Not only is the price of Bitcoin dropping since the beginning of the year, but the euphoria among retail investors has slipped to a three-year low too. Google Trends data shows that the inquisitiveness among investors for ‘Bitcoin Price’ with the valuations of the cryptocurrency market drying up by nearly 75% from its all-time high above $800 billion.
Google Trends report surely gives us an insight into how global investors have reacted to the changing fluctuations in the cryptocurrency market. If we see the cumulative data for the past five years, the search frequency for the Bitcoin price was almost flat from 2013 to the mid of 2017 with some minor spikes seen at a few intervals.
In May 2017, the curiousness among investors started to rise as Bitcoin proceeded to make its historic high of $20000 by the mid of December 2017. Google Trends data shows that the peak of the ‘Bitcoin Price’ searches was maximum during December 2017 and January 2018 with the world’s largest cryptocurrency getting a frenzied investor attention.
This was the time when investors were also looking into other factors like future price predictions for Bitcoins, rising prices, as well as return on investments (ROI). However, as profit-booking started in the mid of January 2018, crypto markets witnessed a dramatic downturn and so was the downfall in investor participation and interest.
Just in a month’s time by February 2018, the search frequency for Bitcoin price reduced to 50% from its peak. The search frequency was on a gradual slowdown until the periodic bull-run of June 2018 when the Bitcoin price climbed to $10000 and above. Post that, the frequency has again subdued and currently sinking to its three-year low since 2015.
As per the associated metrics of calculation, the frequency is currently lowest since July 2017 with a score of 7 out of 100, and further declining. As per the current downfall, the frequency is estimated to hit a low score of 2 out 100 which was last seen in 2015. At this point, any possibility of further Bitcoin rally seems to be very slim, as the cryptocurrency is currently holding around $6500 levels but continues to face a huge selling pressure.
Google Trends Data For HODL and REKT
The Google Trends Data for popular terms of HODL and REKT also shows some changing momentum. HODL is a popular term used in the crypto sphere to classify crypto investors having a long-term holding strategy refusing to sell-off their holdings over short-term price fluctuations. REKT, on the other hand, is a popular crypto term used to describe huge trading losses.
Google Trends data shows that there is a considerable drop in the number of HODLing. while at the other end the REKT frequency has been growing consistently. In fact, the REKt has overtaken the HODL frequency in July this year.
With multiple Bitcoin ETF rejections coming this month, the sentiment, among retails as well institutional players, has gone down significantly. The market witnessed a pronounced effect especially after SEC postponing the CBOE Bitcoin ETF decision to September end. Many crypto analysts have already said that there is little possibility of crypto ETFs coming to the market, anytime before 2019.