Bitcoin is nearing an all-time high, yet analysts say retail investors are showing no more interest than usual.
“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 on X.
Bitcoin (BTC) 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.
Still, Coinbase jumped 167 positions on Oct. 28 and 29 — which may hint that rising crypto prices are beginning to arouse retail attention.
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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.
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