Google Searches Are Not Following the Bull

Crypto prediction platform Kalshi highlighted via X (formerly Twitter) that “buy Bitcoin” searches are significantly lower than during the 2017 and 2021 bull runs.

Google Trends data for October 2025 shows the US search interest at 11, far below the December 2017 peak of 100 and February 2021 high of 45.

“We are still in the early stages.” — The Kobeissi Letter

Google clarifies that Trends data is based on a sample and excludes low-volume queries. Therefore, it may not fully capture actual user interest, especially as search behaviors evolve.

Market Growth vs. Retail Silence

Financial analysis newsletter The Kobeissi Letter describes this as a “crypto paradox”:

“The crypto market surpassed $4 trillion, yet 75% of investors have not invested in crypto at all.”

Data from The Block and CryptoPotato shows that the market expansion is largely driven by institutional investment, ETFs, and stablecoin volumes, while retail search interest lags behind. Some analysts interpret this as an early-stage institutional bull market.

A user on X commented:

“Even if only 0.05% of ChatGPT’s 2.5 billion daily messages are crypto-related, that equals 1.25 million Bitcoin queries. Google may now underreport actual interest.”

Changing Behavior: From Search to Engagement

Experts note that crypto investors increasingly seek information directly on platforms, via:

• Exchange dashboards and analysis pages

• AI tools like ChatGPT

• Social media communities (Telegram, Discord, Reddit)

Thus, terms like “buy Bitcoin” may no longer reflect true investment interest. More relevant searches include “BTC staking,” “ETH ETF,” or “stablecoin yield.”

What This Paradox Suggests

Even as the crypto market tops $4 trillion, low search interest indicates a market driven more by institutional capital and algorithmic strategies than retail hype.
The key question remains:

“Could this quiet be the early stage of a new bull run?”

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