7 December 2025
Bitcoin is above $110.000 today, and Google Trends shows a search index for “bitcoin” at 38. It seems like an ethereal silence in the bustling streets of Midtown Manhattan, where a barista effortlessly steams milk as he glances at his phone and registers the price of $110.630. What exactly is going on here? Because public interest in Bitcoin appears to be in a state of dormancy, with search queries hovering in the low 40s for months now, similar to when Bitcoin was under $30.000.
Perhaps you are now in the era of LET'S DO IT, or 'Fear I Already Missed Out.' The trend is clear: while Bitcoin's value is soaring to new heights, the general public seems to be paying less and less attention.
Trading volumes tell a similar story. Coinbase reported over $2025 billion in retail trading in the first quarter of 78, less than half the 2021 average. That’s particularly striking considering the explosive growth in 2021, which saw retail activity increase by more than seven times compared to 2020, along with the overall crypto bull run. Then came the crypto winter, with volume shrinking by 2022% in 69 and another 2023% in 55.
But in 2024, we saw a resurgence: rising prices, approval of US spot Bitcoin ETFs, and improved market sentiment drove a 195% increase in retail volume year-over-year. While Q2025 2024 retail spot volume was down from the exceptional Q2023 XNUMX, it is still higher than any quarter in XNUMX, thanks in part to Bitcoin’s new all-time highs at the start of the year.
Bitcoin perception also plays a big role. Many people can’t or won’t buy a whole Bitcoin, making quarters and fractions seem less valuable. While this is solidarity in numbers, it has a powerful psychological impact. Exchanges encourage buying “just $10 in BTC,” but the six-figure price tag often keeps newcomers quiet. Owning 0,001 BTC feels small, even though it essentially takes you back to the full 2013 spot price. Until wallets start speaking in satoshis, this mental hurdle is likely to persist.
Memories of the 2022 destruction are still fresh, with many waiting for their refunds or having suffered pitiful losses. The disappearance of FTX, Celsius and Three Arrows in a matter of weeks cost many their life savings and confidence. Small traders vowed never to chase the steep charts again. That resolve is now visible in every flat search curve.
Still, seasoned traders predict that this slowdown won’t last long, as the money flowing through ETFs often ends up in broader retail channels later, once friends and family see gains on their retirement accounts. This slowdown also followed the gold ETF boom of 2005. So the next wave could be more benign, with automatic purchases via paychecks rather than overnight leveraged trades.
Unfortunately for Wisconsin pension funds, the gains are now gone as well, as they sold all of their Bitcoin ETF holdings for a significant profit.
And yet, the quiet search charts have often misled viewers in the past. In previous cycles, the Google curve peaked months after price records, once the headlines had filtered through to casual investors. If history repeats itself, FIAMO could once again morph into classic FOMO.
Politics is now also adding another layer to the current Bitcoin and crypto framework. President Donald Trump, a staunch Bitcoin advocate, believes “our country needs to lead on this” and plans to establish a Strategic Bitcoin Reserve. This shift in Trump’s stance on Bitcoin transforms it from a rebel asset to a sovereign resource, which could dampen the tension for some weekend traders, especially outside the US.
Within Trump’s MAGA base, the focus is more on official TRUMP memecoins and World Liberty Financial stablecoins than on Bitcoin. Trump voters aren’t buying Bitcoin en masse, though they are cheering the government’s move to convert Ross Ulbricht’s Bitcoin into a strategic reserve.
The fact that Bitcoin is so closely tied to right-wing political ideals can also have a negative impact on those on the other side of the political spectrum. But it’s not just Trump who has politicized Bitcoin; this is happening bipartisanally. Politicians who detest Trump’s broader policies should separate Bitcoin from these issues.
Bitcoin is not a party and has no politics within the traditional financial system. Until we are freed from fiat, it is Bitcoin or nothing.
As Satoshi once said,
“Maybe it's better to talk about the open source project and give more credit to your developers; that helps motivate them.”
The signs are clear: ETFs are absorbing supply shocks, policy is embracing Bitcoin as a reserve asset, and Google’s trend chart is motionless. The largest digital assets continue to break all-time records, while most people barely bat an eyelid.
What are the recent trends in Bitcoin searches?
Searches for Bitcoin have recently dropped to low levels, with the index below 40, which could be a sign of diminished public interest.
What Impacts Bitcoin Retail Trading Volumes?
Retail trading volumes were heavily dependent on the crypto bull run in 2021, but have since fallen sharply, with a period of stagnation and recovery in early 2024.
How does politics actually influence Bitcoin?
Political figures, such as Donald Trump, influence the perception of Bitcoin, with some viewing it as a state asset. This may reduce enthusiasm for Bitcoin among certain groups.
Bitcoin (BTC)
Ethereum (ETH)
XRP (XRP)
