Key takeaways
- Retail crypto transactions below $10,000 have declined by 19.3% despite Bitcoin prices remaining above $100,000.
- Search trends reveal retail interest centered on brief euphoria, like the Trump meme coin spike, not sustained rallies.
On-chain activity for transactions below $10,000 has decreased by 19.34% in recent days, according to to verified CryptoQuant analyst Causeconomy, indicating subdued retail interest.
Bitcoin has traded between $100,000 and $109,000 since Trump’s inauguration on Monday, and is currently hovering above $105,000.
Historically, high volatility has driven demand for on-chain activity, but this trend appears to be diverging. Retail activity peaked in December but has since slowed.
Despite Bitcoin’s impressive performance, on-chain metrics suggest that the market structure remains stable and not overstretched, leaving room for potential further uptrends.
Google Trends data shows retail interest in “Bitcoin”, “how to buy crypto” and “altcoins” in the US is higher than last year but not to the extent many expected, given that Bitcoin’s price exceeded $100,000.
Currently, searches for “Bitcoin” in the US are at 52 on Google Trends, showing a noticeable increase compared to the same period last year.
However, it is important to note that this time last year, search interest in Bitcoin began to rise due to the approval of Bitcoin ETFs, which brought increased attention to the market.
While search interest is higher year-on-year, it is still well below the euphoric levels seen in 2021, when Bitcoin surged to previous record highs and captured mainstream interest.
Search trends suggest that retail interest in crypto currently points to brief moments of euphoria, such as the spike seen during Trump meme coin launch, rather than the sustained rallies where retail engagement lasted for months.
Last week, the launch of the Trump-themed meme coin drove a spike in searches for “Trump coin,” “how to buy Trump crypto,” and “Trump meme coin.” The coin initially rose to a market capitalization of $15 billion.
The Trump meme coin has since fallen 55% to a market value of $6.7 billion, with search interest declining alongside the broader decline in retail engagement.
