Bitcoin price suddenly shot up to $64,000 yesterday. After almost two months, it is more than clear that the spot Bitcoin ETFs are a complete success.
However, there seems to be no real hype among the general public yet, seemingly from the number of searches for “Bitcoin” on Google.
Where is the Bitcoin hype?
The graph above shows that search interest for “Bitcoin” on Google is currently at a value of 23. Even after a massive surge in 2024, Bitcoin searches remain relatively flat.
Currently, Bitcoin searches on Google are only a few percentage points higher than at the low point in December 2022.
Could it be that people now know what Bitcoin is and therefore the number of searches is lower? Someone starting out on their Bitcoin adventure might start with a search on Google.
But once you have basic knowledge and know where to find news and other interesting information, you will of course no longer google Bitcoin.
I’ll try to go into more detail later, but at first glance you can see that it’s a few trades over $10 million. About a dozen examples worth over $1 million, then smaller sizes are offered for the majority of them. So similar.
— Eric Balchunas (@EricBalchunas) February 28, 2024
For example, Bloomberg ETF expert Eric Balchunas also reports that a large number of transactions for spot Bitcoin ETFs are slightly smaller. This could mean that private investors are currently investing primarily through ETFs and are thus participating in the Bitcoin bull run.
Small investors are cautiously entering Bitcoin?
There’s another statistic that seems to show that the retail hype is slowly returning. For the first time since the launch of spot Bitcoin ETFs, smaller wallets on the Bitcoin blockchain have started purchasing the digital currency again.
Good to see retail buyers are back in the green. After more than 30 days of selling (at much lower prices), addresses with 0-10 BTC were net buyers today. 👇 pic.twitter.com/QWIyVPNw0v
— HODL15Capital 🇺🇸 (@HODL15Capital) February 29, 2024
During the approval of the spot Bitcoin ETFs, the price was at $40,000 and the smallest investors in the market decided to hit the sell button en masse.
Now we’re back at the $60,000 mark and starting to buy them again. This is the classic counter-psychology that we regularly see with Bitcoin. Bitcoin only becomes attractive to the general public when the price moves towards one All-time high is possible, but is not in demand if the coin is on offer.
