Google searches in the United States for “bitcoin zero” reached a record 100 on the company’s relative interest scale in February, coinciding with that of Bitcoin. sliding towards $60,000 after a decline of more than 50% from its all-time high in October.
This spike could be interpreted as a signal of widespread capitulation and, potentially, a contrarian buying signal. Similar peaks in 2021 and 2022 occurred near local lows in Bitcoin price.
Global data, however, tells a different story. Worldwide, the same term peaked at 100 in August, falling to 38 this month. Rather than reaching record levels, global searches for fear have been declining for months.
This divergence suggests that any panic is more localized than universal. This fits the backdrop. U.S.-specific catalysts – such as rising tariffs, tensions with Iran and greater risk aversion in domestic stocks – have dominated macroeconomic discourse in recent weeks.
Retail investors in the United States may react more strongly to these headlines than holders in Asia or Europe, where bitcoin’s decline is occurring in a different news cycle.
There is also a methodological flaw that is worth noting. Google Trends does not report raw search volume, but assesses interest on a relative scale of 0 to 100, where 100 simply marks the peak of a term in the selected time window.
A score of 100 in February 2026, when Bitcoin’s retail audience in the United States is significantly larger than it was during the 2022 bear market, does not necessarily mean more people are searching in absolute terms. This means that the term has increased relative to a higher baseline.
Bitcoin’s user base and mainstream visibility itself has grown significantly since 2021. The takeaway is that retail fear is clearly high in the United States, but the “searches have bottomed out” frame might not carry the same weight when the global trend cools. It may still be a contrarian fuel, but not the kind that guarantees a true trend reversal.
