Global search interest for the term “Crypto” has dropped to 30 on Google Trends, down sharply from the 100 peak recorded in August last year and only one step above the yearly low of 24. At the same time, the crypto Fear & Greed Index fell to a record low of 5 last Thursday. It later recovered slightly to 8 on Sunday, but both readings remained in the “extreme fear” zone.
Weak search activity extends to the US
The US data points in the same direction. Search interest for “Crypto” in the country reached 100 last July, then slipped below 37 in January. There was a short rebound to 56 in early February, yet that level still left the market near the lower end of its recent range, not far from the yearly low of 32 seen during the sharp sell-off in April 2025. Search demand has cooled as broader market participation has also weakened.
The pullback is visible in market size and trading activity as well. Total crypto market capitalization has fallen from more than $4.2 trillion at its historical peak to about $2.4 trillion, erasing nearly $1.8 trillion. Trading volume has also contracted, declining from $153 billion on January 14 to $87.5 billion at present, a drop of more than 40%.
Sentiment sinks to historic lows
On-chain analytics platform Santiment reported that negative commentary in the market has climbed to its highest level since December 1 last year. That reading supports the broader picture painted by the search and sentiment data: bearish positioning and anxiety are intensifying. The source compared current conditions with the period of the 2022 Terra-LUNA ecosystem collapse, when fear spread quickly across the sector.
These figures show more than a price correction. Search interest is fading, turnover is shrinking, and sentiment gauges have moved deep into stress territory at the same time. Lower search activity often points to weaker retail attention, while a deeply depressed Fear & Greed reading suggests risk appetite has contracted sharply.
Past extremes have sometimes acted as contrarian signals
The source also noted that extreme Fear & Greed readings have, at times, served as contrarian markers in earlier market cycles. Periods marked by retail exits and low search interest have occasionally coincided with the early stages of a reversal. In this case, though, the material does not offer a directional call. It establishes one point clearly: crypto sentiment is sitting at an unusually depressed level, and the current mood bears a strong resemblance to the stress seen after Terra’s breakdown.