- The latest data shows a significant decrease in the popularity of Bitcoin, especially in the last few years.
- Although BTC searches have been gradually increasing since the beginning of the year, search interest has not fully met the excitement of 2021-2022.
- After Bitcoin surpassed the $30,000 level, Bitcoin Miners continue to send significant amounts of BTC to exchanges.
While search volumes for Bitcoin continue to decline, Bitcoin miners are consistently selling BTC since the price exceeded $30,000.
Declining Volume of Bitcoin Searches
The latest data shows a significant decrease in the popularity of Bitcoin, especially in the last few years. When compared to Google searches related to artificial intelligence (AI), the volume of BTC searches is significantly lower.
Although BTC searches have been gradually increasing since the beginning of the year, search interest has not fully met the excitement of 2021-2022.
According to social dominance, Bitcoin’s presence in the social sphere has decreased from 30.74% to 16.8% in the past few weeks. Additionally, the sensitivity around Bitcoin has been consistently decreasing over the past month. This indicates that the number of negative comments about Bitcoin has surpassed positive comments.
In addition to the social aspect, miners are also not optimistic about holding Bitcoin. According to Glassnode’s data, after surpassing the psychologically important $30,000 level in spot price, Bitcoin Miners continue to send significant amounts of BTC to exchanges. Miners have transferred a total of $105 million worth of BTC to exchanges, making it the second-largest USD-denominated transfer recorded.
Miners Saying Goodbye to BTC
The continuous selling of BTC by miners puts downward pressure on the price of Bitcoin. The influx of BTC into exchanges increases the available supply for sale and can balance demand, which can lead to price decreases.
In addition, significant BTC transfers to exchanges by miners can contribute to increased volatility in the cryptocurrency market. Large sell orders can cause sudden price fluctuations. This can create uncertainty among traders and investors. The distrust shown by miners can further increase negative sentiment towards BTC in the social sphere.
Furthermore, there has been a significant decrease in the hash rate for miners. A lower hash rate indicates a decrease in the computational power needed to verify and add transactions to the Bitcoin blockchain. This decrease in computational requirements reduces energy and resource costs for miners and can increase revenue generation.
At the time of writing, Bitcoin is trading at $30,500. While the price has significantly increased in the past few weeks, resulting in increased volatility and trading activity for BTC, the number of BTC holders has slightly decreased.
