Google searches for “Bitcoin going to zero” have surged to their highest level since the 2022 FTX collapse, coinciding with Bitcoin falling from its Oct. 6, 2025 peak near $126,000 to about $66,500, roughly 50% below its all-time high.
The spike mirrors levels last seen in November 2022, when FTX froze withdrawals and bitcoin plunged to around $15,000, as the Bitcoin Fear and Greed Index has dropped into extreme fear territory near 9.
Crypto intelligence firm Perception said the current fear cycle differs from 2022, arguing today’s anxiety is driven more by macroeconomic uncertainty and amplified by bearish commentary rather than internal crypto failures.
Founder Fernando Nikolic pointed to Bloomberg analyst Mike McGlone as a prominent bearish voice this cycle, suggesting repeated predictions of sharp declines have contributed to the spike in search interest.
Nikolic added that institutional behaviour appears to diverge from retail sentiment, noting sovereign wealth funds such as Abu Dhabi Investment Authority and corporations like Strategy are increasing bitcoin exposure even as public fear peaks.
The surge in negative searches also coincides with record-high readings in the World Uncertainty Index, while so-called quantum computing fears have eased since November 2025, suggesting the current narrative reflects a blend of macro anxiety, price drawdown and media amplification rather than a standalone structural collapse.
At the time of reporting, Bitcoin price was $67,253.36.