Bitcoin and crypto: Google searches fall to 5-year low

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Over five years, the Google Trends index for the word “bitcoin” in the world had never fallen below 21. This floor dated from the end of September 2023, in the middle of the bear market, when BTC was worth around $26,000.

The weeks of October 11 and 18, 2026, it shows 19. 100 on the scale corresponds to the peak of the period, the week of June 12, 2022. Celsius had then just frozen its customers' withdrawals.

In France, the dropout is more brutal. The “crypto” query was still worth 17 to 19 at the end of August on Google Trends. It has been at 6 since mid-October, its lowest level since 2021.

“Bitcoin” falls to 16, very close to its October 2023 low (14). Ethereum is near the bottom with an index of 2.

Purchasing intention follows the same slope. “Coinbase” searches hit their lowest in five years in France. Those of Binance too, with an obvious bias since the platform cut its services to the French on July 1 due to lack of MiCA approval. Its curve measures an exit from the French market, not a disenchantment.

Simple Google bug? No. Over the same period, “weather”, “stock market” or “ChatGPT” maintain a stable level in France. The disinterest targets crypto and it alone.

The market offers little reason to type “bitcoin” into a search bar. According to CoinGecko, BTC has closed between $80,000 and $86,600 every day since September 21.

It was priced at $80,000 this Monday, October 26 in the morning. That's 17% below the mid-January $96,900 and 36% above the $58,600 low hit on July 1.

The Norwegian broker K33 Research measures 28-day volatility close to its lowest levels of the year. Average spot volume tops out at $2.5 billion per day. Traders are waiting for two meetings: the Fed's decision on October 28, then the American mid-term elections on November 3.

The Crypto Fear & Greed Index shows 50 this Monday, right in the middle of the scale. It had fallen to 5 in February, in the midst of “extreme fear”.

ETFs are also hesitant. According to data from Farside, US spot bitcoin ETFs took in $526.7 million on October 19, including $665 million for BlackRock's IBIT. Three sessions later, they lost 635.6 million. From October 7 to 23, the net balance stood at $635 million in outflows.

The last comparable low on Google was in the fall of 2023. Bitcoin was then worth $26,000 and no one wanted to hear about it anymore.

Machine-translated from French