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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 <a data-ct-non-breakable="null" href="https://x.com/milesdeutscher/status/1851141938965270863" rel="null" target="null" text="null" title="null">post</a> on X.
Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="nofollow noopener" target="_blank" text="null" title="https://cointelegraph.com/bitcoin-price">BTC</a>) 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 <a data-ct-non-breakable="null" href="https://www.coingecko.com/en/coins/bitcoin" rel="null" target="null" text="null" title="null">data</a>.&nbsp;
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 <a data-ct-non-breakable="null" href="https://trends.google.com/trends/explore?date=today%205-y&amp;q=bitcoin&amp;hl=en" rel="null" target="null" text="null" title="null">data</a>.&nbsp;
<figure>
 <img alt="Google, Bitcoin Price, Data" src="https://s3.cointelegraph.com/uploads/2024-10/0192db29-77b8-7b71-a772-ae9f8e68d63a" title="">
 <figcaption style="text-align: center;">
 Search interest in “Bitcoin” since October 2019. Source: Google Trends
 </figcaption>
</figure>
Notably, Bitcoin search interest is still generating only a fraction of the traffic that “artificial intelligence” has over the last week.
<figure>
 <img alt="Google, Bitcoin Price, Data" src="https://s3.cointelegraph.com/uploads/2024-10/0192db28-dc58-7536-abcc-72d8690e71e9" title="">
 <figcaption style="text-align: center;">
 Search interest comparison of “Bitcoin” and “AI.” Source: Google Trends
 </figcaption>
</figure>
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 <a data-ct-non-breakable="null" href="https://app.sensortower.com/overview/886427730?country=US&amp;tab=category_rankings" rel="null" target="null" text="null" title="null">data</a>.
Still, Coinbase jumped 167 positions on Oct. 28 and 29 — which may hint that rising crypto prices are beginning to arouse retail attention.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bhutan-government-sells-66m-bitcoin-stash-price-tops-71k" rel="null" target="null" text="null" title="null">Bhutan gov’t moves $66M of Bitcoin stash to Binance as price tops $71K</a>
An Oct. 26 <a data-ct-non-breakable="null" href="https://cryptoquant.com/community/dashboard/6719323089c8224c1bcc6f61?utm_source=twitter&amp;utm_medium=sns&amp;utm_campaign=dashboard&amp;utm_content=crypto-weekly-report" rel="null" target="null" text="null" title="null">report</a> 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.&nbsp;
The report also shared that daily transfers by BTC retail investors hit $326 million on Sept. 21, its lowest level since 2020.&nbsp;
<figure>
 <img alt="Google, Bitcoin Price, Data" src="https://s3.cointelegraph.com/uploads/2024-10/0192db28-56bd-788d-ad8e-1e4043bc150e" title="">
 <figcaption style="text-align: center;">
 Change in retail investor volume ($0 to $10,000 transfers) over a 30-day moving average since 2020. Source: CryptoQuant.com
 </figcaption>
</figure>
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.&nbsp;
The firm’s founder and CEO, Ki Young Ju, also <a data-ct-non-breakable="null" href="https://x.com/ki_young_ju/status/1851132489420718423" rel="null" target="null" text="null" title="null">highlighted</a> that <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-etfs-primed-cross-1-million-btc-mark-ahead-bullish-november" rel="null" target="null" text="null" title="null">institutional demand for Bitcoin</a> in custodial wallets has doubled that of retail over the last 12 months.
The launch of United States spot <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/bitcoin-etfs-a-beginners-guide-to-exchange-traded-funds" rel="null" target="null" text="null" title="null">Bitcoin exchange-traded funds</a> is responsible for a significant contribution to institutional holdings, taking in over <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-hits-70-k-after-etfs-notch-six-day-inflow-streak" rel="null" target="null" text="null" title="null">$22.7 billion in net flows</a> since launching in January, per Farside <a data-ct-non-breakable="null" href="https://farside.co.uk/btc/" rel="null" target="null" text="null" title="null">data</a>.&nbsp;
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/10-crypto-theories-that-missed-as-badly-as-peter-todd-is-satoshi/" rel="null" target="null" text="null" title="null">10 crypto theories that missed as badly as ‘Peter Todd is Satoshi’</a>

Bitcoin's brush with all-time high still hasn't woken up retail investors

Cointelegraph

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