Searches for the term "cryptocurrencies" on Google remain close to the annual minimum. This is a signal that retail interest has clearly weakened - and historically, such moments often occurred during periods when the market was on the defensive.
The global Google Trends index for the phrase "cryptocurrencies" is around 30/100 (where 100 is the peak popularity, last reached in August 2025). The lowest reading in the last 12 months is 24. In the USA, the picture is similar: after a peak of 100 in July, it was around 37 in January, and the annual minimum is 32 (during the April crash of 2025).
The market backdrop is also bleak. The Fear and Greed Index fell to historically low levels (to 5 on Thursday, rebounded to 8 on Sunday), which still indicates 'extreme fear.' Santiment notes that the number of negative comments is increasing and investors are desperately looking for signals that the market is already close to the bottom.
The declines could largely be driven by outflows from ETFs and the liquidation of large positions, triggering a cascading reduction in leverage