Buy Bitcoin Searches at 2-Year Low, Ethereum Merge Queries See ATH (Google Trends)
The demand and interest in bitcoin seem to be further fading among retail investors, at least according to data from Googe Trends.
At the same time, the searches for the upcoming Ethereum Merge event have skyrocketed to a new all-time high days before the blockchain’s transition to PoS.
No Searches for Bitcoin
Google trends data shows the behavior and interest of retail investors as they tend to inquire about certain investments on the world’s largest search engine. The rule of thumb is that when a particular asset is hot (usually meaning its price is soaring), more and more people are looking for it – an example evident amid the bull run in late 2020 and 2021.
When the asset cools off and lacks volatility, the trend changes. This has been the case in the past several months, as BTC lost over 50% of its value and then calmed around the $20,000 mark.
The “bitcoin” searches worldwide have declined to the lowest levels since December 2020 – just ahead of the bull market. At the same time, the “buy bitcoin” queries have plummeted to levels last seen over two years ago.
Entirely Different Story With Ethereum
While retail investors are showing little-to-no interest in the largest cryptocurrency, they seem quite determined to find out more about the second-biggest one, and especially the most important event in its history – the Merge.
As CryptoPotato explained before, the Merge will finalize the network’s transition from the energy-intensive proof of work consensus mechanism to proof of stake – regarded as more nature-friendly. The process is almost at its end as Ethereum prepares to complete it, perhaps in the following days.
Being compared to the Bitcoin halving by some, the Merge has had a profound effect on retail as the Google searches for “Ethereum Merge” have skyrocketed to a new all-time high.
This is somewhat expected, given its significance. Despite being regarded as a long-term positive move that should improve the network in several aspects, the billionaire Mark Cuban recently warned that the Merge could have a short-term “sell-the-news” type of impact.
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OhNoRipple via https://www.ohnocrypto.com/ @Jordan Lyanchev, @Khareem Sudlow
