Bitcoin Is Dead Searches Hit Post-FTX High as $70M in Liquidations Rock BTC

Google Trends data recorded a sharp rise in searches for “Bitcoin is dead” on Friday, reaching the highest level seen since the FTX collapse. The move occurred while Bitcoin price traded near the upper end of its current cycle range, keeping the asset in focus even as online interest shifted toward a more negative framing.

The spike in search activity circulated widely among traders and indicates how quickly sentiment is changing during periods of market tension. Also, renewed attention appeared alongside active discussion across social platforms, where participants monitored whether pessimism was growing despite Bitcoin holding near key levels.

Changpeng Zhao, co-founder of Binance, reacted publicly to the trend data after it was shared on social media. He reposted commentary about the spike in “Bitcoin is dead” searches and asked whether it should be interpreted as a negative or positive signal.

Online discussion also showed some market participants looking beyond Bitcoin as the main driver of near-term interest, with attention spreading to other large-cap tokens and higher-volatility segments. The broader conversation remained active even as Bitcoin price action stayed close to established support.

BTC Whale Transfers and Derivatives Activity 

On-chain monitoring accounts reported notable activity from large holders. According to the tracking data, a wallet transferred 11,318 BTC to Binance, about 60% of its Bitcoin holdings. The same coverage said the whale later moved out USDT via multiple new addresses, while leaving a remaining Bitcoin balance on the exchange.

Derivatives indicators also pointed to elevated positioning. Coinglass data showed more than $70 million in Bitcoin liquidations over the prior 24 hours, suggesting pressure tied to leveraged trading rather than broad spot selling. 

At the time of reporting, Bitcoin (BTC) traded at $68,175, down 2.01% in the last seven days, while retail sentiment readings remained bearish.

Technical Levels Tighten as ETFs and Leverage Stay in View

Separate market analysis noted Bitcoin’s rebound since but warned that support levels were clustered closely beneath the current price. The chart structures on an 8-hour timeframe point to a supply zone based on UTXO realized price distribution data, with a large concentration above $66,800 and another cluster near $65,636.

UTXO Realized Price Distribution | Source: Glassnode

Moreover, the analysis noted that open interest rose during the bounce, rising from about $19.54 billion to roughly $20.71 billion, while funding rates turned positive. Also, there have been five consecutive weeks of net outflows from spot Bitcoin ETFs, indicating that institutional demand has not returned during the recovery.  Therefore, despite the ”Bitcoin is dead” narrative, analysts listed supports around $67,300, $66,500, and $65,300, with a deeper level near $60,800 in the event of further weakness.