U.S. search activity for the term “bitcoin zero” has climbed to a record high, even as global interest in the phrase continues to decline.
Google Trends data shows that searches for “bitcoin zero” in the United States reached 100 on its relative interest scale in February. The surge came as bitcoin slid toward $60,000, extending a drawdown of more than 50% from its October all-time high.
Historically, sharp spikes in bearish search terms have coincided with periods of capitulation, sometimes marking local bottoms. Similar jumps in 2021 and 2022 occurred near cycle lows, strengthening the argument that extreme retail pessimism can act as a contrarian signal.
The global picture, however, is more subdued. Worldwide search interest for the same phrase peaked at 100 in August and has since fallen steadily, dropping to 38 this month. Rather than accelerating, global fear-driven searches have been fading.
This divergence suggests that the current panic may be more concentrated in the U.S. than broadly shared. Recent macro developments have largely centered on U.S.-specific themes — including tariff tensions, geopolitical strains involving Iran and a broader risk-off shift in domestic equities — potentially amplifying anxiety among American retail investors.
By contrast, market participants in Asia and Europe may be reacting within different economic and political contexts, softening the global search response.
There is also a technical nuance to consider. Google Trends does not report raw search volume. Instead, it assigns a relative score from 0 to 100, with 100 representing the highest level of interest for the selected time period.
That means a 100 reading today does not necessarily imply greater absolute search activity than in previous bear markets. Bitcoin’s user base and mainstream awareness have expanded significantly since 2021, raising the baseline level of attention.
In essence, U.S. retail fear appears elevated, but the classic interpretation that a spike in “bitcoin to zero” searches signals a market bottom may be less definitive when global interest is cooling. It may still serve as contrarian fuel — though not a guaranteed trigger for an immediate reversal.
