Bitcoin, individual investor interest 'turns bearish'

Bitcoin (BTC) has hit multiple all-time highs this year, yet interest among individual investors remains cooled. Key indicators such as Google search volume and exchange app usage have all shown declines, and crypto market sentiment has returned to the 'Fear' stage.

On the 15th (local time), Cointelegraph reported that CryptoQuant, in a report, said "Spot demand for Bitcoin has declined sharply since last week," and "on a 30-day basis, apparent demand (Apparent Demand) is decreasing by an average of 110,000 BTC per day, which is the steepest decline since April." It said this is a signal of a full-blown shift to a bear market.

According to Google Trends data, the Bitcoin search index fell to 19 last week, similar to bear market levels in 2022~2023. Market analyst 'Mister Crypto' noted on X that "Bitcoin search volume has fallen to levels seen during bear markets," and asked, "Have individual investors given up on the market?"

Meanwhile, the Coinbase app's ranking in the U.S. App Store finance category fell from 3rd in January to 29th now. The peak of individual investor interest came in November 2024, when the Coinbase app ranking surged from 55th to 3rd in one month, and Google search volume also reached a two-year high.

CryptoQuant analyst Axel Adler Jr. said, "The Bitcoin Unified Sentiment Index has entered the 'extreme bearish' zone," and "investors have turned defensive, and participation and risk appetite have fallen markedly."