Bitcoin (BTC) search interest has dropped to bear market lows. According to data from Google Trends (GT), search interest for “Bitcoin” is down to 31 on October 12th compared to 76 out of 100 during the Bitcoin ETF approval week.
This occurs as BTC recovers and manages to stage an impressive rally. It peaked at around $63,400 earlier today.
Bitcoin’s search interest declines amid diminished retail enthusiasm
Bitcoin search interest peaked at 100 at the beginning of March, and its price reached an all-time high in 2024, as values exceeded over $73,000. That particular price hike was connected to the approval of Bitcoin ETFs in the United States.
Retail enthusiasm appears to be waning, as evidenced by Google Trends data, which shows tepid interest. According to worldwide year-to-date (YTD) statistics, the search term “Bitcoin” scored 31 out of 100 this week. That’s a 59.2% decrease from the first week of 2024 when the search interest was 76.
Source: Year-to-date Google Trends data on the web search “Bitcoin.”
According to YTD data on Google Trends, Nigeria leads the world in interest for the search term “Bitcoin,” with a perfect score of 100. El Salvador follows closely with a score of 80, while Switzerland, Slovenia, and Austria round out the top five. Still, the broader global outlook is not very good.
The drop in search interest indicates a shift in public perception. While certain countries remain interested, the overall diminishing interest may signal a maturing industry or the need for new catalysts to reinvigorate general enthusiasm. This pause in attention may portend more temperate activity from market players in the future.
What happened to BTC’s “Uptober”?
Despite being 12 days into October, a month known for soaring cryptocurrency values in the past, the price of the leading asset is struggling. Bitcoin has settled into an unusually calm period, as traders remain on the sidelines awaiting the outcome of the upcoming US election.
Its price movement has disappointed many in the crypto community since the asset class has historically performed well in October, earning the nickname “Uptober.”
The leading crypto’s price fell below $60,000 per coin Thursday afternoon, New York time, momentarily dropping below $59,000.
According to CoinGecko, BTC is presently significantly lower than its all-time high achieved in March. Early this month, it appeared to be rapidly approaching $64,000 per coin, having remained above $60,000 for the last three weeks. However, that has not materialized.