Bitcoin’s Google Search Volume Flatlines—Where Are the Moonboys?

Retail investors aren’t biting—despite BTC hovering near all-time highs. No FOMO, no frenzy, just eerie quiet.

Meanwhile, Wall Street’s algo-traders keep stacking sats with the enthusiasm of a tax auditor. Maybe mom-and-pop investors finally learned a lesson after getting rekt in 2022.

Or perhaps they’re just waiting for CNBC to scream ’PARABOLIC’ before YOLO-ing in. History rhymes, after all.

Retail interest in Bitcoin gradually fades

There has been a decline in interest in Bitcoin-related search terms on the Google Search engine.

According to Google Trends, search interest in bitcoin has dropped to 37—one of the lowest points this year. Normally, one would expect interest to be higher given the current Bitcoin euphoria.

However, that is not the case.

A case in point is the sharp increase in search interest from 56 to 100 following the announcement of President Donald Trump’s victory in the 2024 election.

Source: Google Trends

This spike suggested that retail investors were actively searching for Bitcoin, likely with the intent to buy. In fact, Bitcoin witnessed a significant rally to new market highs as liquidity flooded in during that period.

When there is a drop in search interest like this, it implies that market liquidity is moving toward other assets.

Bitcoin dominance drops as reserves stall

The outflow of liquidity from Bitcoin is further confirmed by the decline in Bitcoin Dominance and Exchange Reserves.

The metric, which measures BTC’s market cap relative to the entire crypto market, has dropped from 64.4% on the 8th of May to 61% at press time.

This drop implies that capital is flowing into alternative assets.

Source: CoinMarketCap

At the same time, bitcoin exchange Reserves have seen a slight increase and have stalled around 2.44 million BTC held on centralized exchanges.

Source: CryptoQuant

This slight uptick and continued stagnation suggest that retail holders are gradually moving their Bitcoin back to exchanges, likely intending to sell.

Many are probably swapping their assets for stablecoins or other cryptocurrencies.

Where’s the market moving?

An analysis of overall ecosystem activity and the performance of top tokens shows that memecoins have attracted the most liquidity.

According to CoinMarketCap, the top-performing altcoins—cryptocurrencies other than Bitcoin—over the past 90 days have been primarily memecoins.

Source: CoinMarketCap

Four of the top 10 performing assets during this period are memecoins: Fartcoin [FARTCOIN], dogwifhat [WIF], Brett [BRETT], and Pepe [PEPE].

Further analysis shows that more memecoins are likely to join the ranks of the top-performing cryptocurrencies, as the sector’s momentum continues to tilt in their favor.

According to sector-specific performance metrics, Bitcoin and the broader Bitcoin ecosystem have dropped by -0.9% and -0.5%, respectively, over the past seven days.

In contrast, memecoins have rallied 11.4% in the same period.

Source: Artemis

If this trend continues, assets like Pudgy Penguins [PENGU] and Bonk [BONK], which are currently among the top 15 performers, could soon break into the top 10.