BTC Liquidity Hits 3-Year Highs as Google Interest for Bitcoin Drops—What to Expect in Q3

• The retail excitement for crypto has cooled significantly, with interest metrics falling to levels typically seen near market bottom.
• This shows that confidence in the market is still pretty low, and we’re far from the kind of excitement or hype that usually signals a market top.

On May 22, Bitcoin (BTC) reached an all-time high of  $111,000. Since then, it has dropped by 4% to now trade at $107,720. Over the past year, BTC’s value has increased by 72%; however, interest in crypto is dropping worldwide.

Google search volumes for Bitcoin and even broader queries like “cryptocurrency” are falling, at levels we typically see when the market is deeply bearish. Additionally, Wikipedia pageviews for Bitcoin and other cryptocurrencies have also declined. This data shows that fewer people are turning to basic online research for information.

João Wedson, the founder and CEO of Alphractal, commented on this, saying,

The truth is, very few people are interested in crypto right now. Most are just sitting back, waiting to see what happens…But that’s a problem, because they often arrive too late, becoming liquidity for the whales. Or… is the bear market already here, and I’m just not seeing it? I’d rather believe in the first scenario.

Alphractal shared a chart highlighting a steady decline in peak interest levels over the years, especially since 2021. This drop in public attention is similar to the past cycles, like in 2018–2019, when Bitcoin quietly climbed from $3,000 to $14,000 after a period of apathy.

While history shows that low interest can sometimes set the stage for strong recoveries, it’s also a double-edged sword. A lack of curiosity and engagement can signal weak momentum and a fragile market.

Back in late April 2025, for example, Google Trends data showed Bitcoin search volume staying stubbornly low, despite prices hovering near all-time highs. It’s a reminder that price alone doesn’t always reignite public interest, and without retail energy, rallies may be missing a key spark.

Rising Liquidity

Liquidity in the crypto market is rising at its fastest pace since 2021, which could open up new upside potential for Bitcoin, especially as global interest rates drop and capital begins flowing back into riskier assets.

According to a recent Bitfinex Alpha report, Bitcoin’s short-term holder realized price, hovering around $98,700, has played a crucial role as a structural level in this current market cycle.

It’s become a kind of magnet for dip buyers during tense moments like the escalation in Iranian-Israeli tensions. Despite these shakeups, that $98K zone has repeatedly held up as both support and resistance throughout the bull run.

Last week, BTC briefly dipped to $99,830, sparking major liquidations on both sides of the market and sending futures open interest down by over 7% in just 24 hours.

Historically, the third quarter hasn’t been Bitcoin’s best, averaging only a 6% return, and tends to trade sideways. Still, there’s optimism in the air. Alphractal added that if Bitcoin rises beyond $110K, it could trigger a wave of bear liquidations. Alphractal also warned, however, that Bitcoin has a habit of faking moves before breakouts or pullbacks. So, caution is still warranted for Q3.

Recommended for you: