Just remembered, the last time Google search trends lined up with Bitcoins price was during the bull run. Back then, Google searches were used to gauge peoples interest in investing. Recently, it was reported that searches for Bitcoin have dropped, yet the price is still bullish. Whats going on here? When we think of Google searches, its usually driven by regular folks.
It's true that google searches for Bitcoin have dropped but it's not a major reason why the price has gone up. The people's interest are still there but it's not a big information for everyone to look at the bull run based on this factor.
But with the price soaring, could it be that institutional investors are behind the bullish trend, while the general public hasnt jumped on the hype yet? Or maybe well soon see a surge in searches as people start to FOMO in?
They could be but one thing is, this is the normal cycle that we're having. Although we cannot deny that the institutional investors play a big part in this because of the bitcoin spot etfs. And if the price skyrockets, the bandwagon for the new interest will come for sure but don't expect too much from them.