Google search interest for the phrase "Bitcoin is dead" has surged sharply, reaching its highest level since the collapse of FTX in late 2022. The spike in searches occurred on Friday, February 21, 2026, reflecting renewed skepticism and negative sentiment among retail participants as Bitcoin faces market volatility.
The data shows that while this is one of the stronger readings in recent years, it still falls below the peak levels recorded during previous major market downturns. Historically, spikes in "Bitcoin is dead" searches have consistently aligned with sharp price corrections, bear market phases, and periods of panic or capitulation. Analysts note that such surges often coincide with local market stress and have frequently occurred near major market lows, potentially signaling critical turning points rather than long-term structural breakdowns.
The sentiment shift circulated widely among traders and sparked active discussion across social media platforms. Changpeng Zhao, co-founder of Binance, publicly reacted to the trend data, reposting commentary about the search spike and questioning whether it should be interpreted as a negative or positive signal for the market.
Concurrently, on-chain and derivatives data revealed significant market activity. Monitoring accounts reported a large Bitcoin holder, or "whale," transferring 11,318 BTC (approximately 60% of its holdings) to Binance. The same entity later moved out USDT via multiple new addresses while leaving a remaining Bitcoin balance on the exchange. Derivatives indicators pointed to elevated positioning, with Coinglass data showing over $70 million in Bitcoin liquidations over the prior 24 hours, suggesting pressure was tied to leveraged trading rather than broad spot selling.
At the time of reporting, Bitcoin (BTC) was trading at $68,175, down 2.01% over the previous seven days. Technical analysis highlighted tightening support levels, with a supply zone identified based on UTXO realized price distribution data. Key support clusters were noted above $66,800 and near $65,636, with deeper support around $60,800 in case of further weakness.
Adding to the cautious backdrop, spot Bitcoin ETFs have seen five consecutive weeks of net outflows, indicating that institutional demand has not returned during the recent price recovery. Despite the negative narrative, some market participants began shifting attention to other large-cap tokens and higher-volatility segments beyond Bitcoin.
