On Google Trends, the score for the search term “bitcoin” has fallen to a 12-month low, suggesting a decline in interest among the general public. Let’s take a closer look.
The search term “bitcoin” collapses on Google Trends
In recent weeks, the price of Bitcoin (BTC) has struggled to find a clear direction. Although we have seen a 2.7% decline over the past 24 hours, the asset is still trading at $112,400 at the time of writing, down 9.3% from its all-time high (ATH) of over $124,000 on August 14.
In this context of relatively low volatility, public interest now seems to be waning, as the search term “bitcoin” is achieving its lowest weekly score in the last 12 months, namely 23:
Furthermore, over a five-year period, the same query achieved a score of 16, a level not seen since October 2023. As a reminder, scores for a given period are calculated in relation to the highest score for a given week. The week that reaches the maximum number of searches for the query studied is then assigned a score of 100, against which all other weeks are compared.
While we were talking earlier about the BTC range, it may be interesting to compare the price curve with the Google Trends score for the query “bitcoin.” When we do this, we can see a certain correlation in terms of the upward and downward turns of each curve, but the proportions are quite different. For example, while last year the popularity of this query was similar to what it is today, the price of BTC rose by more than 70%:
Over the five-year period mentioned above, it should also be noted that the highest score was achieved in May 2021. This may support an observation we have made several times in the past, namely that the current bull run is mainly driven by institutional investors rather than new entrants.
As such, it is actually more likely that a novice will search for “bitcoin” on the web to find out more than someone who is already more experienced and has some knowledge of the subject.
To support this idea, we can look at the creation of new Bitcoin addresses. While this is not exclusive to new entrants to the market, it is nevertheless clear that the graph illustrating the weekly number of new addresses on the network correlates closely with that of the “bitcoin” query on Google Trends:
In the future, we will be able to analyze this data again to see if today’s findings persist.
