The crypto space has become eerily quiet. A couple of months ago, the entire world was talking about crypto… but for all of the wrong reasons. Before that, crypto was in a roaring bull market that sparked the interest of even the most staunch critics. Then everything ground to a halt.
Google has a feature called “Google Trends” that allows you to type in a word and see insights on the popularity of that term over time.
Here are the numbers.
Bitcoin - The last time we saw Google searches for “Bitcoin” this low was early December, 2020.
Crypto - The last time we saw Google searches for “crypto" this low was early July, 2021
Ethereum - Ethereum is massively trending down since May of 2021, but searches for “Ethereum” are up very slightly right now in the short term.
Ethereum merge - All-time high.
NFT - The last time we saw Google searches for “NFT” this low was in late August, 2021.
Metaverse - The last time we saw Google searches for “metaverse” this low was early November, 2021.
Coinbase - Sharp decline from early 2021.
Inflation - At a 5-year high.
Dollar - Basically a 5-year high.
Interest Rate - Basically a 5-year high.
Bonds - Sideways for the past 18 years with a small increase this year.
Stocks - Sideways for 1+ years, trending slightly down from January, 2021.
S&P - Sideways since March, 2020.
Nasdaq - Sideways for the past two years.
Dow - Sideways since March, 2020.
From what I gathered, crypto is a ghost town and interest in stocks and bonds is flat. Concerns around inflation, the dollar, and interest rates are still very real.
Ethereum is an interesting case study. Everyone in our little bubble is talking about it, but the world clearly doesn’t care. Judging by global interest, Ethereum is almost meaningless.
The phrase “Ethereum merge” is up dramatically, but the word surrounds a specific event that is imminent, so this is a misleading data point. Google Trends compares interest over time, not total interest. It’s all relative.
If you were looking for evidence that we are “still early” and that crypto is still a very small bubble, then Google Trends should be all of the confirmation that you need. It is also quite easy to find confluence for this trend. Crypto Twitter activity is at bear market lows, new signups for exchanges have cratered, crypto quarterly reports are showing losses, and prices… well, we all know how that has gone.
It’s difficult to say what the current price bounce off of the bottom means, but it certainly isn’t a definitive reversal based by new interest in the space. Metrics are still in the dumps. There is no real evidence to indicate that we are at the beginning of a bull market. For now, we have a bear market rally and likely need a strong catalyst or macro clarity to expect prices to rise dramatically. Personally, I’m staying neutral and continuing to dollar-cost average.
The interest will eventually return. It always does. That makes now a great time to accumulate for the patient.