All Time Low
Bitcoin Searches Hit 5-Year Low, Traders See Bottom
Google searches for 'bitcoin' have dropped to a five-year low, coinciding with a 55% decline in Robinhood's crypto transaction revenue and a 38% drop in crypto trading volume on the platform. Non-empty bitcoin wallets have fallen by about 30,000 since October 16, interpreted as retail capitulation. The Crypto Fear and Greed Index is at 51, neutral, up from 48 the day before. Some traders see this as a sign of a bottom, with Galaxy's Alex Thorn arguing that the crowd's departure indicates a buying opportunity for larger players and a potential accumulation phase leading to future advances.