Benjamin Cowen breaks down why crypto's social interest has fallen to a fraction of its 2021 highs and how that quietly explains most of what has happened this cycle.
Key Points
Key Highlights:
- Social interest sits around 0.25 right now, exactly where it was in July 2018, and half of where it was during the last bear market in 2022
- Crypto YouTube channels are averaging 358,000 views a day combined, down from 3 to 4 million a day in 2021, and gaining only around 285 new subscribers a day versus 50 to 60 thousand back then
- Followers to crypto analysts and layer one projects on X have dropped to a fraction of their 2021 levels too, confirming the drop is happening across every platform not just YouTube
- Google Trends search interest and Wikipedia page views never took off this cycle the way they did in 2017 and 2021, showing retail simply never showed up this time
- This lack of interest directly explains why Bitcoin dominance excluding stablecoins keeps climbing and why the advanced decline index of the top 100 cryptocurrencies has been falling since 2021, there is simply no one left to rotate into altcoins
Takeaway There really are only a few dozen of us left paying attention right now. Social interest will likely keep falling before it eventually bottoms sometime in the next 6 to 12 months, setting the stage for whatever comes next in the pre-halving year.
