Bitcoin's search volume on Google has often served as an indicator of public interest. Historically, a surge in Bitcoin searches usually coincided with Bitcoin price rallies, and vice versa. However, Bitwise CEO Hunter Horsley recently pointed out a notable phenomenon. The search volume for the keyword "Bitcoin" on Google has remained low for an extended period. Yet, Bitcoin’s price is still hovering around $90,000.
Bitcoin Search Volume Drops: A Sign of Shifting Market Dynamics
Google Trends data shows that Bitcoin search volume has dropped significantly compared to previous peak periods. Over the past year, public interest has fallen from nearly 75 points to around 25 points, with no clear signs of recovery. The Google Trends chart reveals that public interest gradually declined after spikes in search volume during 2017 and 2021, aligned with major Bitcoin bull runs. It has now been fluctuating at a low level for several years.
Meanwhile, Bitcoin’s price in 2025 has increased by 380% compared to its 2017 peak, and by 38% compared to its 2021 high.
Hunter Horsley emphasized that although Bitcoin’s price is soaring, the lack of public attention suggests that this rally is not driven by FOMO (fear of missing out) from retail investors. Instead, Horsley believes institutional investors are the primary force behind the current Bitcoin surge. "Bitcoin at $94,000, yet — Google searches for 'Bitcoin' near long-term lows. This hasn’t been retail driven. Institutions, advisors, corporates, and nations have come into the space," Hunter Horsley said.
The diversity of investors participating in Bitcoin has expanded significantly. This marks a new phase of maturity for the cryptocurrency market. It doesn’t mean retail investors have lost interest; they participate through institutional-grade investment products. Large institutions like BlackRock, Fidelity, and ARK Invest have actively entered the market through Bitcoin ETFs. These funds have attracted substantial capital flows indirectly sourced from retail investors through institutional channels.
"I think retail is already in. And big time IN. But they’re not buying spot. When people say it’s institutions (BlackRock, Fidelity, ARK, etc.) doing all the buying, it’s retail money that’s behind it all," one investor commented on X.
Recently, Fidelity reported that public companies added nearly 350,000 BTC after the US election. They have been purchasing over 30,000 BTC per month so far in 2025. In addition, ARK Invest predicts Bitcoin could reach $2.4 million by 2030, driven by institutional adoption.
Other Reasons Behind the Drop in Bitcoin Search Volume
Several other factors could explain the decline in Bitcoin search volume on Google Trends. First, Bitcoin (BTC) is no longer a novel concept. After more than a decade of existence, most people interested in crypto already possess basic knowledge. They no longer need to search for information about Bitcoin as frequently as before. Second, changes in information-seeking behavior also play a crucial role. Many users now turn to AI tools or social media platforms like X to get updates, rather than relying on Google searches.
In a related development, a Russian provincial governor has proposed a solution to Bitcoin mining-related energy shortages. Irkutsk Governor Igor Kobzev suggested that Bitcoin miners partner with oil firms to use associated gas for mining, addressing energy shortages and environmental issues.
Governor Kobzev suggested that crypto miners collaborate with oil and gas companies to build data centres powered by alternative fuels. The suggestion comes amidst mounting energy concerns, especially after the recent year-round ban on Bitcoin mining in southern Irkutsk. Governor Kobzev stated that the regional government supports Bitcoin mining but is committed to ensuring reliable electricity for residents and businesses.
He pointed out that mining operations should address the region’s electricity shortages. The government is ready to facilitate partnerships between miners and the oil and gas sectors. Russian companies like BitRiver and Gazprom Neft have already experimented with using associated gas to power crypto mining facilities.
The Ministry of Energy is reportedly considering additional regional mining bans due to the strain on electricity networks. Despite concerns, Governor Kobzev supports associated gas-powered mining, viewing it as a solution to reduce flaring and the environmental impact.
As the cryptocurrency landscape continues to evolve, these developments highlight the complex interplay between market dynamics, investor behavior, and regulatory considerations. With institutional players taking a more prominent role in Bitcoin's future, the narrative surrounding the cryptocurrency is shifting. The focus is no longer solely on retail enthusiasm but on broader economic factors and strategic partnerships that could redefine the industry.
In conclusion, as Bitcoin's price continues to rise despite low search interest, the market appears to be entering a new era characterized by institutional dominance and innovative solutions to energy challenges. The future of Bitcoin may depend more on how well it integrates with existing energy infrastructures and how it adapts to the changing landscape of investor engagement.
