Global Google searches for the phrase “Bitcoin going to zero” have reached their highest level since the collapse of FTX in November 2022, according to Google Trends data.
The spike comes as Bitcoin trades nearly 50% below its all-time high, amid heightened macroeconomic and geopolitical uncertainty.
Search Spike Mirrors 2022 Bear Market Conditions
Google Trends recorded a peak interest score of 100 for the query on February 13. The last time search interest reached comparable levels was during the FTX bankruptcy, which coincided with the lowest point of the 2022 bear market.
Historically, extreme retail pessimism has coincided with late-stage bear market conditions. Google search activity is often monitored as a proxy for retail sentiment, extending beyond crypto-native participants to mainstream investors.
Periods of declining retail attention have previously aligned with market bottoms or transitional phases in market cycles.
On-Chain Data Shows Demand Exhaustion and Capital Outflows
Glassnode analysts noted that since early February, Bitcoin has repeatedly failed to reclaim the $70,000 level. According to the firm, even net realized profits exceeding $5 million per hour have triggered selling pressure and price rejection.
This contrasts with the third quarter of 2025, when profit realization ranged between $200 million and $350 million per hour during a period of stronger market momentum.
Glassnode added that current thin liquidity conditions make a sustained move into the $70,000–$80,000 range structurally challenging.
Meanwhile, exchange-traded fund flows have shifted back into consistent net outflows, reducing a key source of institutional demand. Aggregate 30-day realized cap flows have also turned sharply negative, marking one of the deepest capital outflow periods since the 2022 bear market.
Bitcoin and Ethereum net position changes have moved decisively lower, while stablecoin supply growth remains near neutral levels.
The combination of elevated retail pessimism, weakening on-chain demand metrics, and institutional outflows reflects a market environment characterized by reduced risk appetite. Whether this represents late-stage capitulation or the early phase of deeper downside remains uncertain.