According to Google Trends, the search interest for crypto has plummeted to levels last seen in late 2020. This decline highlights a prolonged period of reduced interest in cryptocurrencies. The term “crypto” currently holds a score of 17, a significant drop from the peak score of 100 reached in May 2021. Bitcoin and Ethereum, the two largest cryptocurrencies, have experienced a downward trend in search interest.
The decline in search interest has been consistent since May 2022, coinciding with the collapse of the Terra (LUNA) ecosystem. A brief surge in interest occurred in early November 2022 when the popular crypto exchange FTX faced significant challenges.
On June 4, Guy Turner pointed out in a Twitter post that the decrease in interest also correlates with lower trading volumes on exchanges:
“Crypto” search trends are at the lowest point they have been since December 2020.
This also corresponds to exchange volumes which were at 32 month lows this past May.
Apathy? pic.twitter.com/UPOmhNGeDN
— Coin Bureau (@coinbureau) June 4, 2023
In May, the total amount of funds invested in the cryptocurrency market dropped to its lowest point in 32 months. Data from The Block indicates that monthly exchange volume, which analyzes spot market volume across all crypto exchanges, stood at $439.42 billion in May 2023, a 27% decrease from $604.88 billion in April 2023.
The May volume represents the lowest since October 2020, reaching $222.7 billion. Binance, the largest cryptocurrency exchange, witnessed a monthly exchange volume of approximately $218 billion in May, marking a decline of nearly 26% compared to $293.83 billion in April.
However, not all areas of cryptocurrency have experienced a decline in interest. Search volumes for terms such as “decentralized finance” and “defi” have increased in 2023. Additionally, searches for memecoin peaked in early May, suggesting ongoing fascination with these specific types of cryptocurrencies.
Recently, Bitcoin (BTC) has been trading between $26,000 and $30,000, striving to reclaim its previous peak. The current decrease in crypto-related searches and trading volumes underscores a period of subdued interest in cryptocurrencies, potentially influenced by market fluctuations and specific events within the crypto ecosystem.
