Google searches in the U.S. for “bitcoin zero” surged to a record 100 on the company’s relative interest scale in February, coinciding with bitcoin’s slide toward $60,000 after a 50%-plus drawdown from its October all-time high.
The spike could be read as a signal of widespread capitulation and, potentially, a contrarian buy signal. Similar peaks in 2021 and 2022 occurred near local lows in the bitcoin price.
The global data, however, tells a different story. Worldwide, the same term peaked at 100 back in August, falling to as low as 38 this month. Rather than setting record highs, global fear searches have been declining for months.
The divergence suggests any panic is more localized than universal. That fits the backdrop. U.S.-specific catalysts — such as tariff escalation, tensions with Iran and broader risk-off rotation in domestic equities — have dominated the macro narrative in recent weeks.
Retail investors in the U.S. may be reacting to those headlines more acutely than holders in Asia or Europe, where bitcoin’s drawdown is landing in a different news cycle.
There’s also a methodological wrinkle worth flagging. Google Trends doesn’t report raw search volume, but scores interest on a relative 0-to-100 scale, where 100 simply marks a term’s own peak within the selected time window.
A score of 100 in February 2026, when bitcoin’s U.S. retail audience is meaningfully larger than it was during the 2022 bear market, doesn’t necessarily mean more people are searching in absolute terms. It means the term spiked relative to a higher baseline.
Bitcoin’s user base and mainstream visibility have themselves grown dramatically since 2021. The takeaway is that retail fear is clearly elevated in the U.S., but the “searches hit a bottom” framework may not carry the same weight when the global trend is cooling. It may still be contrarian fuel, just not the kind that guarantees a clean trend reversal.