As bitcoin (BTC) slides by nearly half from its all-time high, online searches questioning its very survival have surged, fuelling renewed anxiety in the cryptocurrency market.

Google Trends cited by blockchain media outlet The Crypto Basic on Feb. 19 (local time) showed interest in the search term "Bitcoin going to zero" hit 100 in February 2026, reaching the highest level in recent years. The surge came as bitcoin fell about 47 percent from its record high of $126,080 set on Oct. 6, 2025, a move seen as driven by a combination of a sharp price drop and global economic and geopolitical uncertainty.

The jump in searches is the strongest in about 3.5 years. The previous peak was a score of 72 in June 2022, when bitcoin plunged by more than about 37 percent in a month, falling from $32,000 to $19,942.

Experts have used Google search data as a real-time indicator reflecting public sentiment. Search volume generally spikes during major rallies or selloffs, and in this case it is seen as reflecting fear over the possibility of "zero" rather than optimistic expectations.

Market sentiment is also visible in traditional crypto sentiment indicators. The widely followed Crypto Fear and Greed Index is currently at 11, and earlier this month it fell to 5, marking a record low. The closer it is to 0, the more it signals extreme fear. Extreme fear has generally been seen as a potential buying zone, but recent calls have emerged to re-examine that rule.

Coin Bureau co-founder Nick Puckrin (닉 퍼크린) pointed out that buying in extreme fear does not guarantee large short-term returns. His analysis showed that when the Fear and Greed Index was 25 or lower, the 90-day average return was limited to 2.4 percent. By contrast, buying during "extreme greed" delivered 90-day average returns of up to 95 percent. He described the index as a "lagging momentum indicator rather than a leading predictor".

Some market participants counter that a 90-day yardstick is too short-term. They argue that past data include cases where average gains of more than 300 percent were seen over 12 months after extreme fear, and say interpretations can differ depending on short-term trading strategies and long-term accumulation strategies.

In the current market, price weakness and a rise in fear-driven searches are keeping anxiety dominant. Views are split on whether such extreme sentiment could become another turning point.