Despite significant price fluctuations and reaching new historic highs, Bitcoin saw lower public interest in 2025 than in the previous year. Data from search engines and social networks show a gradual decline in investor attention, which contrasts with the continuing market volatility.
Price growth is not enough: investors remain cautious
The decline in public interest was also reflected in overall sentiment. According to data from Santiment, comments on social media became increasingly bearish in mid-January 2026, even though the price of Bitcoin rose from around $90,000 to $97,500 at that time. In addition, the Fear & Greed Index remained in the fear and extreme fear ranges for most of 2026.
However, technical indicators show some signs of improvement. Data from CryptoQuant shows that the short-term 30-day average of the Fear & Greed Index has surpassed the 90-day average, suggesting that short-term confidence is beginning to outweigh long-term caution. However, overall sentiment remains negative.
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New Bitcoin whales increase selling pressure on the market
New large Bitcoin holders are playing a significant role in current developments. Analyst MorenoDV from CryptoQuant points out that whales with holdings of over 1,000 BTC and UTXO ages of less than 155 days now control a larger portion of realized capitalization than long-term investors. Their average purchase price of around $98,000 means that at current prices, they hold approximately $6 billion in unrealized losses.
Selling pressure is also increasing on exchanges, where the exchange whale ratio is in the range of 0.52-0.55, indicating a high proportion of large transactions associated with selling. The technical structure of the market confirms this development, as Bitcoin is trading below key daily and weekly moving averages. According to analysts, the scenario of a return to the $85,000–86,000 range remains in play if Bitcoin fails to regain the $95,000–98,000 range.
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