Bitcoin Google Searches Down
Following bitcoin’s absence of dramatic price changes, the amount of Google searches for the asset has dropped to its lowest level since late 2020.
Separately, despite BTC’s two-day recovery from the sub-$40,000 fall, the popular Bitcoin Fear and Greed index has settled in “fear” territory, according to a recent surge in whale activity towards the principal cryptocurrency. However, according to Google Trends data, interest from ordinary investors has decreased in recent months.
The volume of searches on the world’s largest search engine often reflects the behavior of smaller investors, who typically emerge on the scene during the most significant bull runs.
It was the situation in late 2017 when BTC reached an all-time high of almost $20,000.
The searches vanished as the asset entered a year-long down market. Similarly, with last year’s price hikes, BTC went on a tear in April and November, eventually topping at $69,000.
However, the cryptocurrency began retracing once more, resulting in a near-50 percent drop in nearly half a year. Google Trends data reveals that “Bitcoin” searches have plunged to lows last seen in December 2020, which is entirely predictable.
The Bitcoin Fear and Greed Index gauges general attitude in the cryptocurrency community by analyzing various indicators such as price volatility, surveys, BTC dominance, trading volume, social media interactions, and so on.
Its final results display on a scale of 0 to 100; zero represents “extreme fear” and 100 represents “extreme greed.”
When Bitcoin was approaching $50,000 in late March, the metric entered acute greed for the first time since November. However, as BTC began to cool and even fell below $40,000 in April, the Index plummeted to acute anxiety. Today, it only reflects concern, as bitcoin recovered from the Monday retracement and reached the January 2021 ATH of $42,000.