Is Bitcoin (BTC) repeatedly hitting new highs a "hidden danger"? Google search volume has not risen, and retail investors remain silent.

Bitcoin (BTC) has recently set new highs, continuing to hover around its all-time high (ATH) after breaking the $120,000 peak. However, data from Google Trends shows that public curiosity about Bitcoin remains surprisingly low.

Bitcoin breaks through 119,000 USD, but retail investors remain silent

On Sunday, Bitcoin broke through $119,000 and reached a new high of $121,469 this morning. Over the past week, Bitcoin rebounded strongly after breaking through $112,000, continually setting new highs.

However, despite the impressive price trend, according to Google search data, public interest is not as fervent as during the strong growth periods of 2021 and 2017.

Google Trends, a free analysis tool on the Google platform used to track search interest over different times and regions, paints a rather bleak picture. Analyzing the keyword "Bitcoin" over the past five years, the score for this phrase is only 24 points (out of a total of 100 points).

(Search volume for "Bitcoin" over the past 5 years, source: Google Trends)

In Google Trends, a score of 100 represents the peak popularity of a keyword during the selected time range and region. For the keyword "Bitcoin", this peak occurred in May 2021. In the past 12 months, the search volume was only 35%, which is a relatively moderate figure. However, as the analysis period shortens, people's interest tends to slightly increase, indicating that curiosity is gradually strengthening, although at a rather slow pace.

(The search volume for "Bitcoin" in the past 12 months, source: Google Trends)

For example, over a 90-day period on Google Trends, interest in Bitcoin rose to 99 on July 11, 2025. The most recent peak (reaching 100 points within this timeframe) was on May 22, 2025. As of July 14, the score has dropped to 77 out of 100.

In the past three months, the countries most interested in Bitcoin are El Salvador, Switzerland, Nigeria, Austria, and the Netherlands.

(Search volume of "Bitcoin" in the last 90 days, source: Google Trends)

Some observers believe that Bitcoin's current "high" price may scare off new investors. With headlines continuously reporting Bitcoin prices breaking into six figures, it's easy to understand why many feel they have "missed the boat" or think they need a substantial initial investment to own Bitcoin.

The "price shock" effect may be the reason why interest in Bitcoin searches remains sluggish despite explosive growth.

However, this idea is misleading. Bitcoin can be precise to eight decimal places, which means anyone can purchase a small portion of Bitcoin—without spending 120,000 USD. This divisibility allows users to participate in the non-traditional economy at any scale, whether it's 10 USD or 10,000 USD. Bitcoin is not only suitable for "whale" users; it is suitable for anyone seeking alternatives to the traditional financial system (TradFi) and hedging against the devaluation risk of fiat currency.

The price of Bitcoin may be reaching new highs, but relatively subdued search data indicates that the market is currently moving in a direction of waning retail enthusiasm, with participants' confidence strengthening accordingly. Whether this marks a shift towards broader adoption of Bitcoin or is merely a calm phase in its development remains to be seen. Regardless, it is clear that price is no longer the sole factor driving public interest.