比特币不再需要聚光灯了。它已经赢了

还记得2017年吗？当比特币不是标题时，这是标题。新闻主播，红色线程，晚餐桌 - 每个人都在谈论加密货币。

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

还记得2017年吗？当比特币不是标题时，这是标题。

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

新闻主播，红色线程，晚餐桌 - 每个人都在谈论加密货币。 Google的“比特币”趋势趋于天花板，价格也遵循。

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.

快进到今天：比特币年龄较大，更聪明……更安静。自2017年疯狂以来，搜索兴趣一直在暴跌，但价格却打破了记录。使困惑？你不是唯一的一个。

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."

这是事实：比特币不再需要聚光灯了。 2017年，零售投资者宣传了这一炒作。今天，是机构做出了重大举措。对冲基金，资产经理甚至银行正在制作巨大的比赛 - 不需要Google“什么是比特币”。

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，我将分解2017年发生的事情，为什么Google趋势曾经讲述了整个故事，以及为什么这个故事发生了变化。剧透：比特币已经超出了炒作。这可能是有史以来最好的事情。

Key highlights:

关键亮点：

The 2017 Bitcoin boom: When curiosity met FOMO

2017年比特币繁荣：当好奇心遇到FOMO时

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，星星对齐。比特币达到了近20,000美元，这是一个有史以来的最高点，将下巴送到了地板上。同时同时？ “比特币”的Google趋势爆炸达到了完美的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.

这不仅仅是价格动作。这是公众的痴迷。比特币变成了运动。比特币价格与比特币趋势之间存在密切相关的趋势持续了多年。

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

备份的数字：数据分析公司Intotheblock的相关性在Google搜索与比特币价格之间的相关性为0.91。

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

从历史上看，比特币的价格与Google搜索呈正相关。 （来源：intotheblock）

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

用简单的话？利息和价值锁定。当人们搜索时，比特币涌动。

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.

要点：那时，好奇心是货币。在搜索栏中输入“比特币”的人越多，价格就越高。它是最纯粹形式的零售业 - 由模因，媒体和动力驱动。

When Google Trends and price moved in sync

当Google趋势和价格同步时

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.

在比特币的大部分历史中，公众好奇心的每一个高峰都带有相配的价格。搜索兴趣可以预测市场的转变。散户投资者会用谷歌搜索，好奇，兴奋，然后跳入。将其乘以数百万，而您的火箭船被点击助长了。

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

这是炒作以完美同步的炒作会议价格行动的最终案例。

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.

对于智能交易者而言，Google趋势是一种交易工具。观看搜索兴趣的上升就像实时观看情感的建立。当搜索激增时，通常是价格集会的前奏。

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.

这不是仅比特币的现象。狗狗？同样的故事。 ICO，DEFI和NFTS - 在达到峰值估值之前，他们的Google趋势都迅速升高。对于那些关注的人来说，这是一个欺骗代码，可以发现市场即将升温的地方。

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

这就像拥有一个由公众好奇心动力的水晶球。

The big shift: Search interest drops, price soars

大转变：搜索兴趣下降，价格飙升

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.

这是事物开始从脚本中脱颖而出的地方。在2017年疯狂之后，Google对比特币的搜索兴趣下降了。到2020年滚动时，搜索“比特币”已降至其峰值水平的13％。

And yet… Bitcoin was on a tear.

然而……比特币流泪。

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.

尽管好奇心较低，但价格仍在攀升。比特币粉碎了以前的历史高点。那是第一个线索：根本发生了变化。人群更安静，但价格比以往任何时候都更高。

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

因此，如果公共利益没有将其推高，谁是谁？

Rise of the institutions

机构的兴起

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.

这次，大动作不仅来自Reddit线程或交易者。他们来自董事会和彭博社。比特币的下一次集会（从30,000美元到$ 60,000）没有由零售FOMO提供动力。它是由聪明的钱驱动的。

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的创始人查尔斯·爱德华兹（Charles Edwards）在2021年表示，好奇心可能有助于将比特币从60,000万美元升至10万美元，但首先要获得6万美元？那将是机构。

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.

事实证明，这仅是部分正确的，因为由于零售投资者，2021年的公牛奔跑在很大程度上被推动了。但是，突然之间，机构也在那里。

Why the correlation broke down

为什么相关性破裂

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

从前，比特币是一个谜。人们谷歌搜索了它，因为他们不知道它是什么或如何获得