Bitcoin Google Search Interest Remain Low Despite $52K Price Increase

- Bitcoin hits more than $50,000 amid a bear market, but Google search interest remains historically low relative to its price.
- Analysis by Yassine Elmandjra of ARK Investment Management shows a significant correlation between Google search volume for Bitcoin and its price, with a notable surge in both during late 2017.
- In the Philippines, interest in Bitcoin surged during the rise of web3 gaming, particularly with Axie Infinity, but has since declined despite a rebound in Bitcoin’s price to $52,000.
After two years, Bitcoin, the leading cryptocurrency, has hit the $50,000 mark amid the ongoing bear market. However, Google search interest in Bitcoin remains historically low compared to its price, suggesting minimal retail interest in the subject.
Table of Contents
BTC to PHP
Low Search Interest, High Price
In an X post, Yassine Elmandjra, Director of Digital Assets at ARK Investment Management, presented metrics illustrating that Google search interest in Bitcoin remains significantly low in comparison to its price.
The first graph contrasts the Google search volume associated with Bitcoin (depicted by the purple line) with the real-time Bitcoin price (illustrated by the green line), spanning from 2015 to 2024. Particularly noteworthy is the significant increase in Google search volume around late 2017, coinciding with a surge in Bitcoin’s price, hinting at a potential correlation between search interest and price fluctuations.
Additionally, the second graph illustrates the Bitcoin Search Volume to Price Ratio also showing a substantial peak in the search volume to price ratio is observed around 2017, almost reaching a value of 1,000. After this peak, there is a gradual decrease with slight fluctuations, culminating in a consistent downward trend until 2024.
The interest peak in 2017, the bull run before 2021, possibly fueled by its remarkable price surge during that time. Conversely, the subsequent decline may indicate a decline in interest or a change in market sentiment.
Over the past five years in the Philippines, interest in Bitcoin surged during the emergence and popularity of web3 gaming, notably with Axie Infinity. However, this interest has since declined. Despite Bitcoin’s price rebounding to $52,000, current search interest remains relatively low in the country. Even during November 2021, when Bitcoinโs all-time high of $68,982.20, was recorded the search interest was low.

trend line doesn’t signify an absolute decrease in searches for a term but rather indicates a decrease in its popularity relative to other searches.
Bitcoin Futures Open Interest
On the other hand, CoinDesk reported that the combined value of Bitcoin’s dollar-denominated open futures and perpetual futures contracts has exceeded $21 billion, reaching levels not seen since November 2021.
The report cited CoinGlass, a cryptocurrency futures trading and information platform, noting that the notional open interest in Bitcoin futures contracts has surged to a 26-month high, with the current open interest in perpetual and standard futures surpassing $21 billion. This represents a 22% increase in open interest this year, nearing the previous record high of $24 billion observed in mid-November 2021.
The report emphasized that the resurgence of interest in leveraged products such as futures, coupled with a price increase, indicates an influx of new capital on the bullish side and validates the upward trend. However, leverage amplifies both gains and losses, so a significant increase in futures open interest is often seen as a precursor to price volatility.
Latest Bitcoin-related News
- [Bitcoin Price Analysis] $48K Breached โ BTC ETF & Halving Focused Analysis
- Bitcoinโs Slide Below $40K Amid FTX Liquidation and ETF Turmoil
- [Breaking News] SEC Approves Multiple Bitcoin Spot ETF
BitPinas Bitcoin Series
- Bitcoin Month: Origins and Key Milestones in Bitcoinโs History
- Bitcoin Pizza Day: The Story Behind the First-Ever Real-World BTC Transaction
- How to Buy and Store Bitcoin: A Step-by-Step Guide
- Bitcoin and the Lightning Network: An Introduction to Scalability Solutions
- Bitcoin in the Philippines: Adoption, Regulation, and Use Cases
- Understanding Bitcoin: What is it, How it Works, and Why it Matters
- Beginnerโs Guide: What is Bitcoin Exchange-Traded Funds?
- Bitcoin Halving Explained: How It Influences BTCโs Price
- How to Protect Your Bitcoin Assets from Fraud
- The Ultimate Guide to Bitcoin Books: Recommended Reads for Filipinos
This article is published on BitPinas:ย Bitcoin Price Peaks, Yet Google Searches Remain Surprisingly Low
Disclaimer:
- Before investing in any cryptocurrency, it is essential that you carry out your own due diligence and seek appropriate professional advice about your specific position before making any financial decisions.
- BitPinas provides content for informational purposes only and does not constitute investment advice. Your actions are solely your own responsibility. This website is not responsible for any losses you may incur, nor will it claim attribution for your gains.