As crypto markets go through difficult times, Google Trends data shows that there are notable changes in crypto-related search behavior during extended bear markets.
Although the price chart reflects a gloomy mood, a new wave of interest is quietly forming. This trend could lead to pivotal changes in the next cycle of the market.
Differences in individual investors’ sentiment towards the virtual currency market
Google Trends data shows that negative and extreme search terms are on the rise. Phrases like “Bitcoin to zero” and “Bitcoin is dead” are seeing record increases.
People who question the existence of Bitcoin indicate that they already have some awareness of the asset. But they don’t have enough experience with the market to understand how Bitcoin weathered past bear market cycles.
Experienced investors often compare the current situation with historical data. They observe that periods in which negative search trends peak at such high levels often signal the bottom of a potential cycle.
Investor NoName points out that these search queries are double what they were during the previous bear market. These are also higher than levels recorded during the COVID-19 period.
“Buy Bitcoin every time ‘Bitcoin is Dead’ trended! That would have made you incredibly profitable,” said investor Robin Thayer.
The website “Bitcoin Deaths” tracks how often traditional media channels declare “Bitcoin is dead.” According to the data, at least 467 such events have occurred.
If an investor bought $100 worth of Bitcoin every time such a declaration was made, that investor would have over $68 million in assets.
Unprecedented surge in searches for “What is Bitcoin?”
Comparing the negative keywords with the search term “What is Bitcoin” reveals another noteworthy point. This data reveals an unprecedented phenomenon in Bitcoin’s history.
Actual data shows that searches for this question are at an all-time high. The contrast between two search trends, one questioning the viability of Bitcoin and the other seeking basic knowledge, highlights the divided sentiment in February.
Unlike those who fear that Bitcoin will “go to zero,” those seeking this basic definition are often complete beginners. They typically have no prior knowledge or investment experience regarding the cryptocurrency market.
When compared directly to negative keywords, searches for “What is Bitcoin” perform significantly better?
During market downturns, many users rush to explore the most basic concepts. This development deserves careful consideration. This shows that Bitcoin still maintains strong appeal despite trading at a low price. We are also reaching people who have not previously shown interest in digital finance.
“Somewhere along the line, millions of people are discovering Bitcoin for the first time,” Binance said.
However, exploration activities do not necessarily lead to capital inflows. The proliferation of keywords “What is Bitcoin” could serve as an early indicator of the emergence of a whole new generation of novice retail investors.
