Google searches for "Bitcoin" have plunged to a five-year low, coinciding with the cryptocurrency trading near $81,000, reflecting a significant cooldown in retail investor interest.
Historical data shows similar lows in September 2023 and September 2024, periods that coincided with local Bitcoin price bottoms, prompting some analysts to view this drop as a potentially positive signal.
Evidence of fading retail interest is widespread:
· Robinhood's crypto revenue plunged 55% year-over-year to $120 million in Q3.
· The number of Bitcoin wallets holding a balance has declined by roughly 30,000 since October 16.
Some analysts interpret this retail disinterest as a bullish signal, suggesting that selling pressure may be nearing exhaustion (capitulation), which often precedes a trend reversal.
However, a bottom remains unconfirmed, with $80,000 emerging as a critical support level as markets digest the Fed's rate decision and the upcoming midterm elections.