Google Trends shows that Bitcoin purchase search volume hits a five-year high: Market sentiment reversal and structural signal analysis

In late February 2026, the crypto market experienced a set of noteworthy data points. Google Trends showed that worldwide searches for “buy bitcoin” surged to their highest level in nearly five years. This peak occurred amid a weak market trend where Bitcoin’s price, after falling from its October 2025 all-time high of $126,080, hovered around the $60,000 range. The significant divergence between search interest and price movement has become a central topic of discussion. This article systematically analyzes the multiple structural factors behind this phenomenon based on objective data and event chains.

Divergence Between Search Peak and Price Correction

According to Google Trends data, global searches for “buy bitcoin” peaked in late February 2026, reaching the highest level since 2021. Historical data shows similar search peaks occurred in February 2021 and August 2025. The former coincided with Bitcoin’s first breakout above $50,000 during a bull run, while the latter happened after Bitcoin retreated from around $123,000.

Source: Google Trends

What makes this search interest unusual is its decoupling from overall market sentiment. As of February 27, 2026, Bitcoin (BTC) was priced at $67,435, with a 24-hour trading volume of $1.16 billion, a market cap of approximately $1.31 trillion, and a market share of 55.37%. The price had fallen about 46% from its all-time high, with a 30-day decline of 25.91%. Typically, in market cycles, search interest rises in tandem with prices or peaks at market tops. However, this peak occurred amid widespread pessimism and a market cap loss of over $2 trillion.

Interplay of Multiple Events

The abnormal surge in search interest is not isolated but coincides with a series of recent structural market changes. Key timeline points include:

• Around February 22: Google Trends data shows a peak in “buy bitcoin” searches.
• February 23: Terraform Labs filed for bankruptcy liquidation in Manhattan federal court, suing quant trading giant Jane Street, accusing it of using non-public information to profit during Terra’s collapse. The lawsuit details that within nine minutes of Terraform withdrawing $150 million from UST Curve 3pool, Jane Street sold $85 million worth of UST.
• February 25: The U.S. President mentioned a proposal to ban stock trading by Congress members in the State of the Union address. Market interpreted this as a catalyst to clear sell pressure above Bitcoin’s order book, leading to a roughly $2,000 price rally within hours and the liquidation of over $120 million in short positions.

On-Chain Evidence Supporting the Phenomenon

The rise in search interest is corroborated by on-chain data. According to Glassnode’s UTXO distribution metrics, since early 2026, over 400,000 BTC have been accumulated in the $60,000–$70,000 range, increasing the proportion of non-exchange circulating supply in this cost basis to over 8%. This indicates ongoing accumulation in this price zone during the correction.

Another key indicator is the change in the number of whale addresses—those holding at least 1,000 BTC. The count increased from 1,207 in October 2025 to 1,303 in February 2026. This contrasts with a decline in smaller holders, reflecting a divergence where large entities are accumulating while retail investors are exiting. From a microstructure perspective, such divergence is often interpreted as smart money positioning themselves contrarily during downturns.

Sentiment Amplification from Litigation Events

The lawsuit involving Jane Street has become a significant market sentiment catalyst. The allegations claim that the quant firm used informational advantages to reduce positions before Terra’s collapse, intensifying systemic risk. Although Jane Street denies the charges, asserting that the lawsuit is baseless and that Terra’s failure stemmed from its own large-scale fraud, the exposure has sparked widespread social media discussion.

Market opinion is divided: some see the lawsuit as revealing the influence of traditional financial giants in crypto markets, with certain players potentially capable of preemptively sensing and responding to systemic risks; others view it as a routine part of bankruptcy proceedings, with no direct link to current market trends. Notably, some analysts link this event to the surge in search interest, suggesting that the publicity has made retail investors more aware of the fragility of small-cap projects, prompting a shift toward Bitcoin.

Macro and Event-Driven Logic Overlay

When analyzing the current narrative, it’s important to distinguish between macro-level reasoning and event-specific impacts. First, macro considerations—such as those proposed by Citrini Research and Lotus Technology—suggest that the proliferation of AI could disrupt white-collar employment, prompting major central banks to initiate new rounds of monetary expansion. In this context, Bitcoin is viewed as a hedge against currency devaluation, supporting its long-term allocation case. This macro thesis is based on broader trend analysis rather than short-term events.

Second, short-term market shocks—like the short squeeze triggered by Trump’s State of the Union speech or the Jane Street lawsuit—are microstructure phenomena that explain specific price movements but do not fully account for the sustained rise in search interest. The lawsuit’s influence is more about emotional contagion than fundamental supply-demand shifts.

Overall, the surge in search interest likely results from a confluence of factors: on-chain accumulation by large holders provides fundamental support; macroeconomic easing expectations form a long-term narrative; and short-term events serve as emotional catalysts.

Potential Evolution of Market Participant Structures

The structural change in search interest may signal shifts in participant behavior. Historically, retail interest tends to rebound after a trend is established, but the current peak during a price decline suggests some participants may be engaging in contrarian, “left-side” trading.

On-chain data showing large holder accumulation alongside retail exit could impact future liquidity dynamics. Continued accumulation may tighten circulating supply, potentially amplifying upward price moves if demand remains stable or improves. Meanwhile, the litigation involving quant firms could prompt a reassessment of algorithmic and high-frequency trading roles during extreme market conditions, indirectly influencing risk management and trading strategies.

Possible Future Scenarios

Based on current facts and logical extrapolation, three main future paths are conceivable:

Scenario 1: Structural Bottoming (Fact + Logic)

If on-chain accumulation continues and macro liquidity conditions marginally improve, the market could form a mid-term bottom. Key indicators include sustained accumulation in the $60,000–$70,000 zone and signs of a shift in macro monetary policy.

Scenario 2: Short-Term Sentiment Reversal (Fact + Reverse Logic)

Historically, peaks in search interest often mark short-term sentiment highs. Without sustained capital inflows, the market might revert to a range-bound or downward trend. If prices fail to hold above $69,000–$71,000 resistance, a retest of previous lows is possible. In this case, the interest spike would be a transient emotional reaction.

Scenario 3: Regulatory and Litigation Escalation (Opinion + Risk Analysis)

If the Jane Street lawsuit gains further evidence or triggers broader investigations, it could lead to regulatory scrutiny of quant trading practices. In an extreme case, new regulations could impact liquidity and market structure. This scenario remains a risk projection based on current developments, with its likelihood depending on legal and regulatory progress.

Conclusion

The five-year high in Bitcoin search interest reflects a complex interplay of market structures. It indicates that some participants are engaging in contrarian research during price declines, supported by on-chain accumulation, macroeconomic expectations, and specific event catalysts. The current data points to a structural divergence in market sentiment rather than a confirmed trend reversal. For market participants, the ability to distinguish between short-term emotional surges and long-term structural shifts will be increasingly important in the evolving landscape.