Bitcoin trades close to 100k, memes are hyped, and many altcoins have pumped like crazy.
And here's the most exciting part: retail interest is nowhere near previous highs.
So, if retail isn’t fueling this bull market, who is? Let’s break it down:
Retail Interest: What The Data Says
1️⃣ Google Searches for Bitcoin and crypto terms are increasing but remain far below prior peaks.
2️⃣ The Kimchi Index (see attached chart), which measures the price gap between US and South Korean Bitcoin markets, is a negative sign of low retail demand.
Historically, a higher South Korean Bitcoin price signals strong retail activity. Today, it’s lower.
3️⃣ Exchanges and Market Makers are openly reporting low retail participation.
The retail crowd isn’t here. But the price of Bitcoin keeps climbing. Why?
The Real Buyers: Institutional Players Take Center Stage
1️⃣ Big Players Are Accumulating: MicroStrategy and Spot Bitcoin ETFs—institutions are stocking up on Bitcoin.
2️⃣ Post-Election FOMO: Institutional investors are dipping their toes into Bitcoin, allocating a fraction of their portfolios following the US elections. It’s small for each investor but adds up to massive buying pressure.
3️⃣ Retail’s Current Role: We see little retail presence, mostly selling Bitcoin to move into altcoins.
Bitcoin remains institution-dominated for now.
What Happens When Retail Comes Back?
If Bitcoin thrives without retail, imagine what happens when retail FOMO finally kicks in.
Right now, we might witness an early beginning. Altcoin seasons tend to follow big Bitcoin moves, further amplifying the market.
So, we might just be in the early stages of a bull market. Retail isn’t here yet, but this could be explosive when it comes.
Key Takeaway
The current Bitcoin rally isn’t retail-driven, but that’s precisely why it’s so compelling. Institutions are laying the foundation.
The stage is set. Buckle up. 🚀