Key Insights: Bitcoin Sets New All-Time High, But Google Search Interest Remains Muted

Bitcoin set a new all-time high today, rising to $109,486 during the early U.S. session on Wednesday. This move surpasses the previous peak of $108,268 recorded in January

Bitcoin hit a new all-time high of $109,486 during the early U.S. session on Wednesday. This new peak surpasses the previous high of $108,268, which was reached in January around Donald Trump’s inauguration.

Bitcoin price has surged by more than 46% since April amid ongoing concerns over global trade tensions and potential U.S. tariffs.

Despite the sharp price move, search interest in Bitcoin has remained low in the U.S. and is still lagging. It is currently at 75 on Google Trends, which is still well below historical levels.

Bitcoin price vs Google Search Activity

While BTC price is setting new highs, online search interest in the U.S. isn’t following the same path.

Bitcoin’s current search interest on Google Trends is 30, which is still low compared to the 75 level it reached in late 2024. The previous high was hit when Bitcoin neared its record price at the time, and the sustained elevated volumes signaled strong public attention and likely strong retail engagement.

But according to Ben Schoelzel, a crypto analyst at CoinsDesk, Google Trends data over five years shows that the price and public curiosity are decoupling.

During past rallies, search spikes would coincide with new highs, signaling the role of retail traders in price movements.

However, today’s price rally is unfolding with far less visible retail interest. Despite Bitcoin now trading above its January peak, the sustained low level of search behavior suggests limited engagement from casual or first-time participants.

Some online communities have speculated that learning patterns may be shifting toward platforms like ChatGPT or Grok. But Sigel clarified that Google Trends measures the relative frequency of searches across the web, not the total volume of learning interest.

The decline in search activity isn’t simply because users are moving to new platforms. It also part of a broader trend affecting overall search behavior.

Crypto analyst: Sentiment shifts in response to market

Discussing the market trends, independent analyst CryptoCon pointed out recent shifts in sentiment in response to the unfolding market conditions.

He noted that many investors closed out their positions earlier this year amid warnings of a potential bear market or looming economic downturn.

With many narratives suggesting an impending recession or market crash, which never materialized, and Bitcoin continuing its ascent, CryptoCon explained that these widely circulated fears induced many holders to reduce their exposure as Bitcoin approached cycle lows.

Consequently, they may have missed the opportunity to capitalize on the subsequent rally to new highs. He highlighted that historical market patterns have once again asserted themselves, referencing previous cycles that began under similar circumstances.

While not providing specific price predictions, CryptoCon indicated that public perception has yet to fully catch up with the recent trends in the crypto market data.

This stark contrast between sentiment and performance underscores a broader disconnect between traditional market psychology and the ongoing price action.

As narratives rapidly shift from bearish to bullish, and past assumptions about the market’s directionality are quickly challenged, it highlights how quickly investing advice can become outdated in the dynamic landscape of crypto trading.

Glassnode: Logarithmic Milestones (Realized Cap)

Bitcoin’s price is rising, but its long-term capital inflow is slowing, according to Glassnode.

The crypto analytics firm’s “Logarithmic Milestones (Realized Cap)” chart shows the trend in BTC’s realized capitalization over the years. This measure indicates the value of each coin at its last on-chain transaction price, providing an estimation of the actual capital invested.

From early 2011 to February 2013, Bitcoin’s realized cap underwent a rapid ascent from $1 Million to $1 Billion. This exponential growth showcases the incredible speed of cryptocurrency adoption during its nascent stages.

By November 2013, it had reached $10 Billion. However, it took until May 2017 to hit $100 Billion, signaling a shift to slower accumulation.

According to Glassnode’s 2025 data, the metric is now nearing the $1 Trillion milestone. Notably, the time taken to progress from $100 Billion to $1 Trillion has spanned almost six years.

This deceleration in accumulation over time signifies that increasingly larger amounts of capital are needed to reach each successive milestone.

The flattening of the curve on the chart highlights Bitcoin’s transition from a speculative asset to a more stable, macroeconomic asset. This shift is marked by more consistent and sustained capital flows, reflecting its role as a store of value and a heating asset class.