Demand and interest in bitcoin appears to be waning further among retail investors, at least according to Google Trends data.
Meanwhile, searches for the upcoming Ethereum Merge event soared to an all-time high days before the blockchain moved to PoS.
No searches for Bitcoin
Google trend data shows the behavior and interest of private investors as they tend to inquire about certain investments in the world’s largest search engine. The rule of thumb is that when an asset is hot (usually that means the price is going up) more and more people are looking for it – a clear example in the midst of an uptrend in late 2020 and 2021.
When the asset cools down and lacks volatility, the trend changes. This has been the case in the past few months, as BTC lost more than 50% of its value and then settled around the $20,000 mark.
Searches for “Bitcoin” around the world have fallen to their lowest levels since December 2020 – just before the bull market. Meanwhile, “buy bitcoin” inquiries have fallen back to levels last seen over two years ago.
A completely different story with Ethereum
Although individual investors show little or no interest in the largest cryptocurrency, they seem quite determined to learn more about the second largest cryptocurrency, and especially the most important event in its history – the merger.
as such encrypted potatoes As we explained earlier, the merger will complete the network’s transition from an energy-intensive Proof of Work consensus mechanism to a Proof of Stake – which is more nature-friendly. The process is almost over as Ethereum prepares to complete it, possibly in the following days.
Compared to the Bitcoin halving by some, the merger had a profound impact on retail as Google searches for “Ethereum Merge” soared to a new all-time high.
This is somewhat expected given its importance. Although seen as a long-term positive step that will improve the network in many ways, billionaire Mark Cuban recently warned that the merger could have a short-term effect on “selling the news.”
Bitcoin Research Post at 2-Year Low Ethereum See ATH merge queries (Google Trends) first appeared on CryptoPotato.