Google Trends: ‘Crypto Is Dead’ Reaches Historic Search Record


According to Google Trends, the world’s largest search engine analytics tool, the phrase “crypto is dead” has just reached a search record (value 100). Interestingly, this phenomenon is correlated with a significant increase in the search for the phrase “Bitcoin”, which experienced a sharp increase from 19 to 51.

Last week we witnessed historic events in the cryptocurrency space that could lead investors to claim that “the cryptocurrency is dead.” For the first time, the price of Bitcoin (BTC) fell below its previous cycle peak of $ 20,000 in December 2017.

Prior to that, BTC fell below historical support on its 200-week moving average in the $ 22,400 area. In addition, the loss made by BTC investors in the 6-day period from June 13 to 18 was $ 19,121 million, reaching a new all-time high.

There has also been a wave of extremely low news from lending, exchange and cryptocurrency services companies. The shock to the market was the collapse of the Earth (LUNA) ecosystem last month. Other cryptocurrency companies have faced serious consequences for this event and the associated FUD.

Celsius, a U.S. cryptocurrency lender, froze its clients’ funds in response to the liquidity crisis. Three Arrows Capital (3AC), which offers money management, has experienced insolvency problems. Eventually, many exchanges and cryptographic industry leaders (Coinbase, Gemini, Crypto.com, BlockFi) began firing employees in anticipation of a long-term crisis.

“Crypto is dead” – isn’t it?

This strong negative sentiment is reflected in Google Trends data. According to this analysis tool, the phrase “crypto is dead” is experiencing an exponential increase in searches today and records its all-time high (ATH).

Google Trends crypto is dead search phrase

In the historical graph for the last 5 years, we see 3 periods in which the phrase “crypto is dead” established its previous ATH (red arrows). Of course, all have been correlated with the deep decline of Bitcoin, during which the major cryptocurrency has generated local or macro lows.

The first such situation occurred at the end of the previous bear market in December 2018. The second peak occurred during the sharp drops in the price of BTC after the previous ATH by $ 64,900 in April 2021. And the third occurred in early May 2022, when Bitcoin lost support at $ 38,000 and fell to the level of $ 27,000.

Thus, it can be concluded that the rise of the search phrase “crypto is dead” is a sign of extremely negative sentiment in the crypto market. However, in the long run, this indicator can be interpreted in reverse, as a signal of a BTC fund.

The standard interpretation of the famous index of fear and greed suggests the same. This macro market indicator has also spent many weeks recording an ultra-bearish sentiment of extreme fear. The index has been below level 20 since May 9th.

Annual graph of the fear and greed index / Source: alternative.me

“Bitcoin” is gaining popularity

Google Trends offers other interesting information in addition to the record-breaking phrase “crypto is dead”. It turns out that the phrase “Bitcoin” is also seeing a huge increase in searches in global statistics.

This is a rather surprising development, as usually a large increase in interest in the phrase “Bitcoin” was correlated with record prices for the largest cryptocurrency. With last week’s declines, search interest for the phrase “Bitcoin” rose sharply from 19 to 51.

Google Trends “Bitcoin” search phrase

Thus, it can be said that the current level of interest in BTC is half that of the end of 2017. At that time, Bitcoin was setting the aforementioned historical ATH of $ 20,000. According to Google Trends, this was also the ATH of the search for the phrase “Bitcoin”.

In the historical search box for this phrase, we see that there were two more periods of greater interest (red arrows). The first refers to the period of dynamic growth of BTC in January and February 2021, and the second to the declines after the historical ATH mentioned above in April 2021. In that case, the dynamic declines occurred in May 2021.

Google Trends gives us a dual picture of the health of the cryptocurrency market. On the one hand, it indicates that retail investors, despite the low price, are showing interest in Bitcoin. On the other hand, it shows, like the index of fear and greed, an extremely negative market sentiment. The phrase “cryptography is dead” is an iconic expression of this sentiment today, as the cryptocurrency market has “died” many times before.

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