While Bitcoin (BTC) is very close to its all-time high (ATH), it’s noteworthy that search interest related to Bitcoin on Google Trends remains at a low level.
This level is comparable to the bear market period of 2022, when BTC was only trading around $16,000. The contrast between Bitcoin’s surging price and the public’s indifference is sparking debates within the crypto community.
Bitcoin Nears ATH But Search Volume at Record Lows
Bitcoin was trading around $106,000 at press time. However, Google Trends data shows that searches for the keyword “Bitcoin” have not risen correspondingly.
Notably, the search volume is equivalent to the 2022 bear market period when BTC was priced at around $16,000.
Search volume for Bitcoin on Google Trends. Source: Google Trends
This indicates that public interest in Bitcoin is currently very low, despite its value increasing more than sixfold since 2022. This is an unusual signal, as typically, when Bitcoin reaches new highs, attention from retail investors surges, often triggering a wave of FOMO.
Explaining this phenomenon, an X user suggested that retail investors seem largely uninterested in Bitcoin’s price surge. According to this user, Bitcoin’s price increase alone is not enough to spark FOMO. Only when the altcoin market explodes will “new blood” – retail investors – truly enter the market. This creates an opportunity for large institutions to sell off and transfer risk to new investors.
This perspective aligns with insights from Matrixport, which emphasized that medium- and long-term investors are the primary holders of Bitcoin. Meanwhile, retail investor participation remains very low.
The absence of retail investors could explain why Google Trends search volume hasn’t increased, even as Bitcoin nears its all-time high.
Besides, retail interest remains subdued compared to previous periods on Wikipedia as well. This indicates a lack of confidence and suggests that the market is not euphoric. Historically, whenever interest rates spike sharply, the market enters a state of euphoria, coinciding with price peaks.
Interest in Cryptocurrencies on Wikipedia. Source: Alphractal Calm Before the Storm or a Lack of Market Momentum?
Some voices in the crypto community view this phenomenon positively. X user The_Prophet_ argues that the current Google Trends chart represents the “silence before the detonation.” They suggest that the public’s indifference could be a sign of a larger price surge on the horizon.
This view is supported by X user SerSigma, who points out that Bitcoin’s volatility is currently at its lowest but won’t stay that way for long. According to this user, Bitcoin will continue to climb higher in the near future as the market begins to recognize its potential.
The lack of public interest, as reflected by Google Trends, could present both opportunities and risks for the Bitcoin market in 2025. On the positive side, the absence of retail investor participation means the market hasn’t been inflated by FOMO, helping Bitcoin avoid a price bubble like the one seen in 2021.
On the other hand, the lack of retail investors raises questions about the sustainability of the current rally. If Bitcoin continues to rise without widespread public participation, the market may lack the liquidity needed to maintain long-term growth.
This is particularly significant given that large institutions currently hold the majority of Bitcoin. Without “new blood” entering the market, institutions may struggle to sell at high prices, potentially leading to a sharp price correction in the future.
In the long term, Bitcoin is still expected to create significant market momentum. Many financial firms and major banks have issued optimistic forecasts for Bitcoin. Recently, HashKey Group predicted that BTC could surpass $300,000 in 2025.
