Key Points:
Despite reaching an all-time high in 2025, retail interest in Bitcoin remains lagging.
The decline in spot demand indicates a "shift to bearish conditions."
Crypto market sentiment is also at bear market levels, reflecting caution and reduced investor participation.
Retail investors in Bitcoin (BTC) typically enter during market frenzy phases, especially after strong rallies or new highs. However, even with Bitcoin hitting new highs in 2025, public interest and retail activity are still lagging.
CryptoQuant data shows that retail interest weakened over the past week, leading to a continued contraction in Bitcoin spot demand.
The chart below shows that spot demand has decreased by 111,000 Bitcoins within 30 days, according to apparent demand indicators.
CryptoQuant analysts noted in the "Weekly Crypto Report" that this decline is "the most significant since April," adding:
Google Trends data shows that global search interest for "Bitcoin" dropped to 19 last week, coinciding with a flash crash in Bitcoin on Friday.
Trader Mister Crypto posted on the X platform on Wednesday, stating: "Bitcoin's search interest on Google is at bear market levels," and questioned:
Similarly, according to The Block, the Coinbase app is now ranked 29th in the financial category of the US App Store, a significant drop from 3rd place in January.
If mobile app rankings and Google search trends can serve as references for measuring retail interest, demand peaked in November 2024, when the Coinbase app jumped from 55th to 3rd place within 30 days, and search interest also reached a two-year high.
After a massive sell-off on Friday, crypto market sentiment has dropped to its lowest point since April, with over $20 billion in liquidations on centralized exchange contracts that day.
The Crypto Fear & Greed Index reflects overall market sentiment, falling to a "fear" level of 24 on Thursday, down 47 points from a "greed" reading of 71 on Friday.
The index is currently at levels comparable to when Bitcoin fell to $74,000 in April, similar to the bear markets of 2018 and 2022.
CryptoQuant author Axel Adler Jr. stated that the Bitcoin Santiment Unified Index is in the "extremely bearish" range, reflecting investor capitulation or panic.
This index combines three indicators to reflect overall market psychology: the Fear & Greed Index (reflecting macro sentiment and volatility), CoinGecko votes (reflecting retail sentiment), and a one-year rolling normalized layer for comprehensive psychological measurement.
Analysts indicate that sentiment is currently in an extremely bearish range, similar to pressure points in April 2024 and 2025, and added:
However, another measure of retail interest—the Coinbase Premium Index—remained positive during the large sell-off triggered by liquidations. This indicates that the market has short-term resilience.
Related: 95% of institutional Ethereum purchases occurred in the third quarter—could this be the start of an ETH supercycle?
Original: “Bitcoin (BTC) Retail Interest in Bear Market, Crypto Sentiment Turns to Fear”
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