Key insights:
Retail interest in Bitcoin remains low, even with 2025 highs.
Falling spot demand indicates a shift to bearish conditions.
The crypto market sentiment is at bear market levels, showing caution and reduced investor engagement.
Retail investors typically enter the Bitcoin market during euphoric times, following significant rallies or new peak prices. However, despite Bitcoin achieving multiple all-time highs in 2025, public interest and retail activity are noticeably subdued.
Have retail investors “given up” on Bitcoin?
According to CryptoQuant data, Bitcoin’s spot demand has been decreasing over the last week, highlighting a decline in retail interest.
The following chart shows that spot demand, as measured by the Apparent Demand metric, has fallen at a rate of 111,000 BTC over the past 30 days.
Related: Bitcoin requires a new catalyst to prevent a ‘deeper correction’ — Analysts
This marks the “steepest decline since April,” noted CryptoQuant analysts in their Weekly Crypto Report, adding:
“This indicates a transition into bearish conditions.”
Global Google search interest for “Bitcoin” fell to 19 last week, aligning with Bitcoin’s sudden drop on Friday, according to Google Trends.
“Google’s search interest in Bitcoin is at bear market levels,” stated trader Mister Crypto in a post on X, posing the question:
“Have retail investors abandoned Bitcoin?”
Additionally, the Coinbase app has dropped to 29th place in the US App Store’s finance category, a significant decline from its 3rd-place standing in January, according to data from The Block.
If mobile app rankings and Google search trends for “Bitcoin” reflect retail interest, demand peaked last in November 2024, when the Coinbase app surged from 55th to 3rd position in less than 30 days. Concurrently, search activity hit its highest point in over two years.
Crypto sentiment declines to six-month lows
Market sentiment in the crypto sector has also dropped to its lowest since April, following a historic sell-off on Friday that resulted in over $20 billion in liquidations on centralized exchanges.
The Crypto Fear & Greed Index, gauging overall market sentiment, fell to a “Fear” level of 24 on Thursday, a drop of 47 points from the previous Friday’s “Greed” reading of 71.
The index is now at levels comparable to those observed in April, when Bitcoin fell to a low of $74,000. It also reflects conditions seen during the 2018 and 2022 bear markets, as illustrated in the figure below.
CryptoQuant author Axel Adler Jr. noted that the Bitcoin Unified Sentiment Index is currently in the “extreme bearish” region, suggesting capitulation or panic among investors.
This index merges three components to encapsulate overall market psychology: the Fear & Greed Index (reflecting macro mood and volatility), CoinGecko’s up/down votes (indicating retail sentiment), and a rolling normalization layer that aligns both over a one-year window.
“At present, sentiment is in the extreme bearish zone, reminiscent of stress points seen in 2024 and April 2025,” the analyst remarked, adding:
“This indicates that investors are cautious, participation is limited, and risk appetite is low despite relatively steady BTC prices around cycle highs.”
Nonetheless, another indicator of retail interest, the Coinbase Premium Index, has remained positively firm during the recent sell-off linked to liquidations, showing resilience in the near-term market.
This article does not constitute investment advice or recommendations. Every investment and trading action carries risk, and readers should perform their own research before making decisions.
