Bitcoin search popularity reportedly dropped to a five-year low, with the coin price hovering around $81,000.

While Bitcoin ( BTC ) is trading around $81,000, the search popularity for Bitcoin has reportedly dropped to its lowest level in five years; at the same time, Robinhood reported a 55% year-on-year decline in quarterly cryptocurrency revenue.

• It is reported that the search popularity for Bitcoin hit a five-year low when trading around $81,000 on BTC.
• The cryptocurrency revenue of Robinhood decreased by 55% year-on-year, however, the trading volume increased by 23% compared to the previous quarter.
• According to analyst Darkfost from CryptoQuant, the amount of Bitcoin deposited by retail investors on Binance has reached a six-month high.
• Galaxy Research does not account for 55% of the total Bitcoin supply, therefore it is impossible to verify the holding size of retail investors.

According to the data from Kalshi, the search popularity related to Bitcoin on Google has dropped to its lowest level in five years, which has once again sparked discussions about the participation of retail investors. At that time, BTC was trading around $81,000.

The search popularity for Bitcoin has sparked comparisons with previous lows.

Trader Crypto Kaleo pointed out that similar periods of low search activity also occurred in September 2023 and September 2024, which coincided with local bottoms in the price of Bitcoin. "Both times were local lows," Kaleo wrote.

In a report on October 27th, it was previously noted that the search interest for Bitcoin had weakened. It was mentioned that from October 18th to 24th, the global reading for Google Trends was 20, whereas the previous five-year high was close to 100.

According to the report, the aforementioned search data emerged amidst public debates among traders about the future prospects of cryptocurrencies. Trader Rex described the industry as "over” (already finished), while Mert disagreed with this view, and Gum mentioned blockchain infrastructure and companies operating in this field.

According to the explanation of its methodology provided by Google, Trends reflects anonymized and aggregated search samples. For each observation value, Google divides the search volume for a particular term by the total search volume in the relevant region and time period, then scales the result to a range between 0 and 100.

Google states in the description of this service that the same interest score in different regions does not necessarily represent the same amount of search volume. The company claims that Trends measures search interest, rather than a scientific public opinion survey, and recommends referring to it in conjunction with other information.

Google will filter out duplicate searches by the same person within a short period of time, and exclude internal searches initiated by AI Mode and AI Overviews. The documentation states that when interest is low, statistical noise may be particularly noticeable. For charts covering 30 days or longer, Google uses Coordinated Universal Time (UTC); for charts covering 7 days or less, the local time zone of the browser or device is used.

The year-on-year decline of Robinhood includes a quarterly rebound.

The financial report released on October 27th, Robinhood, showed that cryptocurrency revenue in the third quarter was 120 million US dollars, a year-on-year decrease of 55%. This quarter ended on September 30th, which is earlier than the search data mentioned in market discussions for late October.

At the overall level of its cryptocurrency platform, Robinhood reported quarterly transaction volume of 50 billion US dollars, a year-on-year decrease of 38%. Among this, in-app transaction volume fell by 48% to 21 billion US dollars, and Bitstamp transaction volume decreased by 28% to 29 billion US dollars. All figures mentioned above are rounded according to the financial reports.

The accompanying financial report presentation provides another set of data compared to the previous quarter: cryptocurrency trading volume increased by 23% to $49.8 billion, while encrypted revenue under the reported scope increased by 20% from $100 million.

On page 14, a footnote indicates that $26 million in net revenue from encryption activities is attributed to Robinhood Chain. After deducting this contribution, the remaining amount is $94 million, which is consistent with the report on financial results by The Block; the latter states that if the contribution from this blockchain business is excluded, encryption revenue would have decreased by 6% on a quarter-on-quarter basis.

In the same financial report, Robinhood reported a record quarterly total revenue of $1.424 billion, a year-on-year increase of 12%. Of this, the options business contributed $399 million, the stock business contributed $121 million, and the event contracts contributed $173 million.

Smaller-scale Bitcoin wallets continue to transfer coins to Binance.

On October 26th, a report regarding fund deposits into Binance cited findings by analyst Darkfost from CryptoQuant, stating that inflows from retail wallets had risen to their highest level in six months.

According to their analysis, the cumulative value of such deposits has risen from approximately $5.5 billion to $10.75 billion over a period of 30 days. During the comparison period mentioned in the report, the deposits in wallets classified as "whales" decreased from $5.9 billion in late August to about $3.8 billion.

Darkfost's observations are focused on transfers entering the exchange, whereas Robinhood's financial reports measure transactions and revenues within a completed quarter. Neither of these two sets of data provides information on the number of people searching for Bitcoin at Google.

According to a report on the Robinhood Chain trading activity dated October 11th, data from growthepie shows that from October 2nd to 8th, there were an average of 6.2 million transactions per day, whereas from September 10th to 16th, there were 10.8 million transactions per day.

According to this report, the average number of active addresses per day is about 322,000, which is a decrease of 31% compared to mid-September. During the rolling seven-day period ending on October 9th, the volume of decentralized spot trading decreased by 21% to 7.45 billion US dollars per week, while the volume of perpetual futures trading increased by 26% to 7.35 billion US dollars per week.

Bitcoin holding research fails to account for retail investors' positions

In the snapshot of holdings released in October – see the report on unidentifiable Bitcoin supply on October 26 for related information – there were approximately 11.1 million BTC that could not be attributed to a clear holder, accounting for 55% of the total supply.

Galaxy Research, the research supervisor, and Alex Thorn indicated that wallets managed by individuals may account for a considerable portion of these unidentified holdings. The study did not provide a verified breakdown between retail investors, unidentified institutions, and coins that are inaccessible.

According to this holding report, the remaining 45% of the supply includes balances attributed to exchanges, investment funds, governments, and early miners. This classification relies on correlating blockchain addresses with identifiable holders; for those for whom such a correlation cannot be established, the ownership cannot be determined.

The same report also cited data from Lookonchain as of October 22, stating that the tracked investment products held a total of 1,284,312 BTC. Among these, BlackRock's iShares accounted for approximately 814,263 BTC.