Google Trends went crazy for the Btc search

[SuperTA]

Google Trends went crazy for the Btc search
This is the chart for the 90 days timeframe  (world)

There is also a huge (insane) amount of transaction today 94,504 BTC or 1,018,147,922 USD.

https://whale-alert.io/transaction/bitcoin/4410c8d14ff9f87ceeed1d65cb58e7c7b2422b2d7529afc675208ce2ce09ed7d

[mk4]

Huh. Quite weird that the spike up in search volume is for "btc" search query and NOT "bitcoin". I know that search volume for "bitcoin" is always going to be a lot higher than "btc" hence the "btc" search query is a lot more sensitive in terms of search volume movements hence the huge spike, but I was expecting at least a small blip higher than the average on the "bitcoin" search query. It was pretty much almost flat.

[DdmrDdmr]

That is pretty weird behaviour for the search term ‘BTC’. If you perform a side by side comparison to the term ‘Bitcoin’ (which has always shown more results than BTC), google trends places the interest for BTC in a 100:6 relation, which seems clearly wrong.

Adding and deleting comparison terms throws errors pretty often now, so it looks like of data error from the 31st of August onwards, setting the whole chart off-scale.

Edit: I’ve looked around and some refer to it as spam queries on Google, probably in an attempt to manipulate the price by affecting bots that may consult this parameter (see https://www.forbes.com/sites/billybambrough/2019/09/05/something-very-strange-is-going-on-with-bitcoin-and-btc-google-searches/#6baf794547ea for example).

[Decksperiment]

I guess that this has something to do with Bakkt warehouse accepting Bitcoin deposits starting today! Whales are on parade!

Reference: https://www.coindesk.com/customers-can-deposit-bitcoin-to-bakkts-warehouse-starting-next-week

[davis196]

Simply don't trust the google trends charts and data.I don't understand the meaning behind the google trends numbers.What is 100 for btc search on August 31st?Is this some kind of percentage?Can't they just show us the quantity of searches for that term in the selected time frame(just like in Google Adwords).
The 1 billion USD btc transaction has nothing to do with the increase of btc searches in Google trends.

[DdmrDdmr]

<...>

The '100' represents the peak number of searches for a given term in the timeframe analysed, as a proportion to all Google searches that day. Then all other days values are relativized to that ratio.

Say that on the 31st of August BTC was searched on Google 1M times over 100M Google searches (1% really of all searches), and that this ratio (1:100) is the best for BTC historically. That 1M searches is mapped to 100 points on Google Trends, since it is the maximum historical ratio of the number of searches for BTC over total searches on Google. A date with a 50 marker means that the ratio of searches on that day was half the ratio of the day when the 100 marker was set (i.e. BTC searched 0,5M over 100M Google searches that day).

The indicator is a relative one, since it relativizes the searches in relation to the peak moment. That means that an indicator of 50 could have a different number of searches on each of the days with that value  (i.e. 0,5M over 100M searches, or 0,6M over 120M searches would both render a value of '50' in the running example). Two same values do not mean that the number of searches was the same.

They do not give the number of absolute searches like Adwords, just relative indicators to the peak.

Now if somebody has found a way to spam fake automated non-organic searched on Google for the term ‘BTC’, going under the radar, then that could account for the stats completely thrown of course.

Edit: Here is an alternative explanation: https://coinnounce.com/btc-is-taking-over-google-trends-again-reason-behind-the-sudden-spike-explained/ -> Bahamas Telecommunications Company(BTC) ... feasable alt-speculative theory?

[Ucy]

Google Trends went crazy for the Btc search
This is the chart for the 90 days timeframe  (world)

There is also a huge (insane) amount of transaction today 94,504 BTC or 1,018,147,922 USD.

https://whale-alert.io/transaction/bitcoin/4410c8d14ff9f87ceeed1d65cb58e7c7b2422b2d7529afc675208ce2ce09ed7d

Sometimes I wonder which comes first, the GoogleTrend uptrend( lots of interest in Bitcoin) or Bitcoin uptrend(the increase in price). My guess is that when Bitcoin increases in price, the mainstream media and "Crypto influencers" will break the news and their viewers/fans will Google search it for confirmations

[JeromeTash]

Edit: I’ve looked around and some refer to it as spam queries on Google, probably in an attempt to manipulate the price by affecting bots that may consult this parameter (see https://www.forbes.com/sites/billybambrough/2019/09/05/something-very-strange-is-going-on-with-bitcoin-and-btc-google-searches/#6baf794547ea for example).

I think this is true mate, i see some sort of manipulation going on otherwise it makes no sense at all for BTC to show more results compared to Bitcoin. Most people who are getting to know about bitcoin for the first time do not know the BTC symbol, so they search query is always "Bitcoin"

Also the spike is too abnormal to be true. If it was a gradual increase then it would be a little believable.

[dothebeats]

No clarification whatsoever has surfaced regarding the $1B bitcoin movement earlier, and I think that has something to do with all these spikes and uptrends lately. Though this is a good picture to paint for bitcoin, still Google Trends isn't a reliable source to gauge the current interest for bitcoin, knowing that there are other factors associated with growth rather than just these fancy stats.

Now if somebody has found a way to spam fake automated non-organic searched on Google for the term ‘BTC’, going under the radar, then that could account for the stats completely thrown of course.

That's quite tricky to achieve. Tried searching continuously on Google once--and that's without the aid of any spam bots whatsoever--and every so often, a captcha appears out of nowhere to prove that I am not a robot. If someone effectively bypassed that, then that could explain the latest peak, but no.

[tomahawk9]

Something is going on. ! 1 billion usd worth btc transaction 8 hours ago.

That was probably someone (or a group of people) moving their coins to get ready for the Bakkt Warehouse which opens up today.

Talking about bakkt, they just tweeted this: https://twitter.com/Bakkt/status/1169958283517542407

I wouldn't be surprised if more wallets with big amounts of bitcoin start maving their coins because of Bakkt.

[mk4]

That's quite tricky to achieve. Tried searching continuously on Google once--and that's without the aid of any spam bots whatsoever--and every so often, a captcha appears out of nowhere to prove that I am not a robot. If someone effectively bypassed that, then that could explain the latest peak, but no.

It can be very costly(depending on scale), but this can be bypassed by using catpcha recognition services like 2Captcha. Now, it doesn't make sense to fake the search volume of a certain keyword, but if this is really an attempt to manipulate the prices through the indicators of certain bots like DdmrDdmr is speculating, this can be worth the cost. It just completely depends on how much money they could potentially make by pulling off something like this.

[lobster88]

This Google trend variation further makes me to take a look on both the searches BTC and BITCOIN
The one billion transaction in these few hours may bring a huge change and feeling this might be a positive sign for a leading change in the crypto market. Is this sign a right time to invest?
 

[BrewMaster]

lol i googled BTC and the first news result was a Forbes article about exactly this spike. maybe it is a bug in Google trends chart. the abriviation isn't really something people would search for.
the article had some interesting theories though!
https://www.forbes.com/sites/billybambrough/2019/09/05/something-very-strange-is-going-on-with-bitcoin-and-btc-google-searches/

Something is going on. ! 1 billion usd worth btc transaction 8 hours ago.

is it really?

[bedroid]

IF that chart and data are correct that very well could be a leading indicator of a price move up on the horizon. I think there probably is one coming.

[stompix]

Edit: Here is an alternative explanation: https://coinnounce.com/btc-is-taking-over-google-trends-again-reason-behind-the-sudden-spike-explained/ -> Bahamas Telecommunications Company(BTC) ... feasable alt-speculative theory?

The recent surge was not gone unnoticed, and according to the trends, the most significant spike in the search results came from Romania. But there is a natural and reasonable explanation behind this sudden rise in the popularity.
Tropical cyclone Dorian is wreaking chaos across the Bahamas turned into a hurricane and is intensifying with every day to become a category 4 hurricane. It turned into a category 5 hurricane on 1st September.
The surprising thing here is that BTC is not just the ticker symbol for Bitcoin, but it’s also the name of a telecommunication service provider in the Bahamas- the Bahamas Telecommunications Company(BTC).

This is beyond my understanding...
No offense to any Romanian or Bahamian (I had to google this term, lol) around here but I'm pretty sure that people in Eastern Europe they really don't give a damn about a Bahamas telecom company.

Something is going on. ! 1 billion usd worth btc transaction 8 hours ago.

Nothing special:
https://www.blockchain.com/en/charts/output-volume

[gentlemand]

People are saying it's to do with the Bahamian internet and phone provider BTCBahamas. There can't be very many people in the Bahamas and no one else is going to give a fuck. Perhaps it's the diaspora checking whether it works as they try to get hold of relatives there.

[BrewMaster]

People are saying it's to do with the Bahamian internet and phone provider BTCBahamas. There can't be very many people in the Bahamas and no one else is going to give a fuck. Perhaps it's the diaspora checking whether it works as they try to get hold of relatives there.

even if that's the case people don't search for BTC, they search for "BTC Bahamas" or the full name as "Bahamas Telecommunications {Company}". not just BTC or at the very least "BTC everyday" as their logo says. but if you check google trends for these terms none of them show any kind of spike!
Bahamas Telecommunications Company is basically dead with 0 searches

[mk4]

even if that's the case people don't search for BTC, they search for "BTC Bahamas" or the full name as "Bahamas Telecommunications {Company}". not just BTC or at the very least "BTC everyday" as their logo says. but if you check google trends for these terms none of them show any kind of spike!
Bahamas Telecommunications Company is basically dead with 0 searches

Not only that. I'm going to assume that well, duh, the people that are in the Bahamas are the ones that's going to search for BTC Bahamas, and not the people in other countries like the US. But based on my Google Trends search graph below, the people that are actually searching for BTC are from the US. You can select where the search demographic would be from. It would make no sense for the people in the United States to be mass searching for some Bahamas Telecommunications company.

[coin-investor]

Google Trends went crazy for the Btc search
This is the chart for the 90 days timeframe  (world)

There is also a huge (insane) amount of transaction today 94,504 BTC or 1,018,147,922 USD.

https://whale-alert.io/transaction/bitcoin/4410c8d14ff9f87ceeed1d65cb58e7c7b2422b2d7529afc675208ce2ce09ed7d

You know what? After reading your post and the article I immediately check Bitcoin price and the whole market, it's not what you can consider a  massive gain for Bitcoin but still enough for us to be happy, we need more of this, just last month it hit a record $13000 but after going down again to $10k level people thought it will not break the $11 k level again.

It's only a matter of time and hopefully, this month Bitcoin will reach $12000 again, it's about time something great should happen in preparation for the halving.

[gentlemand]

It would make no sense for the people in the United States to be mass searching for some Bahamas Telecommunications company.

The Bahamas is on the US's doorstep. Tons of Americans will have friends and relatives there. I couldn't give a shit either way but maybe they're getting some automated message mentioning BTC when they try to call.