Crypto market sentiment has remained bearish in an unusually persistent manner. February marked the fifth consecutive month of a red monthly close, underscoring sustained downside pressure.

Sentiment continues to deteriorate, with bears firmly in control, as reflected across on-chain data and technical indicators. Momentum remains weak, participation has thinned, and liquidity conditions remain fragile.

In downturns of this magnitude, investor behavior outside price charts often provides critical context. Off-chain signals, particularly search behavior, offer insight into attention cycles and capital intent.

This analysis uses Google search interest for “crypto” as a behavioral proxy to assess whether the market may be…