spot_imgspot_imgspot_img

Volume of Bitcoin Searches Declines: Is Interest in BTC Decreasing?

  • 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

Bitcoin (BTC) (36)

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.

bitcoin-search

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.

bitcoin-social-dominance

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.

bitcoin-miners-to-exchanges

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.

bitcoin-hash-rate-adjustment-percent-change

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.

bitcoin-holders

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news

spot_imgspot_imgspot_imgspot_img

Latest News

Bitcoin Profitability Soars to 97%, Highest in Over Two Years

Bitcoin's remarkable price surge has propelled the majority of BTC addresses into a profit zone not seen in over two years, highlighting the cryptocurrency's strong market performance and promising future.

Morgan Stanley Eyes Bitcoin ETFs for Indirect Crypto Exposure

Morgan Stanley's recent SEC filing to gain Bitcoin exposure through ETFs marks a significant step towards integrating cryptocurrencies into traditional investment portfolios, potentially boosting the adoption and price of Bitcoin.

Bitcoin ETF Surge: BlackRock and Fidelity Lead with 79% of Inflows into the ‘Newborn Nine’

This article delves into the explosive growth of Bitcoin ETFs, highlighting the market dominance of BlackRock and Fidelity, the impact of fee reductions among competitors, and the broader implications for the cryptocurrency investment landscape.

Bitcoin, The 21st Century’s Berkshire Hathaway, Says SkyBridge’s Scaramucci

In a bold statement, Anthony Scaramucci of SkyBridge Capital compares Bitcoin to Berkshire Hathaway, suggesting that the cryptocurrency holds significant long-term value and wealth generation potential akin to the conglomerate led by Warren Buffett.

XRP Token Burning Hits Record High as Prices Surge!

In an intriguing development, the XRP Ledger has experienced an abnormal spike in token burning, coinciding with a robust rally in XRP prices, reflecting heightened activity and interest in the cryptocurrency.
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Ethereum Breaks $3K as Rally Continues: What’s Next for ETH?

This article dives into Ethereum's recent surge past $3,000, analyzing the technical indicators and market dynamics driving its ascent and future prospects.

Will Bitcoin Rise To $50,000? Current BTC Analysis

Bitcoin is trading at $48,400 and may rise to $50,777 if it closes above $48,200. However, caution is advised in the range of $50,777 - $52,000. Corrections are common in the crypto market, so careful consideration is necessary before spot investments.

Where is the Solana Rise Target? Current SOL Analysis!

Solana is trading near the $108 resistance on the 8-hour chart, with a potential target of $111.84 if it surpasses this level. However, caution is advised in the $111.84 - $117.20 resistance range on the 6-hour timeframe.

Medium Term Ethereum Technical Analysis! What Awaits Its Investors?

When examining the medium-term technical chart of Ethereum, strong buying pressure is observed, pushing the price up from the $2139 support to the $2350 region. However, for the price to sustain its upward movement, it needs to surpass the $2407 resistance.

Can Bitcoin Fall To $35,000 Levels? Current BTC Analysis

When examining Bitcoin's 5-day technical chart, the analysis from January 18 is ongoing, indicating a continued downward movement from the $48,189 level. Bitcoin needs to close 5-day candles above the $44,200 resistance to gain momentum for an upward trend. 
Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
spot_imgspot_imgspot_imgspot_img

Bitcoin Profitability Soars to 97%, Highest in Over Two Years

Bitcoin's remarkable price surge has propelled the majority of BTC addresses into a profit zone not seen in over two years, highlighting the cryptocurrency's strong market performance and promising future.

Morgan Stanley Eyes Bitcoin ETFs for Indirect Crypto Exposure

Morgan Stanley's recent SEC filing to gain Bitcoin exposure through ETFs marks a significant step towards integrating cryptocurrencies into traditional investment portfolios, potentially boosting the adoption and price of Bitcoin.

Bitcoin ETF Surge: BlackRock and Fidelity Lead with 79% of Inflows into the ‘Newborn Nine’

This article delves into the explosive growth of Bitcoin ETFs, highlighting the market dominance of BlackRock and Fidelity, the impact of fee reductions among competitors, and the broader implications for the cryptocurrency investment landscape.