Retail curiosity is rekindled as Google search volume for 'Bitcoin' and 'Ethereum' jumps

Google search volume for “Bitcoin” for the month of March 2025 stood at 34, its highest level so far in 2025.

Google search volumes are measured relative to a scale of 0 to 100, with 100 being the maximum from a given time period. 100 is the peak from December 2017. For reference, this figure stood at just 31 and 27 in January and February, respectively. This marks a 26% month-over-month relative increase in search volumes for "Bitcoin" and marks a shift in this metric’s consistent decline since November 2024.

Similarly, Google search volume for “Ethereum” in March also reached its highest level so far in 2025, with 19. This represents a minor increase from the previous month's score of 16. Like Bitcoin, Google search volumes for Ethereum are measured relative to a scale of 0 to 100, with 100 being the maximum from a given time period. In Ethereum’s case, 100 is the peak from May 2021.

While still far from prior cycle highs, March’s uptick in Google search interest for both Bitcoin and Ethereum could reflect a rekindling of retail curiosity, at least more than what has been displayed so far in 2025.

A broader theory for the uptick in Bitcoin interest during March could be the newly announced U.S. tariffs, which may have reignited the long-standing “digital gold” and “store of value” narrative often associated with Bitcoin, particularly during rising geopolitical or macroeconomic tension. This theory is backed by looking at the BTC to SPX ratio, which is up over 8% since the “liberation day” tariff announcement on April 2.

However, diving deeper into other assets, notably gold, shows that the “original” store of value remains the preferred asset during times of macroeconomic tension, as the gold to BTC ratio and the gold to SPX ratio, are up roughly 8% and 10%, respectively, since “Liberation Day.”

This is an excerpt from  The Block's Data & Insights newsletter . Dig into the numbers making up the industry's most thought-provoking trends.