Even though the global crypto market recently hit a valuation of more than $4 trillion, online searches for “buy Bitcoin” are still near multi-year lows.

Analysts now suggest that the contrast could mean that while markets are expanding rapidly, mainstream participation may still be in its infancy.

Social Media Debates Whether the Bull Market Has Truly Begun

Debate erupted on X after the official account of the crypto polling platform Kalshi noted that searches for “buy Bitcoin” have not matched the 2017 or 2021 highs, asking, “Has the bull market even started?”

Indeed, data from Google Trends shows that interest in the search term in the U.S. is currently at a low level of 11, based on incomplete data for October 2025. This is nothing compared to the record high of 100 set in December 2017 or the reading of 45 during the bull run in February 2021.

However, Google’s FAQ makes it clear that the data is based on a sample of searches and does not include low-volume terms. This means that it may not accurately reflect real-time interest, especially considering the shift in how users now search.

Nonetheless, The Kobeissi Letter, a financial commentary account, still pointed out 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.”

Their post met a little pushback, with some people saying that search data might not be the best way to measure true adoption. One user mentioned that even 0.05% of ChatGPT’s estimated 2.5 billion daily prompts about crypto could equal 1.25 million Bitcoin-related queries, which traditional metrics might miss.

BTC advocate “BitcoinVoter” added that a lot of people now know how to buy the OG cryptocurrency without needing Google. Meanwhile, market tracker “StockStormX” called search volume a “lagging indicator,” suggesting it often peaks when retail euphoria is at its highest.

Bitcoin Outlook

Looking at the market, CoinGecko data shows BTC trading at $111,053 at the time of this writing, down 1.2% in the last 24 hours and nearly 9% lower over the past seven days. This drop was triggered by a historic liquidation event on October 10, which saw over $19 billion in positions wiped out as Bitcoin fell from above $126,000 to around $101,000.

The leading cryptocurrency remains about 12% below its all-time high set earlier this month, but despite the shakeout, the asset has demonstrated some resilience, maintaining a trading channel above $108,000 since mid-July. At the same time, the broader crypto market has rebounded to a total capitalization of $3.87 trillion, with BTC dominance steady at 57.3%.

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