Retail investors have not yet fully entered the crypto market, even though Bitcoin prices are approaching record highs, according to social and search sentiment data.

Global internet searches for Bitcoin have dropped to levels typical of a bear market, which is surprising given that the asset's price surged to over $71,000 this week.

Search interest in Bitcoin increased in March when the asset reached a previous all-time high but has since declined to the levels seen in 2023, based on Google Trends data.

Tech entrepreneur Mike Alfred noted on June 6 in a post on X that Bitcoin's price has become disconnected from search traffic. This observation leads to the conclusion that retail investors have not yet fully engaged in the market, and the recent momentum is largely driven by institutional investors.