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- Bitcoin’s spot demand dropped by 111,000 BTC in 30 days.
- Search and app interest hit bear market levels.
- Sentiment fell to “extreme fear” despite price stability.
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Bitcoin’s 2025 rally has broken multiple all-time highs — but retail investors seem to have lost their enthusiasm. Despite soaring prices, data shows that everyday traders are sitting on the sidelines, signaling a growing disconnect between Bitcoin’s price action and public sentiment.
Spot Demand and Search Interest Slide
According to CryptoQuant, Bitcoin’s spot demand — a key indicator of retail buying — has been shrinking rapidly. The firm reported a 30-day decline of roughly 111,000 BTC, marking the steepest contraction since April. Analysts described this as a “shift into bearish conditions,” suggesting retail investors are taking profits or avoiding new exposure.
The slowdown is also visible in public interest metrics. Google search data shows that global searches for “Bitcoin” have fallen to bear market levels, while Coinbase — once a leading app during market booms — now ranks 29th in the U.S. App Store’s finance category, down sharply from 3rd in January. Both indicators point to fading enthusiasm from casual investors.
Also Read: Bitcoin Bull Cycle Delayed: Analysts Predict Explosive Market Peak by 2026
Sentiment Drops to “Extreme Fear”
Friday’s sell-off, which wiped out over $20 billion in crypto liquidations, has further weakened sentiment. The Crypto Fear & Greed Index plunged from a “Greed” level of 71 to a “Fear” reading of 24 — its lowest since April. Similarly, CryptoQuant’s Unified Santiment Index now sits in the “extreme bearish” zone, reflecting widespread investor defensiveness and low participation.
“Investors are in a cautious, risk-off mode,” said analyst Axel Adler Jr., noting that the mood resembles previous market stress points despite Bitcoin’s relatively stable price near cycle highs.
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Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
