[Google “Bitcoin” search volume hits annual low]
While Bitcoin currently trades at $68,000, up 1% on the day and 11.30% over the past week, adding $130 billion to its market capitalization, Google search interest suggests the opposite.
According to Finbold Research, Bitcoin’s search interest fell to a new all-year low of 33, compared with 34 at the same time last year when the price was $28,700. From September 29 to October 19, the search popularity has remained at 33, showing that even though the price has increased, market attention has not grown simultaneously.
Experts pointed out that the rally may be mainly driven by institutional investors, with more participation from large institutions like BlackRock and less participation from retail investors, which may explain the decline in search interest. Institutional investors usually focus on long-term potential rather than short-term speculation, while retail investors may be waiting to see market dynamics, waiting for clearer signals before entering the market.
In addition, data from Binance shows that 58.23% of Bitcoin holders have begun shorting, indicating that some traders believe that the rally is near a peak and are preparing for a possible correction. The uncertain overall economic environment and regulatory risks have prompted traders to become more cautious.
Still, strong institutional demand and technicals suggest Bitcoin may have further growth potential, even as traders anticipate a pullback in the short term.
