Greed

Bitcoin

when

Key takeaways:
<ul>
 <li>Bitcoin retail interest lags despite 2025 all-time highs.</li>
 <li>Declining spot demand shows a “shift into bearish conditions.”</li>
 <li>Crypto market sentiment is also at bear market levels, reflecting caution and lower investor participation.</li>
</ul>
 Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>) retail investors are known for entering the market during periods of euphoria, typically after strong rallies or new all-time highs. Still, despite Bitcoin hitting multiple all-time highs in 2025,&nbsp; the general public’s interest and <a href="https://cointelegraph.com/news/bitcoin-retail-investor-demand-is-not-gone-they-re-buying-the-btc-etfs" rel="noopener noreferrer nofollow" target="_self">retail activity </a>continue to lag.
<h2 id="have-retail-investors-given-up-on-bitcoin">Have retail investors “given up” on Bitcoin?</h2>
Bitcoin’s spot demand has been contracting over the past week, signaling a waning of retail interest, according to data from CryptoQuant.
The chart below reveals that spot demand, measured by the Apparent Demand metric, has been declining at a 30-day rate of 111,000 BTC.
Related: <a href="https://cointelegraph.com/news/bitcoin-price-forecast-uncertain-crypto-analysts-divided" rel="noopener noreferrer nofollow">Bitcoin needs a fresh catalyst to avoid a ‘deeper correction’ — Analysts</a>
This is the “steepest contraction since April,’ <a href="https://cryptoquant.com/insights/research/68ee82729792d00047643c46-14-October-2025-Deleveraging-Aftershock-Bitcoin-Fundamentals-Weaken-but-Whale-Ac" rel="noopener noreferrer nofollow" target="_blank">said</a> CryptoQuant analysts in its Weekly Crypto Report, adding:
<blockquote>
 “This signals a shift into bearish conditions.”&nbsp;
</blockquote>
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2025-10/0199ec91-7e4f-7aaf-b6eb-a5aae90e40f0" title="" alt="Bitcoin retail interest is in ‘bear market’ as crypto sentiment flips to fear">
 <figcaption style="text-align: center;">
 Bitcoin: Apparent demand and bull-bear market cycle indicator. Source: CryptoQuant
 </figcaption>
</figure>
Google global search interest for the term “Bitcoin” dropped to 19 last week, coinciding with <a href="https://cointelegraph.com/news/19b-crypto-market-crash-controlled-deleveraging-cascade-analyst" rel="noopener noreferrer nofollow" target="_self">Bitcoin’s flash crash on Friday</a>, <a href="https://trends.google.com/trends/explore?q=%2Fm%2F05p0rrx&amp;hl=en" rel="noopener noreferrer nofollow" target="_blank">according</a> to Google Trends.&nbsp;
“Bitcoin search interest on Google is at bear market levels,” <a href="https://x.com/misterrcrypto/status/1978380826455744648" rel="noopener noreferrer nofollow" target="_blank">said</a> trader Mister Crypto in an X post on Wednesday, asking:
<blockquote>
 “Has retail given up on Bitcoin?”
</blockquote>
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2025-10/0199ec91-81f9-7672-a809-5b39065e6b97" title="" alt="Bitcoin retail interest is in ‘bear market’ as crypto sentiment flips to fear">
 <figcaption style="text-align: center;">
 Search trends for Bitcoin. Source: Google Trends
 </figcaption>
</figure>
Similarly, the Coinbase app now ranks 29th in the US App Store within the finance category, a significant drop from its third-place position in January, according to data from The Block.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2025-10/0199ec91-8730-7c45-98e6-cb1d16663485" title="" alt="Bitcoin retail interest is in ‘bear market’ as crypto sentiment flips to fear">
 <figcaption style="text-align: center;">
 Coinbase app ranking in the US App Store: Finance. Source: The Block
 </figcaption>
</figure>
If mobile app rankings and Google search trends for “Bitcoin” can serve as proxies for retail interest, demand last peaked in November 2024, when the <a href="https://cointelegraph.com/news/trump-effect-crypto-apps-dominate-us-app-store-finance-category" rel="noopener noreferrer nofollow">Coinbase app</a> jumped from the 55th to the third position in less than 30 days. At the same time, search activity spiked to its highest level in over two years.
<h2 id="crypto-sentiment-drops-to-six-month-lows">Crypto sentiment drops to six-month lows</h2>
<a href="https://cointelegraph.com/news/crypto-fear-greed-index-plunges-bitcoin-price-decline-trump-tariffs" rel="noopener noreferrer nofollow">Crypto market sentiment has also dropped</a> to its lowest level since April, following <a href="https://cointelegraph.com/news/bitcoin-altcoin-market-sell-off-continues-what-was-the-cause-and-when-will-it-end" rel="noopener noreferrer nofollow">Friday’s historic sell-off</a>, which resulted in over $20 billion in liquidations on centralized exchanges.&nbsp;
The Crypto Fear &amp; Greed Index, which measures overall market sentiment, fell to a “Fear” level of 24 on Thursday, representing a decline of 47 points from Friday’s “Greed” reading of 71.&nbsp;
The index is now at similar levels to those last seen in April, when Bitcoin dropped to a low of $74,000. It also mirrors levels seen during the 2018 and 2022 bear markets, as shown in the figure below.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2025-10/0199ec91-8dde-7655-83dd-d72c181efd13" title="" alt="Bitcoin retail interest is in ‘bear market’ as crypto sentiment flips to fear">
 <figcaption style="text-align: center;">
 The Crypto Fear &amp; Greed Index. Source: <a href="https://alternative.me/crypto/fear-and-greed-index/" rel="noopener noreferrer nofollow" target="_blank">Alternative.me</a>
 </figcaption>
</figure>
CryptoQuant author Axel Adler Jr. <a href="https://x.com/AxelAdlerJr/status/1978717442240090254" rel="noopener noreferrer nofollow" target="_blank">said</a> that the Bitcoin Unified Santiment Index is in the “extreme bearish” zone, indicating capitulation or panic among investors.&nbsp;
The index combines three components to capture overall market psychology: the Fear &amp; Greed Index (reflecting macro mood and volatility), CoinGecko’s up/down votes (reflecting retail sentiment) and a rolling normalization layer that aligns both in a one-year window.
“Currently, sentiment is in the extreme bearish zone, similar to stress points seen in 2024, and April 2025, the analyst said, adding:
<blockquote>
 “This suggests that investors are defensive, participation is low, and risk appetite is depressed despite relatively stable BTC prices around cycle highs.”
</blockquote>
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2025-10/0199ec91-9813-76a2-bea3-dbabbbdeee30" title="" alt="Bitcoin retail interest is in ‘bear market’ as crypto sentiment flips to fear">
 <figcaption style="text-align: center;">
 Bitcoin unified sentiment index. Source: CryptoQuant
 </figcaption>
</figure>
 However, another proxy for retail interest, the Coinbase Premium Index, <a href="https://cointelegraph.com/news/bitcoin-coinbase-premium-keeps-btc-above-dollar110k-will-this-level-hold" rel="noopener noreferrer nofollow" target="_self">has remained firmly positive</a> during the recent sell-off driven by liquidations,&nbsp;showing near-term market resilience.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin retail interest is in ‘bear market’ as crypto sentiment flips to fear

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