Bitcoin’s 50% decline from its October 2025 peak is colliding with a strong resurgence in U.S. search interest, creating a critical juncture for crypto ETFs as investors face a choice between bottom-fishing and escalating macro risks.
The cryptocurrency has fallen to the mid-$60,000s from its record high of $126,000, a decline that has wiped out approximately $2 trillion from the overall digital asset market. However, according to CryptoSlate’s analysis of Google Trends, U.S. Google search volume is rising toward levels not seen since the 2021 bubble, indicating a return of retail interest despite the challenging market conditions.
This cycle, however, comes with a twist.
ETFs Replace Exchanges As The Conviction Gauge
Unlike previous cycles, which were characterized by offshore exchanges, the current cycle sees U.S.-listed spot Bitcoin ETFs as the primary entry point for institutional and retail allocators. As such, ETF flows are the most up-to-date indicator of whether increased interest is being channeled into investment.
Macro risks have further clouded the outlook. Bitcoin surged more than 3% in anticipation of President Donald Trump’s State of the Union address before paring …