Despite Bitcoin (BTC) recording multiple all-time highs in 2025, the enthusiasm from the crucial retail investor base appears notably absent. Key market metrics used to gauge public engagement are flashing warning signs, indicating that interest has regressed to levels typically observed during deep bear markets. This widespread indifference follows a period of intense volatility, including a sharp crash that led to billions in liquidations across centralized exchanges.
<h2>Spot Demand Contracts Sharply</h2>
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Data from the analytics firm CryptoQuant provides a compelling case for the cooling market. Their Apparent Demand metric, which tracks Bitcoin's spot demand, shows a significant contraction. Analysts reported a 30-day decline rate of 111,000 BTC, calling it the "steepest contraction since April," which clearly signals a "shift into bearish conditions."

Traditional indicators further reflect the diminished public appetite. Global search interest for "<a href="https://www.cryptoknowmics.com/news/morning-report-bitcoin-faces-bearish-forecast-as-critical-xrp-etf-decision-nears/">Bitcoin</a>" on Google Trends recently plummeted to a mere 19, coinciding with the market flash crash. A prominent trader questioned the low engagement, asking: "Has retail given up on Bitcoin?" Moreover, the Coinbase app ranking in the U.S. App Store's finance category dropped significantly from its 3rd-place position in January to 29th, suggesting a slowdown in mainstream onboarding.
<h2>Investor Psychology Flips to Fear</h2>
The collective mood among crypto investors has taken a decisive turn for the worse. The widely followed Crypto Fear &amp; Greed Index plummeted from a "Greed" reading of 71 to a "Fear" level of 24, its lowest point since April. These levels now unsettlingly mirror those last seen during the severe bear markets of 2018 and 2022.

Furthermore, CryptoQuant’s Unified Santiment Index has entered the "extreme bearish" zone, suggesting investor panic or capitulation. According to the firm’s analysis: "This suggests that investors are defensive, participation is low, and risk appetite is depressed despite relatively stable BTC prices around cycle highs." This collective retreat shows that while the price action has held steady, investor psychology has fundamentally flipped, prioritizing extreme caution over risk-taking.

Bitcoin Retail Interest Lags: Market Sentiment Flips to "Extreme Fear"

Despite new all-time highs, Bitcoin retail interest is lagging, and the Fear & Greed Index has plunged to a "Fear" level of 24, mirroring bear market lows.

Bitcoin Retail Interest Lags: Market Sentiment Flips to "Extreme Fear"

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