Search interest in cryptocurrencies has dropped to levels not seen since late 2020, according to Google Trends. The term "crypto" currently holds a score of 17, a significant decline from its peak score of 100 in May 2021. This decline reflects a prolonged period of reduced interest, affecting major cryptocurrencies like Bitcoin and Ethereum.

The downturn in search interest has been ongoing since May 2022, coinciding with the collapse of the Terra (LUNA) ecosystem. A brief spike in interest occurred in early November 2022 during the crisis faced by the popular crypto exchange FTX.

Guy Turner noted on Twitter that this decrease in interest correlates with lower trading volumes on exchanges. In May 2023, the total funds invested in the cryptocurrency market hit a 32-month low. Data from The Block shows that monthly exchange volume, which tracks spot market volume across all crypto exchanges, was $439.42 billion in May 2023, a 27% drop from $604.88 billion in April 2023. This volume is the lowest since October 2020, which saw $222.7 billion.

Binance, the largest cryptocurrency exchange, recorded a monthly exchange volume of approximately $218 billion in May, a 26% decrease from $293.83 billion in April.

However, interest in some areas of cryptocurrency remains robust. Search volumes for "decentralized finance" and "defi" have increased in 2023. Additionally, searches for memecoins peaked in early May, indicating ongoing fascination with these specific cryptocurrencies.

Recently, Bitcoin has been trading between $26,000 and $30,000, attempting to reclaim its previous highs. The current drop in crypto-related searches and trading volumes highlights a period of subdued interest, likely influenced by market fluctuations and key events within the crypto ecosystem.