Originally published on: October 30, 2024
Bitcoin is on the brink of reaching its all-time high, yet experts are noticing a lack of interest from retail investors.
According to crypto analyst Miles Deutscher, despite BitcoinBTC$71,908 nearing a new record high on Oct. 29 and reaching $73,562 briefly, retail interest remains low.
Google Trends data shows that search interest in “Bitcoin” is currently at a score of 23 out of 100 compared to its peak in late May 2021. This lack of interest is evident when compared to the search traffic for “artificial intelligence.”
During previous bullish periods, Coinbase would rank in the top 50 on Apple’s App Store, but it currently sits at 308th position, indicating subdued retail interest.
However, Coinbase saw a significant jump in rankings on Oct. 28 and 29, indicating a potential awakening of retail investors due to rising crypto prices.
A recent report from CryptoQuant highlighted that while Bitcoin retail investors are slowly re-entering the market, larger investors have dominated in 2024. Daily transfers by BTC retail investors hit a low on Sept. 21, indicating subdued retail activity.
Despite this, CryptoQuant analysts suggest that decreased retail activity often precedes Bitcoin price rallies, with retail investors being more likely to jump into the market during sudden increases.
Institutional demand for Bitcoin in custodial wallets has doubled that of retail investors over the last year, with the launch of United States spot Bitcoin exchange-traded funds significantly contributing to institutional holdings.
As Bitcoin continues to surge towards all-time highs, the question remains: when will retail investors finally wake up to the potential of this digital currency? Don’t miss out on the latest insights and updates on crypto laws and guidelines by subscribing to the Law Decoded newsletter today.
