Take a quick look at what the Google Trends tool is telling us about how popular the word "Crypto" is:
This is kind of weird and a little bit offsetting. You'd think these results would looks a tad different given the recent price action cryptocurrency in general has had since the Bitcoin Spot ETF was approved for nine major hedge funds.
Interest in Crypto should be higher don't you think? After all Bitcoin just broke the All Time High price and we are still 35 days away from the halving, aka The Halvening, so if we are seeing this strong price action with the current BTC emissions, you'd think the mainstream media would be talking about it, celebrities trying to find entries, influencers from other niches coming into crypto to make some bucks etc.
I mean if you take a trip down memory lane and check the media action around the end of the bull market, when we just didn't know when the peak would be, and where people thought Bitcoin would just never stop, that's around when Drake reposted a Michael Saylor’s clip on CNBC and Donald Trump was on National TV affirming that Bitcoin is “an additional form of currency with a lot of use”, wqhen Justin Bieber bought a a BAYC for 1.3M... and those three are just the examples that come to mind right now.
But this time is different, don't you think? The ETF saga has change the previous cycle's established paradigms, amplifying the sounding board until the major media outlets decide that it's time to push the crypto narrative.
But the sentiment in the crypto market seems weird independently, at least for me.
The loudness magnitude we faced in 2017 and 2021 was 10x heavier compared to the current levels, with people freaking out for ICOs or chasing useless NFTs, driven by a truckload of greed.
At this point while reading this post you might thinking that the reason for all of this is that we haven't reached the peak levels of this cycle, and in reality all of this noise and retail magnet events happened around 50k BTC, so we are still very early in the cycle... and you might be correct.
But at the same time, Bitcoin is printing new ATHs every day and people seem not to truly care about it, I basically have received TWO messages from my bozo frens who never listen to me, asking me about crypto now, but that's nothing compared to all the messages and phone calls I received when we hit 68k last cycle.
I don’t know if we haven't seen any retailers come to us because they still suffer from PTSD and got annihilated by the 2022 collapse, but this is the truth, retail is not here yet.
That being said, the current level of interest is not in a “tumbleweed mode” anymore, as also witnessed by the app usage data which flashes an increase of crypto/finance-related apps and the messages from non crypto friends that I'm sure you received.
So our eyes should be constantly well-opened to catch the true “essence” of the market.
But probably (and that's my personal speculation) crypto needs to go really crazy before mass craziness comes back again.
Because many individuals who lost money in 2022 may have vowed to steer clear of crypto forever.