As the cryptocurrency market continues to weaken, Google Trends data reveals a noteworthy trend: global user search interest in the term "Crypto" is plummeting, nearing its lowest point of the year. According to Google Trends, the global search volume index for "Crypto" is currently only 30, a significant 70% drop from its peak of 100 in August 2025. 
Search volume in the US is also weak.
If we focus our attention on the US market, the situation is equally pessimistic. The number of searches for "Crypto" in the US peaked at 100 in July last year, but quickly fell below 37 in January this year. Although there was a slight rebound to 56 in early February, it is still in a relatively sluggish range from the annual low of 32 reached when the market crashed in April 2025.
The cooling of search volume is not without reason. The total market capitalization of the cryptocurrency market has shrunk dramatically from its all-time high of over $4.2 trillion to approximately $2.4 trillion, a loss of nearly $1.8 trillion.
Trading volume has also shrunk significantly, falling from a peak of $153 billion on January 14 to the current $87.5 billion, a drop of more than 40%, indicating a continued decline in market participation.
The Fear & Greed Index has fallen to an unprecedented low.
Most notably, the cryptocurrency Fear & Greed Index fell to a record low of 5 last Thursday. Although it rebounded slightly to 8 on Sunday, both values remained in the "extreme fear" range, reflecting an unprecedented level of pessimism among market participants.
Monitoring by the on-chain data analytics platform Santiment also confirms this phenomenon, pointing out that "the number of negative comments has climbed to its highest level since December 1 last year," and the panic atmosphere in the market is comparable to the collapse of the Terra-LUNA ecosystem in 2022.
Will history repeat itself?
It's worth noting that the current investor panic is remarkably similar to the market atmosphere following the collapse of the Terra ecosystem in 2022. The Terra incident triggered a chain reaction of liquidations, accelerating the descent of the entire crypto market into a deep bear market.
However, extreme readings of the Fear & Greed Index have historically acted as a contrarian indicator. When retail investors flee en masse and search activity plummets, it often signals a market reversal. For investors, the key question now is: is this extreme panic a harbinger of a deeper decline, or the prelude to a bottoming-out rebound?
