Taiwan and The Philippines also drove significant volumes of searches. Google traffic for NFT has predominantly come out of Asia, with Singapore, Hong Kong, and China dominating searches. Google’s data shows that the recent bull markets for different crypto asset classes have been driven by distinct geographical regions over the past year. Google search traffic for ‘DeFi’, ‘Ethereum’, ‘NFT’, ‘Bitcoin’, and ‘Dogecoin’ over 12 months.Source: Google Trends Despite many crypto assets having topped out in November, searches for Bitcoin and Ethereum rebounded back to their October levels in January.īut traffic for key crypto terms has since dried up. Searches for ‘NFT’ continued to rally until the non fungible markets peaked in January, with the term beating out Ethereum by 170% at the time. Bitcoin and Ethereum also experienced a notable increase in search volume during Q3 that peaked in October - just weeks before the crypto asset markets posted their current all-time highs, although their search traffic peaked at roughly half of what was recorded in May. In May 2021, searches for Bitcoin notably fell short of its 2017 highs by a quarter and were momentarily surpassed by Dogecoin, while traffic for Ethereum rocketed to all-time highs.īy contrast, the run-up to November 2021’s all-time highs appears to have been driven by surging interest in NFTs. Google search traffic for ‘DeFi’, ‘Ethereum’, ‘NFT’, ‘Bitcoin’, and ‘Dogecoin’ over 5 years.Source: Google Trends The last two years have seen crypto capture the imagination of ordinary investors and Wall Street institutions alike as the Covid-19 pandemic spurred unprecedented state-backed stimulus money and zero-commission platforms like Robinhood made trading super easy. The crypto markets have been more volatile than usual since the all-time high of last November. Traffic for Ethereum and Bitcoin has also halved since January, and is currently trending at their lowest level since December 2020. Volume for ‘NFT’ has dropped by two-thirds from its January peak, suggesting the nonfungibles market is seriously cooling down. Key search terms relating to crypto have been declining since January, suggesting that retail traders and DeFi tourists are exiting the sector.Īccording to Google Trends data, searches for crypto keywords have since been in a steady decline across the board. That may be one interpretation of search data The Defiant examined this week.
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