"Bitcoin is dead" Google searches surge…investor fear hits extremes

Doohyun Hwang

Summary

Google Trends data showed sharp increases in searches for "Bitcoin is dead," "Crypto is dead," and "Bitcoin going to zero."
The surge in negative keywords was described as a typical "market sentiment indicator," seen as closely tied to phases of "price corrections" or "market panic."
With a pattern similar to the "FTX episode" re-emerging, Bitcoin rebounded as uncertainty eased, breaking above $68,000 before trading around the $67,700 level.

According to an analysis of Google Trends data on the 21st, searches for the phrase "Bitcoin is dead" have surged compared with January, reaching their highest level since last December. Searches for "Crypto is dead" and "Bitcoin going to zero" also jumped sharply.

This spike in searches for negative keywords is interpreted as a classic "market sentiment indicator." Phrases such as "Bitcoin going to zero" are generally not seen in a bull market with an upward trend. Instead, they are viewed as closely associated with periods of meaningful price corrections or times when market panic among investors peaks.

In fact, similar patterns were observed immediately after major black swan events (phenomena in which something that seems unlikely to happen actually occurs) that previously rocked the crypto market. During the recent FTX episode as well, Bitcoin skepticism spread and related negative searches surged explosively.

Meanwhile, Bitcoin rebounded on the day as some uncertainty eased after the U.S. Supreme Court ruled that President Donald Trump’s reciprocal tariff policy was unlawful. On the Binance Tether (USDT) market, Bitcoin topped $68,000 intraday before paring some gains, and is currently trading in the $67,700 range.

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