Despite Bitcoin’s price nearing an all-time high, retail investor interest remains low. Searches for "Bitcoin" on Google are generating only a fraction of the attention that "artificial intelligence" has garnered in recent days.
Low Interest in Bitcoin Among Retail Investors
“Bitcoin is close to breaking its all-time highs, but retail interest is still virtually zero,” noted crypto analyst Miles Deutscher in an October 29 post on X. According to CoinGecko, Bitcoin hit a high of $73,562 on the same day before cooling to $72,300.
Low Interest Score Compared to Previous Bull Market
Interest in “Bitcoin,” according to Google Trends, currently scores 23 out of 100, significantly lower than in May 2021, when search volumes peaked. A notable gap also exists in comparison with "artificial intelligence," which has generated far more traffic over the past week.
Coinbase App Yet to Spark Interest Like Before
In previous bull markets, growing Bitcoin interest often pushed the Coinbase app into the top 50 in the Apple App Store. However, according to Sensor Tower, it currently sits at 308, indicating that retail interest has yet to match past levels. Nevertheless, Coinbase’s ranking rose by 167 positions on October 28 and 29, which could indicate increasing interest in crypto.
Large Investors Continue to Dominate the Market
A report from CryptoQuant on October 26 noted that while retail investors are slowly returning to the market, large Bitcoin investors still dominate in 2024. On September 21, daily BTC transfers among retail investors amounted to just $326 million, the lowest level since 2020. CryptoQuant further notes that low retail activity often precedes Bitcoin price increases, with retail investors more likely to "catch up" after a sudden rise.
Institutional Interest on the Rise
CryptoQuant founder and CEO Ki Young Ju emphasized that demand for Bitcoin in institutional wallets has more than doubled compared to retail demand over the past year. A major driver of this increase has been the launch of U.S. spot Bitcoin ETFs, which have attracted over $22.7 billion in net inflows since January, according to data from Farside.
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