#加密市场周期与情绪 Google's search popularity has dropped from 100 in January to 26 now. This data is enough to illustrate the issue. The decline in retail investor interest often reflects market sentiment—when search volume falls to near the year's low, fear has become quite intense.

Currently, the market sentiment index is stuck at 28, oscillating between "Fear" and "Extreme Fear." This state usually indicates two signals: first, the bottom may be near; second, participants are watching on the sidelines. Retail investors exiting often coincide with institutional and whale positioning windows—low search volume is not a bad thing; rather, it’s a phase for filtering genuine participants.

The key is to observe subsequent performance in the capital chain. During periods of low search popularity, on-chain large transfers, exchange inflows and outflows, and changes in contract holdings become more valuable indicators because each action at this time is relatively pure and less likely to be disturbed by retail investor emotional noise. Continuous tracking of whale wallet movements and the capital flow on major exchanges will better reflect the market’s true turning point ahead of the search index.