Google Trends data shows record search interest in the phrases “Bitcoin is dead” and “Bitcoin is going to zero.” The spike signals heightened retail fear as Bitcoin trades within the $64,000 to $70,000 price range and tests key levels during choppy sessions.
Search trends track attention, not trading volume. Market analysts use them as a retail sentiment gauge, then compare them with price action, fund flows, and derivatives positioning. Fernando Nikolic at Perception said retail search fear can lag media tone by about 10–14 days, which can make search spikes appear after a sell-off already starts.
Google Trends registered its strongest reading yet for “Bitcoin is dead,” alongside a surge in “Bitcoin is going to zero.” The pattern often appears during sharp drawdowns, when pessimistic narratives spread quickly across social platforms and retail investors seek confirmation of risk.
Bitcoin traded near $67,713 during the same period. The search spike does not set direction, but it shows how quickly retail sentiment can shift when volatility returns. Macro-driven risk sentiment has remained unstable in recent weeks, and that backdrop has increased sensitivity to large intraday moves.
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Santiment said bullish price calls have cooled across crypto social channels. It reported that calls for Bitcoin to reach $150,000 to $200,000, and even $50,000 to $100,000, have “dried up.” Santiment linked the shift to fewer hype-driven posts and weaker retail optimism, which can reduce short-term momentum narratives.
Santiment also said its social sentiment measure has moved from extreme bearishness toward neutral territory. It said neutral sentiment can reduce clarity for short-term positioning because traders receive mixed signals. Santiment also flagged softer network activity and described declines in indicators such as transaction volume, active addresses, and network growth.
Other gauges still show caution. The Crypto Fear & Greed Index has printed readings near 8, which falls in “Extreme Fear.” The combination of fading upside calls and extreme fear readings highlights the gap between reduced retail optimism and ongoing risk sensitivity.
US spot Bitcoin ETFs have recorded five consecutive weeks of net outflows totaling about $3.8 billion, based on SoSoValue flow data. Last week alone saw about $315.9 million in net outflows, which kept focus on institutional de-risking during macro uncertainty.
The largest weekly withdrawal in the five weeks occurred in the week ending Jan. 30, when net outflows reached about $1.49 billion. The outflow streak has kept attention on whether institutions continue to reduce exposure while retail sentiment remains fragile. At the same time, periodic inflow days have appeared, which suggests institutional sentiment is mixed.