Global Google searches for “buy bitcoin” surged to a five-year high on February 25, 2026, matching the intensity of the 2021 bull market, according to Google Trends data. The spike comes as Bitcoin rebounds from one of its most brutal corrections in recent years. After peaking above $126,000 in October 2025, BTC suffered a near-50% drawdown, briefly dipping below $63,000 earlier this week amid heavy ETF outflows, macro headwinds, and geopolitical jitters.
Price Recovery Fueled by Volume and Short Squeeze
Bitcoin has since bounced strongly, trading near $68,200, up 4.04% in the past 24 hours, and briefly tested the $70,000 level. The broader crypto market also rose over 4%, indicating a beta-driven upturn. Notably, spot trading volume jumped 38% and derivatives open interest climbed 11%, suggesting real participation rather than a low-liquidity bounce. Over $500 million in crypto shorts were liquidated during the upward move, accelerating price action.
Jane Street Lawsuit Rumors and Other Catalysts
The recovery is widely linked to a lawsuit against trading giant Jane Street, with some traders alleging insider trading during the Terraform Labs collapse. Though unproven, the timing has bolstered confidence that structural selling pressure has eased. Meanwhile, approximately 400,000 BTC have been accumulated in the $60,000–$70,000 range, reflecting long-term conviction. Despite over $25 billion in net outflows from U.S. spot Bitcoin ETFs over the past month, the pace of redemptions has slowed — a sign of stabilization rather than continued distribution. Separately, the U.S. Supreme Court’s ruling that Trump’s tariff policies were illegal brought relief to global markets.
Contrasting Narratives: ‘Bitcoin Is Dead’ vs. ‘Buy Bitcoin’
Interestingly, searches for “bitcoin is dead” also hit their highest level since the FTX collapse in 2022, just days before the “buy bitcoin” surge. This clash of maximum doubt alongside rising buy interest has historically appeared near market turning points — not tops. While it doesn’t guarantee an immediate rally, it often marks a phase where selling pressure weakens and a new trend begins to form.
Instead of chasing upside, the market appears to be re-pricing risk after exhaustion. If accumulation continues and macro conditions remain stable, Bitcoin may consolidate in the $60,000–$70,000 range, a pattern that has previously preceded stronger trend expansions.