As harsh corrections continue in the cryptocurrency market, the leading digital asset Bitcoin is again at the center of intense discussions. Bitcoin, which continues to trade below the $70,000 level, came to the fore with new data that points to a serious break in investor psychology. According to on-chain analytics platform Solid Intel, searches for “Bitcoin is dead” in Google Trends data are approaching an all-time high, revealing the extent of panic in market sentiment.
The fact that this search peaked at 100 points for Bitcoin, which was traded around 68 thousand dollars in February, points to a phenomenon that has historically been seen in the bottom regions. In past cycles, similar search trends have often occurred during periods when investors became despondent, followed by strong recoveries. Bitcoin, which has lost more than 24 percent in value in the last 30 days, has remained under downward pressure since the levels above 88 thousand dollars at the end of January 2026.
Fear Index Raises Alarm
The reflection of this sharp decline in the markets on investor psychology is also clearly seen in technical indicators. Bitcoin’s fear and greed index fell to 14, approaching the lowest regions of the year. Such periods of extreme fear have historically been interpreted as the beginning of strong recoveries. Analysts state that the market is generally looking for a bottom during periods when investors experience mass panic.
On the other hand, some reports published in recent weeks indicate that the selling pressure may ease. The roughly 29 percent pullback caused speculative investors to clear the market, according to asset management firm VanEck. This means sell-side fatigue may increase and downside momentum may weaken.
Similarly, the liquidation of leveraged positions in derivative markets has also attracted attention in recent days. This development strengthens the possibility of transition to a healthier market structure, despite continued volatility in the short term.
Whales Don’t Sell, They Collect
While institutional investors’ cautious stance continues, on-chain data shows that large investors have not withdrawn completely. According to well-known analyst Ali Martinez, whales accumulated over 30 thousand Bitcoins in just one week. This development reveals that the smart money maintains its long-term optimism despite the fear that dominates the market in general.
While the Bitcoin price has fluctuated between 66 thousand and 68 thousand dollars in recent days, an increase in transaction volume has also been observed. The fact that the 24-hour transaction volume exceeded 40 billion dollars shows that activity in the market has increased. Analysts state that the price being stuck in a narrow band is usually seen before major breakouts.
Another notable development at this point is the slowdown in money flows to spot Bitcoin ETFs. However, some market commentators think that this situation may be temporary and institutional interest may increase again when price stability is achieved.
