Google Search Cryptocurrency Popularity Hits Rock Bottom, "Comparable to LUNA Collapse," Fear & Greed Index Reaches All-Time Low 5

Google “Crypto” global search volume has plummeted from its peak of 100 in August last year to 30, just one step away from the annual low of 24, reflecting a rapid decline in investor confidence in the crypto market. The Fear & Greed Index has also hit a record low of just 5 points, indicating market pessimism comparable to the Terra collapse period in 2022.
(Background: Google search interest in “cryptocurrency” hit rock bottom, silver becomes a new safe haven)
(Additional context: Market sentiment determines wallet size? Fear & Greed Index bottoming & topping analysis)

Table of Contents

• US Search Volume Also Weakens
• Fear & Greed Index Hits Unprecedented Low
• Will History Repeat Itself?

As the cryptocurrency market continues to weaken, Google Trends data reveals a noteworthy trend: global interest in the term “Crypto” is rapidly declining, just a hair away from reaching the lowest record of the year. According to Google Trends, the global search index for “Crypto” is currently only 30, down significantly from the peak of 100 in August 2025, representing a 70% decrease.

US Search Volume Also Weakens

Focusing on the US market, the situation is similarly bleak. The US “Crypto” search volume reached a peak of 100 in July last year but dropped sharply below 37 after January this year. Although there was a slight rebound to 56 in early February, it remains in a relatively low range compared to the annual low of 32 during the market crash in April 2025.

The cooling in search volume is not without reason. The total market capitalization of cryptocurrencies has shrunk from over $4.2 trillion at its peak to about $2.4 trillion, evaporating nearly $1.8 trillion.

Trading volume has also significantly decreased, from a high of $153 billion on January 14 to the current $87.5 billion, a decline of over 40%, indicating continued waning market participation.

Fear & Greed Index Hits Unprecedented Low

Most notably, the Crypto Fear & Greed Index dropped to a historic low of 5 last Thursday. Although it slightly rebounded to 8 on Sunday, both values remain in the “Extreme Fear” zone, reflecting an unprecedented level of pessimism among market participants.

On-chain data analysis platform Santiment also confirms this phenomenon, noting that “the number of negative comments has risen to the highest level since December 1 last year,” with market panic reminiscent of the Terra-LUNA ecosystem collapse in 2022.

Will History Repeat Itself?

It is worth noting that the current investor panic is highly similar to the market atmosphere after the 2022 Terra ecosystem collapse. That event triggered a chain of liquidations, accelerating the deep bear market in crypto.

However, extreme readings of the Fear & Greed Index have historically also served as contrarian indicators. When retail investors exit en masse and search interest hits rock bottom, it often signals a market bottom or a potential reversal. For investors, the key question now is: Is this extreme panic a sign of deeper declines to come, or the prelude to a rebound?