Bitcoin's Google Search Volume: A New Era in Cryptocurrency Investing
CEO of Bitwise Explains Unexpected Plunge in Bitcoin Searches on Google Trends
The world of Bitcoin and Google searches have been intertwined for a while, with public interest typically mirroring price movements. But things are shifting, and it's a sight to behold.
Historically, when Bitcoin starts soaring, Google search volume for the keyword "Bitcoin" escalates, too. However, as we speak, the price is hovering around $90,000, and guess what? Google searches for "Bitcoin" are at an all-time low.
The Quiet Rise of Bitcoin: No FOMO Here!
Data from Google Trends tells a compelling story. The search volume for "Bitcoin" has plummeted dramatically from its peak periods, with interest dipping from a staggering 75 points to a mere 25. And get this - there's no clear sign of recovery in sight.
The graph doesn't lie. It shows a steady decline in interest after the surges in search volume during 2017 and 2021, times when Bitcoin experienced some wild bull runs. Today, the graph is fluctuating at a minimal level, a stark contrast to its past highs.
Institutional Powerhouse: The Unseen Drivers of Bitcoin's Surge
Bitwise CEO, Hunter Horsley, has pointed out a fascinating trend. He believes that despite Bitcoin's skyrocketing price, the lack of public attention suggests this rally isn't driven by FOMO from retail investors. Instead, Horsley believes that it's the big guns - institutional investors - who are calling the shots.
"Bitcoin at $94,000, yet - Google searches for 'Bitcoin' near long-term lows. This hasn't been retail driven. Institutions, advisors, corporates, and nations have come into the space," Horsley commented.
The landscape of Bitcoin investors has expanded exponentially. This signals a new maturity phase for the cryptocurrency market, but it doesn't mean retail investors have lost interest. They're still in the game, just not directly. Their presence is felt indirectly through institutional-grade investment products.
Big names like BlackRock, Fidelity, and ARK Invest have jumped into the market through Bitcoin ETFs. These funds have attracted colossal capital inflows, some of which can be traced back to retail investors through institutional channels.
A Shift in Information-Seeking Behavior: Google Searches, Who Needs 'Em?
Bitcoin, after over a decade, is no longer a novel concept. Most potential investors already have a basic understanding of cryptocurrencies. With this newfound knowledge, the need to search for information about Bitcoin as frequently as before has reduced.
On top of that, more and more users are relying on AI tools and social media platforms like X for real-time updates, rather than turning to traditional Google searches. This change in behavior is reducing traditional search volume while maintaining the flow of information through alternative channels.
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Sources:
[1] BeInCrypto[2] Glassnode[3] Decrypt[4] Bitcoin Magazine[5] Cointelegraph
- Despite Bitcoin's price hovering around $90,000, Google searches for "Bitcoin" are at an all-time low, according to data from Google Trends.
- Bitcoin's search volume has plummeted dramatically from its peak periods, with interest dipping from a staggering 75 points to a mere 25.
- The graph shows a steady decline in interest after the surges in search volume during 2017 and 2021, times when Bitcoin experienced some wild bull runs.
- Bitwise CEO, Hunter Horsley, believes that Bitcoin's skyrocketing price isn't driven by FOMO from retail investors, but rather by institutional investors.
- Institutions like BlackRock, Fidelity, and ARK Invest have jumped into the market through Bitcoin ETFs, attracting colossal capital inflows.
- The landscape of Bitcoin investors has expanded exponentially, signaling a new maturity phase for the cryptocurrency market.
- With more and more users relying on AI tools and social media platforms for real-time updates, the traditional need to search for information about Bitcoin has reduced.
