比特幣不再需要聚光燈了。它已經贏了

還記得2017年嗎？當比特幣不是標題時，這是標題。新聞主播，紅色線程，晚餐桌 - 每個人都在談論加密貨幣。

Remember 2017? Back when Bitcoin wasn’t a headline—it was the headline.

還記得2017年嗎？當比特幣不是標題時，這是標題。

News anchors, Reddit threads, dinner tables—everyone was talking crypto. Google Trends for "Bitcoin" hit the ceiling, and the price tag followed suit.

新聞主播，紅色線程，晚餐桌 - 每個人都在談論加密貨幣。 Google的“比特幣”趨勢趨於天花板，價格也遵循。

Fast forward to today: Bitcoin is older, wiser…and oddly quieter. Search interest has plummeted since the 2017 frenzy, yet prices have broke records. Confused? You’re not the only one.

快進到今天：比特幣年齡較大，更聰明……更安靜。自2017年瘋狂以來，搜索興趣一直在暴跌，但價格卻打破了記錄。使困惑？你不是唯一的一個。

Here’s the thing: Bitcoin doesn't need the spotlight anymore. In 2017, retail investors drove the hype. Today, it’s institutions making the big moves. Hedge funds, asset managers, and even banks are making huge plays—without needing to Google "what is Bitcoin."

這是事實：比特幣不再需要聚光燈了。 2017年，零售投資者宣傳了這一炒作。今天，是機構做出了重大舉措。對沖基金，資產經理甚至銀行正在製作巨大的比賽 - 不需要Google“什麼是比特幣”。

In this article, I’ll break down what happened in 2017, why Google Trends once told the whole story, and why that story has changed. Spoiler: Bitcoin has outgrown the hype. And that might be the best thing that ever happened to it.

在本文中，我將分解2017年發生的事情，為什麼Google趨勢曾經講述了整個故事，以及為什麼這個故事發生了變化。劇透：比特幣已經超出了炒作。這可能是有史以來最好的事情。

Key highlights:

關鍵亮點：

The 2017 Bitcoin boom: When curiosity met FOMO

2017年比特幣繁榮：當好奇心遇到FOMO時

In December 2017, the stars aligned. Bitcoin hit almost $20,000—an all-time high that sent jaws to the floor. And at the exact same time? Google Trends for "Bitcoin" exploded to a perfect 100/100 score. That wasn’t a coincidence.

2017年12月，星星對齊。比特幣達到了近20,000美元，這是一個有史以來的最高點，將下巴送到了地板上。同時同時？ “比特幣”的Google趨勢爆炸達到了完美的100/100得分。那不是巧合。

This wasn’t just price action. It was a public obsession. Bitcoin became a movement. And this trend of a strong correlation between Bitcoin’s price and Google Trends for Bitcoin continued on for years.

這不僅僅是價格動作。這是公眾的痴迷。比特幣變成了運動。比特幣價格與比特幣趨勢之間存在密切相關的趨勢持續了多年。

The numbers backed it up: data analysis firm IntoTheBlock clocked a correlation of 0.91 between Google searches and Bitcoin’s price.

備份的數字：數據分析公司Intotheblock的相關性在Google搜索與比特幣價格之間的相關性為0.91。

Historically, Bitcoin’s price has been positively correlated with Google searches. (Source: IntoTheBlock)

從歷史上看，比特幣的價格與Google搜索呈正相關。 （來源：intotheblock）

In simple terms? Interest and value moved in lockstep. When people searched, Bitcoin surged.

用簡單的話？利息和價值鎖定。當人們搜索時，比特幣湧動。

The takeaway: Back then, curiosity was currency. The more people typed “Bitcoin” into the search bar, the higher the price climbed. It was retail FOMO in its purest form—driven by memes, media, and momentum.

要點：那時，好奇心是貨幣。在搜索欄中輸入“比特幣”的人越多，價格就越高。它是最純粹形式的零售業 - 由模因，媒體和動力驅動。

When Google Trends and price moved in sync

當Google趨勢和價格同步時

Throughout most of Bitcoin's history, every spike in public curiosity came with a matching spike in price. Search interest could predict market moves. Retail investors would Google it, get curious, get excited, and then jump in. Multiply that by millions, and you have a rocket ship fueled by clicks.

在比特幣的大部分歷史中，公眾好奇心的每一個高峰都帶有相配的價格。搜索興趣可以預測市場的轉變。散戶投資者會用谷歌搜索，好奇，興奮，然後跳入。將其乘以數百萬，而您的火箭船被點擊助長了。

It was the ultimate case of hype meeting price action in perfect sync.

這是炒作以完美同步的炒作會議價格行動的最終案例。

For smart traders, Google Trends was a trading tool. Watching search interest rise was like watching sentiment build in real time. When searches surged, it was often a prelude to a price rally.

對於智能交易者而言，Google趨勢是一種交易工具。觀看搜索興趣的上升就像實時觀看情感的建立。當搜索激增時，通常是價格集會的前奏。

And this wasn’t a Bitcoin-only phenomenon. Dogecoin? Same story. ICOs, DeFi, and NFTs—all saw their Google Trends spike before hitting peak valuations. For those paying attention, it was a cheat code to spot where the market was about to heat up.

這不是僅比特幣的現象。狗狗？同樣的故事。 ICO，DEFI和NFTS - 在達到峰值估值之前，他們的Google趨勢都迅速升高。對於那些關注的人來說，這是一個欺騙代碼，可以發現市場即將升溫的地方。

It was like having a crystal ball that’s powered by public curiosity.

這就像擁有一個由公眾好奇心動力的水晶球。

The big shift: Search interest drops, price soars

大轉變：搜索興趣下降，價格飆升

Here’s where things start to break from the script. After 2017’s frenzy, Google search interest in Bitcoin took a dip. By the time 2020 rolled around, searches for "Bitcoin" had dropped to just 13% of their peak level.

這是事物開始從腳本中脫穎而出的地方。在2017年瘋狂之後，Google對比特幣的搜索興趣下降了。到2020年滾動時，搜索“比特幣”已降至其峰值水平的13％。

And yet… Bitcoin was on a tear.

然而……比特幣流淚。

Despite the lower curiosity, the price kept climbing. Bitcoin smashed through its previous all-time highs. That was the first clue: something fundamental had changed. The crowds were quieter, but the price was louder than ever.

儘管好奇心較低，但價格仍在攀升。比特幣粉碎了以前的歷史高點。那是第一個線索：根本發生了變化。人群更安靜，但價格比以往任何時候都更高。

So if public interest wasn’t pushing it up, who was?

因此，如果公共利益沒有將其推高，誰是誰？

Rise of the institutions

機構的興起

This time around, the big moves weren’t coming just from Reddit threads or traders. They were coming from boardrooms and Bloomberg terminals. Bitcoin’s next rally—from $30,000 to $60,000—wasn’t powered by retail FOMO. It was driven by smart money.

這次，大動作不僅來自Reddit線程或交易者。他們來自董事會和彭博社。比特幣的下一次集會（從30,000美元到$ 60,000）沒有由零售FOMO提供動力。它是由聰明的錢驅動的。

Charles Edwards, founder of Capriole Investments, said back in 2021 that retail curiosity might help push Bitcoin from $60K to $100K someday—but getting to $60K in the first place? That will be the institutions.

Capriole Investments的創始人查爾斯·愛德華茲（Charles Edwards）在2021年表示，好奇心可能有助於將比特幣從60,000萬美元升至10萬美元，但首先要獲得6萬美元？那將是機構。

That turned out to be only partially true, since the 2021 bull run was still propelled in no small part thanks to retail investors. But, all of a sudden, institutions were there as well.

事實證明，這僅是部分正確的，因為由於零售投資者，2021年的公牛奔跑在很大程度上被推動了。但是，突然之間，機構也在那裡。

Why the correlation broke down

為什麼相關性破裂

Once upon a time, Bitcoin was a mystery. People Googled it because they didn’t know what it was or how to get

從前，比特幣是一個謎。人們谷歌搜索了它，因為他們不知道它是什麼或如何獲得