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Bitcoin Holds Above $108K Despite $19B Liquidation Event
The global cryptocurrency market recently crossed the $4 trillion mark, hitting a new all-time high in market capitalization. Yet, despite this milestone, online interest in buying Bitcoin remains unusually subdued, raising questions about how much mainstream adoption is actually taking place.
Search Trends Don’t Reflect Market Growth
While crypto valuations have surged, search data tells a different story.
According to Google Trends, U.S.-based searches for the phrase “buy Bitcoin” are significantly lower than during past bull cycles. In fact, the term currently registers just 11 out of 100—a far cry from the peak of 100 in December 2017 or 45 in February 2021.
This divergence sparked discussion across social media, particularly after a post by the official account of crypto forecasting platform Kalshi, which asked:
“Searches for ‘buy Bitcoin’ haven’t come close to 2017 or 2021 highs. Has the bull market even started?”
The comment quickly went viral on X (formerly Twitter), highlighting the apparent disconnect between current market performance and public attention.
Analysts Say We Might Still Be “Early”
Some observers argue that search data may no longer be the best indicator of adoption or interest, especially in an era where platforms like ChatGPT and private forums are commonly used for information.
Financial commentary outlet The Kobeissi Letter summarized the paradox:
“The market cap of crypto just exceeded a record $4 trillion. Yet, 75% of investors have zero exposure to crypto right now. We are still early.”
Others echoed this sentiment, pointing out that many users now know how to buy Bitcoin and no longer need to search for it. One user noted that just 0.05% of ChatGPT’s estimated 2.5 billion daily prompts about crypto could account for 1.25 million daily BTC-related queries—something traditional metrics like Google Trends may overlook.
Crypto account “StockStormX” added that search volume is a lagging indicator, often peaking after retail investors have already entered the market in large numbers.
Bitcoin Market Update: Resilient After Major Liquidation
As for Bitcoin itself, the price action has been turbulent but relatively resilient.
According to CoinGecko, BTC was trading at $111,053 at the time of writing—down 1.2% in the past 24 hours and nearly 9% lower over the past week. The recent decline followed a historic liquidation event on October 10, which saw more than $19 billion in positions liquidated, sending Bitcoin from above $126,000 to around $101,000.
Despite this shakeout, Bitcoin has managed to stay above the $108,000 support level, a range it’s held since mid-July. Meanwhile, the broader crypto market has recovered to a total valuation of $3.87 trillion, with BTC dominance steady at 57.3%.
