Important points:
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Despite hitting an all-time high in 2025, Bitcoin retail interest rates are lagging.
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A decline in spot demand signals a “transition to bearish conditions.”
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Crypto market sentiment is also at bear market levels, reflecting caution and reduced investor participation.
Retail Bitcoin (BTC) investors are known to typically enter the market during periods of euphoria following strong rallies or new all-time highs. However, despite Bitcoin hitting multiple all-time highs in 2025, public interest and retail activity continues to lag.
Have individual investors “given up” on Bitcoin?
Spot demand for Bitcoin has shrunk over the past week, indicating waning retail interest, according to data from CryptoQuant.
The graph below shows that spot demand, as measured by the apparent demand metric, is decreasing at a 30-day rate of 111,000 BTC.
Related: Bitcoin needs new catalyst to avoid “deeper correction” — Analyst
Analysts at CryptoQuant said in their weekly crypto report that this is the “sharpest contraction since April,” adding:
“This signals a move towards a bearish situation.”
Coinciding with last Friday’s Bitcoin flash crash, Google’s global search interest for the term “Bitcoin” dropped to 19 searches, according to Google Trends.
“Bitcoin search interest on Google is at bear market levels,” trader Mr. Crypto wrote in an X post on Wednesday, asking:
“Has the retail industry given up on Bitcoin?”
Similarly, the Coinbase app currently ranks 29th within the financial category on the U.S. App Store, a significant drop from number 3 in January, according to data from The Block.
If mobile app rankings and Google search trends for “Bitcoin” serve as indicators of retailer interest, the last time demand peaked was in November 2024, when the Coinbase app jumped from #55 to #3 in less than 30 days. At the same time, search activity soared to its highest level in two years.
Cryptocurrency sentiment falls to six-month low
Cryptocurrency market sentiment also fell to its lowest level since April following Friday’s historic decline that resulted in more than $20 billion in liquidations on centralized exchanges.
The Crypto Fear & Greed Index, which measures overall market sentiment, fell to a “fear” level of 24 on Thursday, down 47 points from Friday’s “greed” reading of 71.
The index is currently at levels similar to those last seen in April, when Bitcoin fell to a low of $74,000. It also reflects the levels seen in the 2018 and 2022 bear markets, as shown in the chart below.
CryptoQuant author Axel Adler Jr. said the Bitcoin Unified Santiment Index is in an “extreme bearish” zone, indicating capitulation or panic among investors.
The index combines three factors to capture overall market sentiment. Fear & Greed Index (reflects macro mood and volatility), CoinGecko Up/Down Vote (reflects retail sentiment), and a rolling normalization layer that adjusts for both over a one-year window.
“Sentiment is currently in an extreme bearish zone similar to stress points seen in 2024 and April 2025, the analyst said, adding:
“This suggests that investors are on the defensive, with less participation and reduced risk appetite, even though Bitcoin prices remain relatively stable near cycle highs.”
However, the Coinbase Premium Index, another indicator of retail interest, has remained firmly positive during the recent drop due to liquidations, indicating near-term market resilience.
This article does not contain investment advice or recommendations. All investment and trading moves involve risk and readers should conduct their own research when making decisions.