Data shows the Bitcoin Fear & Greed Index has seen a bearish flip following the plunge in the cryptocurrency’s price to $113,000.

Bitcoin Has Continued Its Recent Drawdown

Since setting a new all-time high (ATH) above $124,000 one week ago, Bitcoin has been facing a downtrend. The bearish momentum has only furthered during the past day, with BTC hitting a low under $113,000.

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Below is a chart that shows how the coin’s recent performance has looked.

From the graph, it’s visible that BTC has seen a bit of recovery after forming a low around $112,400, but at the current price of $113,800, the asset is still notably below the levels from the last few days.

As is usually the case, the bearish price action has worsened the sentiment among investors.

Fear & Greed Index Is Now Suggesting A Fearful Market

The “Fear & Greed Index” refers to an indicator created by Alternative that tells us about the average sentiment present among traders in the Bitcoin and wider cryptocurrency markets.

The index determines the investor mentality using the data of five factors: trading volume, market cap dominance, volatility, social media sentiment, and Google Trends. It then represents it as a score lying between zero and hundred.

When the metric has a value greater than 53, it means the investors as a whole share a sentiment of greed. On the other hand, it being under 47 implies the presence of fear in the market. A level lying between the two thresholds naturally corresponds to a net neutral mentality.

Now, here is how the sentiment in the sector currently looks according to the Fear & Greed Index:

As displayed above, the index is sitting at a value of 44, indicating that Bitcoin investors are fearful. This is a shift from how the mood has been like in the market for the past couple of months.

The Fear & Greed Index was previously in the greed zone since June, but the latest decline in BTC’s price has meant the investors have finally let go of bullish sentiment.

If history is anything to go by, this flip in trader mentality could actually turn out to be a positive sign for Bitcoin and other cryptocurrencies. The market often tends to move in the direction that goes contrary to the expectations of the majority, with an excess of FUD facilitating bottoms and overhype resulting in tops.

This effect was seen in action during the aforementioned June sentiment low, which coincided with BTC’s bottom under $99,000. The turnaround in the asset only required an index value of 42, but generally, a more powerful fear sentiment is needed before a bottom can occur.

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It now remains to be seen whether the latest dip into fear is enough to induce a reversal in Bitcoin and other coins, or if sentiment will deteriorate further.

Featured image from Dall-E, Alternative.me, chart from TradingView.com

Federal Reserve Vice Chair for Supervision Michelle Bowman acknowledged that crypto firms experienced debanking due to regulatory uncertainty.

During the Wyoming Blockchain Symposium on Aug. 19, Bowman also announced a fundamental shift in the Fed’s approach to blockchain innovation.

She revealed the central bank eliminated reputational risk considerations from bank supervision in late June to address barriers preventing financial institutions from serving digital asset companies engaged in legal activities.

The Fed official stated:

“Your industry [crypto] has already experienced significant frictions with bank regulators applying unclear standards, conflicting guidance, and inconsistent regulatory interpretations.”

Bowman emphasized that banks should not face penalties for serving customers conducting lawful business operations, stating that customer selection decisions “lie solely within the purview of bank management” rather than regulatory interference.

Furthermore, she noted the Fed’s transition from an “overly cautious mindset” toward embracing blockchain technology within the traditional banking system.

She warned that regulators must choose between shaping technological frameworks or allowing innovations to bypass banks entirely, potentially diminishing the banking sector’s economic relevance.

The Fed is updating examination manuals and supervisory materials to ensure lasting implementation of the reputational risk removal policy.

Four-principle regulatory framework

The Fed Vice Chair established four core principles guiding the central bank’s new approach to digital asset regulation.

Regulatory certainty tops the list, addressing industry concerns about investing in blockchain development without clear supervisory standards.

Bowman questioned whether companies would partner with banks, knowing that regulatory scrutiny brings uncertainty, rather than pursuing alternatives outside the banking system.

Tailored regulation forms the second principle, requiring supervisors to evaluate use cases based on specific circumstances rather than applying worst-case scenario expectations.

The Fed must recognize unique features distinguishing digital assets from traditional financial instruments while avoiding one-size-fits-all approaches that fail to address actual risk profiles.

Consumer protection represents the third principle, ensuring customer-facing products comply with existing consumer protection laws, including prohibitions against unfair, deceptive, or abusive practices.

Digital asset frameworks must incorporate Bank Secrecy Act and anti-money laundering requirements while maintaining bank safety and soundness standards.

American competitiveness completes the framework, positioning the US as the premier global innovation destination. Bowman warned that failing to establish appropriate regulatory structures could jeopardize long-term American leadership in financial technology development.

Technology integration and supervision changes

Bowman announced the Fed’s “novel supervision” activities will be reintegrated into Reserve Bank examination staff, reestablishing normal supervisory processes for monitoring banks’ innovative activities.

She proposed allowing Federal Reserve staff to hold minimal digital assets to develop a working understanding of blockchain functionality, comparing the necessity to hands-on learning rather than theoretical knowledge.

[Editor’s Note: This is an abrupt U-turn from previous government approaches, notably those of former SEC Chair Gary Gensler. Gensler taught college-level blockchain courses at MIT yet never actually touched a blockchain with his own funds, having admitted to never holding any digital assets and, therefore, never executing his own transactions.]

The Fed recognizes tokenization potential for facilitating faster asset ownership transfers while reducing transaction costs and settlement risks. Bowman noted that banks of all sizes, including community institutions, can benefit from efficiency gains flowing from asset tokenization technology.

Furthermore, she highlighted that the GENIUS Act passage and presidential signature position stablecoins as integral components of the financial system, with implications for traditional payment rails.

Bowman called for industry engagement to help regulators understand blockchain’s capacity for solving additional problems beyond current use cases.

She specifically requested input on leveraging new technologies to combat fraud, identifying this as an exciting collaboration opportunity between the Fed and the digital asset sector.

The Fed Vice Chair concluded that innovation and regulation complement rather than oppose each other in creating more modern, efficient financial systems.

Mentioned in this article

Earlier today, Bitcoin (BTC) briefly fell below $115,000 – hitting a low of $114,116 – triggering panic selling across major crypto exchanges, including Binance. Sharp shifts in several key metrics, such as open interest and net taker volume, confirm the intensity of the sell-off.

Bitcoin Decline Wipes Out $500 Million In Open Interest

According to a Quicktake post on CryptoQuant by contributor Amr Taha, BTC’s drop below $115,000 led to a sharp decline in open interest on Binance, which fell from $14 billion to under $13.5 billion.

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The following chart shows Binance open interest declining by nearly 4% in a single day – a move typically associated with liquidation events. Supporting this, data from CoinGlass shows $760 million in liquidations over the past 24 hours.

To explain, such large-scale liquidation events typically occur when leveraged traders face forced position closures – long or short – due to margin calls. The sharp BTC drop resulted in the liquidation of approximately 183,514 traders in just 24 hours.

In addition to falling open interest and widespread long liquidations, Binance’s net taker volume also points to rising bearish sentiment. The metric plunged to -$160 million, underscoring aggressive selling pressure.

For context, Binance net taker volume measures the difference between market buy and sell orders initiated by takers. A positive value suggests dominant buying activity (bullish), while a negative value reflects dominant selling activity (bearish).

Binance net taker volume dropping into negative territory further reinforces bearish pressure on BTC. Since this net selling coincided with the decline in open interest, it indicates that many derivatives traders are panic-closing late long positions.

Will BTC Make Recovery?

Despite the falling price, shrinking open interest, and negative net taker volume, Taha suggests that these bearish indicators could paradoxically set the stage for a short-term rebound.

Related Reading

Bitcoin’s selling pressure may be nearing exhaustion, while short interest continues to rise. This combination could trigger a market rebalancing phase, potentially paving the way for price stabilization – or even a short squeeze-driven bounce.

However, on-chain data points to continued bearish momentum. The increasing share of new investors among BTC holders may lead to overheated market conditions in the near term. 

At the same time, exchange reserves are rising, which could contribute to more selling pressure. Long-term BTC holders also appear to be selling in significant volumes, suggesting potential rally exhaustion.

That said, BTC could still remain on track for its year-end target of $180,000 – but only if it holds key support at $110,000. At press time, Bitcoin is trading at $115,310, down 2.1% over the past 24 hours.

Featured image from Unsplash, charts from CryptoQuant and TradingView.com

Ever felt like your trading decisions make sense in theory, but in the moment, something just… takes over?

Maybe you’ve got a clear setup, a solid plan, and a defined stop loss.

But as soon as the trade is live, everything changes.

Your heart races, your mind spins, and before you know it, you’re cutting profits early or letting losses run.

Fear and greed, sound familiar?

Most traders focus on finding the perfect setup or entry technique, but they overlook the invisible forces that derail execution…

Fear of loss.

Fear of missing out.

Greed for more.

These aren’t just surface-level feelings. They’re hardwired biological responses.

And if you don’t learn to work with them, they’ll quietly sabotage your edge.

That’s exactly what this article is here to unpack.

Here’s what you’ll explore:

• How your fight-or-flight system gets triggered even when you’re not in real danger
• Why real money changes the way your brain processes decisions
• The difference between being emotional and being irrational
• Practical tools to reduce emotional interference
• Real chart-based examples showing how fear and greed affect traders in the moment

Whether you’re struggling with hesitation, impulsive exits, or revenge trades, understanding the emotional side of trading can be the missing link to greater consistency.

So let’s dive in.

Why Fear and Greed Are So Powerful

Let’s get something straight: fear and greed in trading aren’t just “feelings.”

And unless you understand what’s happening behind the scenes, these responses can quietly take over your decisions without you even realizing it.

Fight-or-Flight in Trading

Whenever you enter a trade, you’re taking a risk.

You’re putting something valuable at stake… your money!

Even though you’re physically safe, your brain doesn’t see it that way….

Think about what life was like thousands of years ago.

Risk meant facing a predator or life-or-death survival situations.

In front of your charts, your brain treats financial risk the same way it treated physical danger back then.

When a trade moves against you, your body starts firing off stress responses:

Your heart rate increases
Breathing becomes more shallow
And your focus narrows onto the immediate “threat”

Your brain is shouting: Get out! Protect yourself!

This is the fight-or-flight response as fear and greed settle in, and it kicks in whether you’re being chased by a lion or watching your trading account dip into drawdown.

Once this ancient defence system fires up, there’s a risk it can override your logical thinking.

Your prefrontal cortex, the part of your brain responsible for rational decision-making, takes a backseat to emotional survival mode.

Okay,  so how does this relate directly to trading?

In trading, this can lead to:

Closing good trades too early out of fear

Freezing and refusing to act out of fear

Over-leveraging after a win due to greed

Doubling down on bad trades

You’re not making rational decisions anymore. You’re reacting to perceived “danger.”

Money Changes the Brain

It’s not just ancient instincts at work, either.

Modern research shows that the presence of real money physically alters how your brain processes decisions.

When money’s on the line, emotional centers like the amygdala and striatum become more active, while the logical, reasoning part of the brain, the prefrontal cortex, becomes less engaged.

Your brain literally starts prioritizing emotion over logic, making it easier to chase impulsive wins or panic during small setbacks.

Neuroscientist Antonio Damasio’s Somatic Marker Hypothesis supports this too: emotional reactions, shaped by past experiences, heavily guide decision-making under uncertainty.

In short, your past wins and losses can subtly influence your next trading move, even if you think you’re being “rational.”

Put money on the table, and your brain starts behaving more like it’s in a casino than in a calculated decision-making process.

Without Conscious Control, Emotions Override Logic

Here’s the kicker: none of this happens slowly.

You don’t get a polite warning from your brain saying,

“Hey, your logical thinking is about to shut down, just so you know.”

It’s fast. It’s automatic.

If you don’t consciously intervene, your emotions will quietly take the wheel.

A simple example?

Imagine you’re starving and walk into a grocery store with a simple shopping list, only to leave with a cartful of unplanned treats.

Hunger overrode your logical plan.

Trading is similar – fear and greed can feel so urgent that they make you abandon your well-planned strategy.

They aren’t “bad emotions,” but ancient survival tools reacting to modern financial pressure.

If you can’t recognize and build systems to manage your fear and greed, though, they will drive your trading decisions straight into the ground.

Fear and Greed: Chart Examples

To better illustrate this, let’s take a look at some real chart examples so you get an idea of how greed and fear can unfold in a trading situation.

Greedy Sarah

Meet Sarah.

Sarah’s been on a hot streak, five trades, five wins.

Feeling untouchable, she decides to take her next trade with double the risk.

The setup?

The same as her previous five, so what could possibly go wrong?

She’s focused on growing the account fast because greed tells her this one’s going to be big.

The trade is entered at a double top resistance zone, targeting a strong support below…

Sarah’s Entry Setup:

Everything looks clean on the surface, the target is reasonable, and the entry makes sense.

However, Sarah’s decision to increase risk and bypass her checklist is already setting the stage…

Sarah’s Target Hit:

As the price moves in her favor, Sarah’s original target gets replaced with a more aggressive one.

She wants more.

She believes this trade is really the one that will push her account to the next level.

A new target is placed at the next logical support level.

Can you guess what happens next?…

Price Reversal:

Of course, the price reverses.

Sarah hesitates her fear and greed kicks in.

She holds too long, watching profits disappear.

What started as a strong trade with great profits ended up closing near breakeven, or even at a loss, all because she ignored the plan in pursuit of more.

So, be honest for a moment.

Have you ever felt like Sarah?

That sense that your recent wins meant you were “due” for something big or that you were untouchable?

Greed rarely announces itself upfront, but it loves to take control the moment you let go of your structure.

Next, there’s fearful Jack.

Jack Gripped by Fear

Jack’s trade setup is solid: a clean double top forms at resistance…

The Right Entry:

He follows his rules, enters the short, and sets a logical target at the next support zone.

A textbook double top forms.

His analysis is sound, and his plan is clear.

Everything is going according to plan…

Fear Creeps In:

Price initially moves in Jack’s favor, validating the setup.

But then a strong bullish candle forms, pulling the price sharply back toward his entry.

Jack panics.

“What if it reverses?”

Rather than trust the setup, he exits early, locking in a small profit…

The Missed Move:

Oh no!

Jack watches on in disbelief.

After the temporary pullback, the price resumes its drop, continuing steadily toward Jack’s original target.

Had he stayed in, it would’ve been a great trade.

But fear of losing what he’d already gained got in the way.

Well, I’ve been there before – how about you?

Exiting a trade not because your setup failed, but because your emotions whispered,

“Take the win now, just in case…”

This is what fear does.

It doesn’t shout, it nudges.

But those nudges can cost you more than you think, especially when you’ve gone through a recent drawdown or a string of unlucky trades.

Okay, so you can see how this might play out in your trading, but how can you actively manage fear and greed to prevent them from ruining your trading?

How to Manage Fear and Greed

Managing fear and greed isn’t about becoming emotionless.

It’s about recognizing those emotions early and having a system in place that protects you when they show up.

If you wait until you’re already emotional to figure out what to do, it’s usually too late.

You need to build emotional resilience before you’re in the heat of the moment.

Here’s how to start.

Mindset Shift: Play the Long Game

The first step to managing emotions is shifting how you see trading.

Most people naturally judge success by the outcome of the next trade.

Win? Feel good. Lose? Feel terrible.

But real consistency doesn’t come from “winning the next trade,” it comes from executing your process across hundreds of trades, knowing that your edge plays out over time.

You have to start thinking in probabilities, not outcomes.

You’re not looking for certainty.

You’re playing a game where uncertainty is normal and where the edge only reveals itself over large samples.

When you start thinking like this:

One loss suddenly doesn’t rattle you, but at the same time, one win doesn’t make you reckless

This leads to your emotional reactions from fear and greed shrinking because your focus is bigger than “right now.”

You stop being obsessed with whether this trade wins and start being obsessed with whether you executed your plan correctly.

This is a great place to be.

Focus on Process, Not Outcome

If you make decisions based on outcomes, your emotions will always control you.

Instead, shift your entire success metric to the process.

Ask yourself after every trade:

Did I follow my rules?
Did I take the setup that my plan said to take?
Did I size the trade properly?

If the answer is yes, it’s a successful trade, even if it is a loss.

Remember, you can’t always control what the market does.

But you can control what you do.

And that’s where your real power is.

Practical Tools to Manage Emotions

Mindset is critical, but tools can help you back it up when the pressure is on.

Number 1 is:

Risk Management (Stop Losses, Proper Sizing)

Setting clear risk parameters before entering a trade protects you from panic decisions later.

This means always use stop losses based on structure, not emotions.

It also means you are risking a small, consistent percentage of your account (like 1% or less per trade).

This shouldn’t wildly change from trade to trade.

Last but not least, go into every trade accepting the full risk before you enter; this will guarantee there are no surprises.

If you know exactly what you’re willing to lose before you click the button, fear shrinks dramatically.

The next practical tool is a Trading Plan and Journaling

A written trading plan keeps you grounded.

It tells you exactly when to enter, exit, and adjust risk, removing decision-making from the heat of the moment.

But it’s not just technical.

Journaling your emotional states during and after trades is equally important.

When you start tracking, how you felt before, during, and after trades, what thoughts or impulses you noticed, and what emotions triggered good or bad decisions…

…you begin to see emotional patterns, and from there, patterns can be managed once you’re aware of them.

Finally, checklists and cool-off periods are essential

Before you enter a trade, run through a simple checklist:

Does this trade meet my plan criteria?
Is my risk size correct?
Am I trading from logic or emotion?

After a big win or a tough loss streak, build in mandatory cool-off periods:

Step away for the rest of the day or a few hours…

Allow yourself to reassess only after emotions cool…

And of course, never revenge trade or rush back into the market without conscious review.

Sometimes the best trade you’ll ever make… is taking no trade at all!

Managing fear and greed isn’t about being perfect.

It’s about setting up systems that keep you consistent when emotions inevitably show up.

Because the market isn’t your biggest enemy…

…your unmanaged reactions are.

You Can’t Eliminate Fear and Greed — And That’s Okay

One of the biggest myths in trading is that the best traders are these cold, mechanical robots who feel nothing as they risk thousands of dollars.

But it’s not true.

Emotions are part of being human.

You’re supposed to feel something when money is on the line.

If you didn’t, you wouldn’t be fully engaged with the process.

The real secret of successful traders is that their systems, their plans, risk management, and discipline act as a buffer between those emotions and their actions.

Decisions Must Be Backed by Logic

You can and will feel emotional at times in trading.

When a trade goes against you and fear rises…

When a big win tempts you to double your risk…

When boredom makes you want to “just take something” out of impatience…

That’s when you need to stop and ask:

“Am I making this decision based on my system… or based on how I feel right now?”

If it’s based on emotion, pause.

Reset.

If it’s based on your pre-planned logic, you execute.

Over time, it will become second nature.

You won’t need to “fight” emotions; you’ll simply recognize them without obeying them.

Conclusion

By now, it should be clear that trading success isn’t just about finding the perfect setup or mastering a new strategy; it’s about managing the emotional swings that come with putting real money on the line.

Fear and greed aren’t weaknesses, they’re part of being human.

But when left unchecked, they can push even the most prepared trader off course.

You might exit too early, jump in too late, move a stop, overleverage, or skip a trade entirely… not because your system said so, but because your emotions did.

As you’ve seen through Sarah and Jack’s stories, the difference often isn’t in the setup, it’s in the response.

The trader who can manage their emotional state will often outperform the one who’s constantly reacting to it.

Trading with clarity doesn’t mean you won’t feel fear or excitement.

It means you’ll act in alignment with your plan anyway.

Now I’d love to hear from you:

Have you ever had a “Jack moment” where fear made you close a trade too early?

Or maybe a “Sarah moment” where you became overconfident because of previous success

Drop your story in the comments, let’s learn from each other.

This is Part Two of our three-part post on how U.S. citizens and green-card holders can protect themselves at the border, in which we interviewed deputy director of ACLU’s Speech, Privacy, and Technology Project, Nathan Freed Wessler.

In Part One, we covered the rights of U.S. citizens reentering the country, including advice on what to do if U.S. Customs and Border Protection agents decide to interrogate. In this second part, we dive into what border agents are legally allowed — and not allowed — do with your phone and laptop. We also discuss how to protect your data, and why a burner Chromebook might not be such a crazy idea after all.

“The fear is real,” Wessler warned us. But he said the risk is higher for some citizens over others. Read on to determine how far you, as an American or green-card holder, might want to go in protecting yourself and your digital privacy before your next international trip.

Let’s talk about your devices. If CBP [Customs and Border Protection] wants to search your phone or computer, and you’re a U.S. citizen, do they have the right to do so?

Wessler: They claim the right to do that. Of course, if you’re inside the country, the basic rule is that when the government wants to search your private things or private space, they need to go to a judge first, demonstrate probable cause, and get a warrant.

At the border, the government can search your stuff — no warrant requirement, not even a requirement of individualized suspicion. The government takes the position that cell phones and laptops are just like suitcases, and they should have exactly the same latitude to search them. They can do it to everybody. They can do it because it’s a Tuesday. They can do it because they’re picking all gray-haired travelers today, whatever it is.

What do they actually do when they search your phone or laptop?

Wessler: The government distinguishes between two different kinds of searches: what they call basic searches and what they call advanced searches.

Read the rest of the interview with Nate Wessler of the ACLU on our ad-free Boing Boing Premium site!

Previously: A guide to protecting your privacy at U.S. borders

They said the teenager might try to escape the country before sentencing, and that people he worked with could help him do it.

Recent unsealed documents revealed that Chatel pleaded guilty in Washington, DC, to participating in a 2024 scheme involving wire fraud and money laundering. The case centers on a large-scale Bitcoin theft carried out through fake tech support calls.

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According to ZachXBT’s post on X, Chatel would call victims pretending to be from a company’s help desk. He would guide them through a process that gave his team access to their accounts.

Once inside, the attackers would trick victims into revealing their crypto wallet details. They then transferred the funds from Gemini

$328.55M

Authorities stated that Chatel used professional money launderers to hide the stolen funds. Along with his co-conspirators, Malone Lam and Jeandiel Serrano, he spent the money on watches, designer clothing, and several cars.

When the FBI searched his home, they found about $37 million in crypto connected to the heist. Officials also believe he defrauded around 50 more people, which generated another $3 million for himself.

As part of his plea deal, Chatel agreed to give up luxury goods purchased with the stolen money. He is expected to face between 19.5 and 24.5 years in prison, along with a fine that could range from $50,000 to $500,000.

Meanwhile, Global Ledger and Recoveris, in collaboration with Reuters, recently found that Russia’s Federal Security Service (FSB) has been using Bitcoin to pay a Canadian teenager. What was the FSB’s motive? Read the full story.

Mass protests in Los Angeles began last week after US Immigration and Customs Enforcement conducted raids throughout the city, targeting places like Home Depots, car washes, and the garment district. 

Demonstrations grew in response to the federal agents’ presence and actions, leading to clashes with police. In response, President Donald Trump deployed thousands of National Guard troops to the city over the weekend and about 700 Marines by midweek.

California Gov. Gavin Newsom swiftly denounced Trump’s orders, and filed an emergency lawsuit to block the president’s “brazen abuse of power.” LA Mayor Karen Bass declared a local emergency, and enacted an indefinite curfew in downtown Los Angeles. Both officials claim this is the administration’s broader attempt to escalate the situation on the ground and to intimidate the city’s undocumented population.

Solidarity protests have spread to more than a dozen US cities, including New York, San Francisco, Chicago, and Atlanta, with more arrests nationwide.

This is a developing story. Follow here for the latest news, explainers, and analysis.

• Trump is frustrated by his own success on immigration
• The real reason Trump is suddenly ordering immigration raids
• I’m the daughter of immigrants. The LA I know isn’t in the news.
• The LA protests reveal what actually unites the Trump right
• How a little-known law became Trump’s weapon of choice against immigration
• Trump asks the Supreme Court to neutralize the Convention Against Torture
• Trump escalates his battle with California
• Trump deploying the National Guard is part of a bigger plan

Insurance companies are reportedly looking to capitalize on the rising incidents of kidnapping and physical violence targeting crypto millionaires. 

NBC News reports that at least three companies that provide insurance and security services for cryptocurrency investors and firms are preparing to offer kidnap and ransom (K&R) insurance policies for those with security concerns stemming from their crypto holdings.

According to Rebecca Rubenfeld, chief operating officer at the crypto insurance firm AnchorWatch, the fear of violence was a big topic at the annual Bitcoin Conference that was held in Las Vegas last week.

“They’re tense. I’m not saying that because I’m trying to sell insurance, but overall, the mood is a very good environment for me.”

AnchorWatch is considering offering kidnapping and ransom protection in the coming months. 

The news comes after a string of reports emerged about the kidnapping of crypto investors. Last month, armed assailants reportedly tried to abduct the daughter and grandson of Pierre Noiza, the CEO of the French crypto exchange platform Paymium, in Paris. 

In another incident, three teenagers allegedly stole $4 million worth of cryptocurrency and non-fungible tokens (NFTs) from a man who hosted a crypto-related event in Las Vegas and left him stranded at White Hills, Arizona. 

And last week in New York City, a kidnapper allegedly tortured and threatened a crypto investor for three weeks to gain access to his Bitcoin (BTC) wallet. 

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Bitcoin trades above $110,000 today, while Google Trends data for “bitcoin” sits at 38.

This afternoon, a Midtown Manhattan barista will glance at a phone ticker showing $110,630. He’ll shrug and keep steaming milk.

The mood lines up with the data as searches for the word have stayed in the low-40 band for months, the same range seen when Bitcoin cost under $30,000.

Perhaps we’re now entering “FIAMO,” short for fear I already missed out.

Big money is moving instead. BlackRock’s iShares Bitcoin Trust regularly brings in multiple times more than miners create. Bitwise chief Hunter Horsley noted the contrast. “Public interest, especially among ordinary investors, has substantially dropped,” he told FinanceFeeds, “even as price rockets to fresh highs.”

Numbers back FIAMO Narrative

Exchange volume numbers back the FIAMO narrative as Coinbase cleared $78 billion in retail trades during the first quarter of 2025, barely half the average seen in 2021.

The exchange saw explosive growth in 2021 as retail activity ballooned more than 7-fold versus 2020, mirroring the overall crypto bull run. Then, crypto winter hit retail hardest, volumes fell 69% in 2022 and another 55% in 2023.

In 2024, a rebound in prices, approval of U.S. spot-Bitcoin ETFs, and improved market sentiment drove retail volume up 195 % year-on-year. Now, Q1 2025 retail spot volume is down from the exceptional Q4 2024 but still above any quarter in 2023, helped by Bitcoin’s new all-time highs early in the year.

People can’t or won’t buy a whole coin, and many still feel that fractions look like scraps.

While unit bias is just arithmetic, it is very powerful psychologically. Exchanges push to “buy $10 of BTC,” yet a six-figure sticker keeps newcomers frozen. Owning 0.001 BTC feels small, even though it equals the full spot price of 2013. Until wallets talk in satoshis, that mental block will linger.

Also, memories of the 2022 wipe-out still sting, with many awaiting redemptions or having lost considerable sums. FTX, Celsius, and Three Arrows vanished in weeks, erasing life savings and confidence. Many small traders promised themselves they would never chase parabolic charts again. That promise now shows up in every flat search curve.

Veteran desks say the lull will not last as capital that flows through ETFs often filters into broader retail channels later, once friends and family notice the gains on retirement statements. A similar lag followed the gold-ETF boom in 2005. So the next wave may arrive with a gentler face, automatic paycheck purchases rather than late-night leverage.

However, pension funds in Wisconsin won’t see the gains anymore after it sold all of its Bitcoin ETF holdings for a considerable profit.

Still, quiet search charts have fooled the crowd before. In past cycles, the Google curve peaked months after price highs, once headlines seeped through to casual investors. If history rhymes, FIAMO could flip back to plain old FOMO.

Politics and Bitcoin

Politics now also adds another layer to the Bitcoin and crypto Zeitgeist. President Donald Trump believes that “Our country must be the leader in the field” and is a staunch Bitcoin proponent, aiming to roll out a Strategic Bitcoin Reserve. The shift in Trump’s attitude to Bitcoin turns Bitcoin from a rebel asset to a state resource, a shift that can’t help but dull the thrill for some weekend traders, especially those outside the US with a ‘less than favorable’ view of the man.

Within Trump’s MAGA base, more focus is given to Official TRUMP memecoins and World Liberty Financial stablecoins than to Bitcoin. Trump voters aren’t buying Bitcoin en masse, though they are cheering on the government turning Ross Ulbricht’s Bitcoin into a strategic reserve.

Aligning Bitcoin so closely with right-of-center politics is likely to negatively affect those on the other side of the political spectrum. However, I believe the blame for politicizing Bitcoin is bipartisan. Politicians who revile Trump’s broader policies should compartmentalize Bitcoin from those issues.

Bitcoin has no party and no politics within the traditional financial system.

Until we are free from fiat, it is Bitcoin or nothing.

As Satoshi said,

“Maybe instead make it about the open source project and give more credit to your dev contributors; it helps motivate them.”

For now, the signals are plain: ETFs soak up supply, policy wraps bitcoin in reserve language, and Google’s trend line hardly moves.

The largest digital asset continues to smash all conceivable records while most onlookers barely look up.