Bitcoin Google Search Volume Fell to Its Lowest Level Since 2020
Retail interest in Bitcoin seems to be waning as Google search volumes plummeted to their lowest level in more than a year. Consistent with the lack of large-scale price changes in Bitcoin, Google’s search for the asset has fallen to its lowest level since the end of 2020.
In addition, the popular Bitcoin fear and greed index has stabilized in the “fear” region, although BTC has two days of recovery after a decline of less than $40000.
Retailers Lack Interest
It was reported yesterday the recent surge in whale activity against major cryptocurrencies. However, at least according to Google trend data, the demand of retail investors seems to have declined in the past few months.
The number of queries on the world’s largest search engine usually shows the behavior of small investors, who often arrive at the scene during the largest bull market. This was the case as early as the end of 2017, when BTC soared to its then peak of about $20000.
As the asset entered a year long bear market, the search disappeared. A similar situation occurred during last year’s price rise, when BTC rose sharply in April and later November, reaching a peak of $69000.
However, the cryptocurrency began to callback again, resulting in a decline of nearly 50% in about half a year. Somewhat surprisingly, Google’s trend data now shows that the search volume of “Bitcoin” has fallen sharply to the last low in December 2020.
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Fear Reappears Among Bitcoin Investors
Bitcoin fear and greed index estimates the general mood in the cryptocurrency community by studying various factors, such as price fluctuation, survey, BTC dominance, transaction volume, social media interaction, etc.
The final results are displayed based on 0-100, where 0 represents “extreme fear” and 100 represents “extreme greed”. As early as late March, when BTC moved towards the $50000 mark, the index entered an extremely greedy state for the first time since November. However, as the BTC began to cool down, even falling below $40000 in April, the index fell to extreme fear (yesterday).
Today, it shows only fear, because Bitcoin successfully resumed Monday’s callback and even touched the ath value of $42000 in January 2021.