s Rob Nelson, Vezzani noted that despite Bitcoin’s resilience, sentiment in the market remains at its lowest levels since it hit $54,000.

“Sentiment is extremely low in the market right now on Bitcoin and then also on the rest of the altcoin market,” Vezzani said. He pointed out that many investors still react emotionally, buying when prices are high and selling in panic when prices drop. “I always tell people just have a rule of thumb to only buy on red days. You’re always going to do better.”

Vezzani explained that Bitcoin is still treated like a risk asset, moving in sync with macroeconomic factors such as interest rates and trade tariffs. “Bitcoin’s traded like a little bit of a beta as a big tech stock for a long time,” he said. “We wish it was this big asymmetric hedge on macro… but it’s not there yet.”

However, he sees a major shift coming. “We finally have regulatory tailwinds. Bitcoin now has never traded in a macro-positive and regulatory-positive environment. We will see that here in the next year,” Vezzani said, adding that institutional investors and sovereign wealth funds are already entering the space. “Retail’s going to be left behind if they’re not making a move right now.”

Kelly Kellam, CEO of BitLab Academy, noted the divide between Bitcoin’s strength and the altcoin market’s struggles. “89 out of the top 100 coins in the last 90 days are down,” he said. “Some are down 40%, 50%, even 70%, while Bitcoin is in a completely bullish structure.”

Despite the grim sentiment, Vezzani cautioned that crypto markets can move fast. “You could have three weeks of just an absolute tear in price, and you completely missed out,” he warned. His advice? “If you have capital left, it’s probably a good time to start DCA (dollar-cost averaging).”