On February 23, as the cryptocurrency market experienced sharp volatility, investor confidence in Bitcoin in the United States faced severe challenges. According to the latest Google Trends data, searches for the term "bitcoin zero" in the U.S. region surged to a record peak of 100 on the relative interest index in February. This phenomenon closely coincides with Bitcoin's price retreating more than 50% from its October high and approaching the $60,000 mark. Such extreme anxiety is often seen as a signal of market "capitulation," suggesting that retail investors' psychological defenses are nearing a breaking point.

Historical experience shows that similar search peaks in the U.S. during 2021 and 2022 often occurred near local price bottoms, providing potential reference points for contrarian investors. However, the current panic exhibits significant geographical divergence. Globally, search interest for the term has actually declined from its August peak to 38, indicating that fear is largely confined to the United States. This is closely tied to recent U.S.-specific macroeconomic conditions, including adjustments in tariff policies, heightened geopolitical tensions, and domestic stock market rotations toward safe-haven assets, which have collectively amplified local investor unease.

When analyzing search trends, it is important to consider that Bitcoin's user base has grown significantly compared to previous years. Google Trends reports a relative score from 0 to 100 rather than absolute search volume, meaning the recent peak reflects relative fluctuations against a higher baseline. Although U.S. retail pessimism has reached unprecedented levels, global anxiety is cooling, suggesting that localized panic may not be sufficient to support a clear market reversal.

There is a notable difference in reactions between retail and institutional holders. Retail investors in the U.S. are far more sensitive to headlines than their counterparts in Europe or Asia. While the U.S. market is deeply influenced by risk-averse macroeconomic narratives, market sentiment in other regions remains relatively stable. This divergence weakens the predictive power of a single search trend indicator for global market direction. When assessing market bottoms, it is essential to consider not just sentiment indicators but also global liquidity and on-chain data.

In conclusion, although the surge in "bitcoin zero" searches presents opportunities for contrarian trading, inconsistent global trends mean this emotional fuel may not quickly translate into a strong rebound. Investors are advised to remain rational, distinguish between localized panic and systemic risks, and avoid blindly following market noise driven by extreme emotions.