Bitcoin approaching new all-time high still hasn't woken up retail investors

3 hours ago 3

Despite its recent price rally, search interest for “Bitcoin” on Google is still generating only a fraction of the traffic that “AI” has over the last week.

447 Total views

1 Total shares

Bitcoin approaching new all-time high still hasn't woken up retail investors

Bitcoin is fast approaching a new all-time high and retail investors don’t seem to be showing much more interest than they typically do, say analysts.

“Bitcoin is on the verge of breaking all-time highs, and retail interest is still almost non-existent,” crypto analyst Miles Deutscher said in an Oct. 29 post to X.

Bitcoin came within spitting distance of notching a new all-time high on Oct. 29, briefly touching $73,562 but has since cooled off to a price of $72,300 at the time of publication, per CoinGecko data.

Despite the recent rally, search interest for “Bitcoin” currently displays a score of 23 out of 100 relative to late May 2021 when all-time search volumes reached their peak, per Google Trends data.

Notably, Bitcoin search interest is still generating only a fraction of the traffic that “artificial intelligence” has over the last week.

When retail interest peaked in previous bull runs, Coinbase often saw its ranking in Apple’s App Store soar into the top 50 — but it currently stands in 308th position, according to Sensor Tower data.

Notably, Coinbase still jumped 167 positions between Oct. 28 and 29 — which could hint that rising crypto prices are beginning to capture retail attention again.

An Oct. 26 report from crypto analytics firm CryptoQuant analysts shared that while Bitcoin retail investors were “slowly returning” to the market they had been significantly outpaced by larger Bitcoin investors throughout 2024.

The report also shared that daily transfers by BTC retail investors hit $326 million on Sept. 21, its lowest level since 2020.

However, CryptoQuant analysts noted that lowered retail activity “often precedes Bitcoin price rallies,” with retail investors being more likely to chase a catch-up trade if Bitcoin were to rally suddenly.

The firm’s founder and CEO, Ki Young Ju, also highlighted that institutional demand for Bitcoin in custodial wallets has doubled that of retail over the last 12 months.

The launch of United States spot Bitcoin exchange-traded funds is responsible for a significant contribution to institutional holdings, taking in over $22.7 billion in net flows since launching in January, per Farside data.

Magazine: 10 crypto theories that missed as badly as ‘Peter Todd is Satoshi’

Read Entire Article