Bitcoin fear indices have reached an all-time high since the FTX collapse of 2022. This is because the searches for the phrase “Bitcoin going to zero” have reached all-time highs. This is largely due to the overall fear and bearishness of the market due to the current downturn.
Retail Fear & Search Behavior Spike
Based on the information provided by Google Trends, the interest in the phrase “Bitcoin going to zero” has surged to a score of 100, which is the highest possible score over the past five years.
This is related to the drawdown of the asset to its previous cycle high. This has caused significant stress for retail investors who often rely on search engines to confirm their fears.
Perception’s analysis of the narrative intelligence for the fear dynamic in 2026 shows that it is different from the one in 2022. In the case of the 2022 panic, the issues affecting the industry involved lender failures and exchange outages.
However, the recent distress was fueled by macro uncertainty and bearish media, which contributed to the record search interest in extreme outcomes like BTC going to zero.
Another notable voice that is often referenced in the context of sentiment analysis is Mike McGlone from Bloomberg. The latter was often referenced by various crypto media outlets in the context of his bearish predictions regarding Bitcoin. The above might be one of the contributing factors to the increased search volume of negative terms.
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Contrasting Retail Fear With Institutional Behavior
Interestingly, even while the fear indices based on retail investors reach new peaks, the demand for Bitcoin from institutional investors looks strong. The perception data show that sovereign wealth funds and other big investors have been adding to their BTC holdings during the recent decline.
This divergence is interesting to observe since retail sentiment, as measured by Google trends, usually takes a few days to adjust to what the professionals and institutions are doing. In other words, when retail panic peaks, institutional players may already be close to contrarian buying points.
Sentiment Extremes and Potential Implications
Currently, sentiment indicators like the Crypto Fear & Greed Index are indicating an “Extreme Fear” zone. This is an indication of the pessimistic sentiments dominating the overall market. Highly pessimistic readings have previously been linked to short-term lows in the market and subsequent recoveries.
Analysts have pointed out that fear-based search increases tend to occur during a time of price declines, as the price drops considerably. However, as the fear of a market downturn starts to subside, there are chances of consolidation in the market.
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