Bitwise CEO Explains Why Bitcoin Search Volume on Google Trends Has Dropped Sharply

Bitcoin search volume on Google has often served as an indicator of public interest. Historically, a surge in Bitcoin searches usually coincided with Bitcoin price rallies, and vice versa.

However, Bitwise CEO Hunter Horsley recently pointed out a notable phenomenon. The search volume for the keyword “Bitcoin” on Google has remained low for an extended period. Yet, Bitcoin’s price is still hovering around $90,000.

Bitcoin Search Volume Drops: A Sign of Shifting Market Dynamics

Google Trends data shows that Bitcoin search volume has dropped significantly compared to previous peak periods. Over the past year, public interest has fallen from nearly 75 points to around 25 points, with no clear signs of recovery.

The Google Trends chart reveals that public interest gradually declined after spikes in search volume during 2017 and 2021, aligned with major Bitcoin bull runs. It has now been fluctuating at a low level for several years.

Meanwhile, Bitcoin’s price in 2025 has increased by 380% compared to its 2017 peak, and by 38% compared to its 2021 high.

Bitcoin Search Volume. Source: Google Trends.

Hunter Horsley emphasized that although Bitcoin’s price is soaring, the lack of public attention suggests that this rally is not driven by FOMO (fear of missing out) from retail investors. Instead, Horsley believes institutional investors are the primary force behind the current Bitcoin surge.

“Bitcoin at $94,000, yet — Google searches for ‘Bitcoin’ near long-term lows. This hasn’t been retail driven. Institutions, advisors, corporates, and nations have come into the space,” Hunter Horsley said.

The diversity of investors participating in Bitcoin has expanded significantly. This marks a new phase of maturity for the cryptocurrency market. It doesn’t mean retail investors have lost interest; they participate through institutional-grade investment products.

Large institutions like BlackRock, Fidelity, and ARK Invest have actively entered the market through Bitcoin ETFs. These funds have attracted substantial capital flows indirectly sourced from retail investors through institutional channels.

“I think retail is already in. And big time IN. But they’re not buying spot. When people say it’s institutions (BlackRock, Fidelity, ARK, etc.) doing all the buying, it’s retail money that’s behind it all.” One investor commented on X

Recently, Fidelity reported that public companies added nearly 350,000 BTC after the US election. They have been purchasing over 30,000 BTC per month so far in 2025. In addition, ARK Invest predicts Bitcoin could reach $2.4 million by 2030, driven by institutional adoption.

Other Reasons Behind the Drop in Bitcoin Search Volume

Several other factors could explain the decline in Bitcoin search volume on Google Trends.

First, Bitcoin (BTC) is no longer a novel concept. After more than a decade of existence, most people interested in crypto already possess basic knowledge. They no longer need to search for information about Bitcoin as frequently as before.

Second, changes in information-seeking behavior also play a crucial role. Many users now turn to AI tools or social media platforms like X to get updates, rather than relying on Google searches.