• 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.

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 Bitcoin’s 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.

BitPinas Bitcoin Series

This article is published on BitPinas: Bitcoin Price Peaks, Yet Google Searches Remain Surprisingly Low

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