Although the price of Bitcoin (BTC) is near a two-year high, retail interest and search activity have fallen back to bear market lows. According to Google Trends, searches for the word “bitcoin” are down about 80% since the week of the ETF’s approval.
Users Stopped Googling Bitcoin
BTC_Archive commented on search trends, comparing them with previous years. October and November 2020 saw a significant increase in Twitter activity, coinciding with BTC breaking $15,000. However, searches are now down 85% from the previous all-time high. A similar situation is observed with regard to Ethereum.
I see close to zero new interest in #Bitcoin from retail evident on X.
Engagement compared to the ETF approval week is down 80% and has returned to bear market levels again.
Despite this, a number of Bitcoin companies have reported booming January sales (by anecdote, without…
— Bitcoin Archive (@BTC_Archive) February 10, 2024
Posts and comments on Reddit are also at bear market lows. However, the Fear and Greed Index tells a different story: at the time of writing, the index sits at 70. The index was as high as 94 in December 2020, but has not returned to that level of extreme greed since.
No FOMO Until All-Time High
The VR Soldier experts generally agree that FOMO (fear of missing out) usually occurs at market peaks that are still a year away. Therefore, a price opening above $70,000 could be the trigger that causes the next wave of FOMO. Analyst Fred Krueger noted that in general, most Americans are not very interested in investing.
“They are only interested in it when they think they can make a lot of money quickly. A search for “stocks” etc. shows the same picture. It’s during parabolic moves that they get really interested.”
New Crypto Advertising Rules on Google
At the end of Jan, new rules for crypto advertising on the Google platform came into force. We are talking about easing restrictions. Now, so-called Cryptocurrency Coin Trusts targeting the United States can safely advertise their products and services as long as they meet Google’s requirements.
Let us remember that in the spring of 2018, Google altogether banned the placement of any advertising related to cryptocurrencies. Then, the reason was the increase in cases of crypto fraud. However, a month ago, the company leniently allowed the advertising of cryptocurrency ETFs. In order to promote stock investment products, advertisers will need to undergo a rigorous assessment against company standards.
Google also reminded advertisers to comply with the laws of the regions in which advertising is placed. Violation of the advertising policy will not lead to immediate blocking of the account used for promotion. Instead, advertisers will receive at least seven days’ notice of possible account suspension.
