I just noticed something interesting on Google Trends. Searches for "bitcoin cero" in EE.UU. recently hit an all-time high, right when BTC was dropping toward 60k from its October peak. At first glance, it seems like total capitulation, doesn’t it? But here’s the strange part: globally, those same searches hit their peak in agosto and have been declining ever since. Panic seems concentrated only in Estados Unidos.

What’s curious is that similar peaks in 2021 and 2022 coincided with local lows, so some see it as a contrary signal. But you have to be careful. The catalysts are very local: tariffs, geopolitical tensions, rotation into safe assets. Retail traders in EE.UU. are reacting more strongly to those headlines than investors in Asia or Europe.

In addition, there’s an important technical detail about how Google Trends works. It doesn’t measure searches in absolute numbers, but on a relative scale from 0 to 100. A score of 100 now, when there’s much more bitcoin audience than in 2022, doesn’t mean that literally more people are looking it up. It means the term has surged relative to a much higher baseline. The user base has grown enormously since 2021.

So yes, retail fear is elevated in EE.UU., but when global searches are cooling off, the weight of this contrary signal isn’t so clear. It could work, but it doesn’t guarantee a clean reversal like in previous cycles.