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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.
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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.
Search interest in “Bitcoin” since October 2019. Source: Google Trends
Notably, Bitcoin search interest is still generating only a fraction of the traffic that “artificial intelligence” has over the last week.
Search interest comparison of “Bitcoin” and “AI.” Source: Google Trends
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.
Related: Bhutan gov’t moves $66M of Bitcoin stash to Binance as price tops $71K
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.
Change in retail investor volume ($0 to $10,000 transfers) over a 30-day moving average since 2020. Source: CryptoQuant.com
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’
This article first appeared at Cointelegraph.com News
