Google searches for 'crypto' sink to near one-year lows…investor sentiment retreats to levels seen during Terra collapse

Global Google search interest for “crypto” is nearing its lowest level in a year, reflecting a broad pullback in investor sentiment across the digital-asset (cryptocurrency) market.

According to Google Trends cited by Cointelegraph on the 8th (local time), the global “crypto” search index currently stands at 30. That is far below the peak of 100 recorded in August last year, and close to the 12-month low of 24. At the time, the global cryptocurrency market capitalization topped $4.2 trillion, setting a record high.

Search volume in the United States showed a similar pattern. After hitting 100 in July last year, it plunged to 37 or below in January this year. However, it rebounded to 56 in the first week of February, somewhat diverging from the global trend. The year’s low in the U.S. was 32, recorded in April last year when markets slid sharply amid the fallout from President Donald Trump’s tariff policies.

Trading indicators also point to a contraction. Total digital-asset trading volume tracked by CoinMarketCap fell from a peak of $153 billion on Jan. 14 to around $87.5 billion recently.

Google search volume is a widely used gauge of investor sentiment and has moved in step with other sentiment measures such as the Fear & Greed Index. The Crypto Fear & Greed Index fell to a record low of 5 last week before edging up to 8, but it remains in the “extreme fear” zone.

Some observers say current sentiment is comparable to the period immediately after the 2022 Terra-Luna crisis. Terra’s collapse at the time triggered cascading liquidations and served as a starting signal for a prolonged bear market.

On-chain analytics firm Santiment said: “Collective investor sentiment is heavily skewed to the downside. The ratio of positive to negative mentions has plunged, and negative commentary has reached its highest level since December last year.”