On June 5, U.S. spot Bitcoin ETFs saw inflows totaling $488.1 million, despite low retail investor interest according to Google search trends.
However, according to statistics from Google, very few people are searching for these ETFs in comparison to the bull run that occurred in 2021. This is an optimistic sign that retail investors have not yet established themselves. On June 4, exchange-traded funds (ETFs) experienced their second-best day of inflows, which totaled $886.6 million.
Bitcoin ETFs Sees $500M Inflows
According to data provided by Farside Investors, the following day achieved approximately half of that level, with the Fidelity Wise Origin Bitcoin Fund accounting for the highest percentage of inflows, which totaled $220.6 million from the previous day.
BlackRock’s iShares Bitcoin Trust came in second with $155.4 million, and even the Grayscale Bitcoin Trust, which has had net withdrawals that have exceeded $17.8 billion since January, witnessed net inflows of $14.6 million.
Even if there have been significant inflows and Bitcoin has risen beyond $71,000, the data from Google Trends reveals that, in comparison to 2021, a very small percentage of Americans are completing searches that are associated with Bitcoin, Bitcoin ETFs, its price, or cryptocurrency in general.
The data from Google Trends, which assigns a rating out of a total of 100 based on the relative peak popularity of a search interest, revealed a score of 31 for searches for “Bitcoin” that originated in the United States on June 5th, whereas the score for “Bitcoin ETFs” was 1.
Other searches, like “Bitcoin price” and “crypto,” have higher index scores, coming in at 18 and 13, respectively; however, these scores are still significantly lower than the values attained during the retail-driven bull run in 2021.
Interest in search queries pertaining to cryptocurrencies has decreased over the course of the year, with interest skyrocketing across the board on January 11 (the day that the United States approved ten-spot Bitcoin ETFs) and on March 5 (the day that Bitcoin broke above $69,000 for the first time since 2021).
In May 2021, the term “Bitcoin” reached its highest level of interest. After having topped $50,000 for the first time a few weeks earlier, it would subsequently go on to reach its long-standing all-time high of over $69,000 in November 2021.
This would be the highest it has ever reached. In addition, cryptocurrency expert Miles Deutscher provided data in a post on June 6 that demonstrated that the number of views of crypto-related YouTube channels had considerably decreased since 2021.
This was the case, despite the fact that Bitcoin had already exceeded its highest price at the time. Cryptocurrency YouTube popularity was over four million views per day in 2021, when Bitcoin reached its highest point.
However, by 2024, it had decreased to approximately 800,000 views per day, despite the fact that Bitcoin had reached fresh highs.
This is what Deutscher asserted: “Retail is not yet there.” There is no other indicator in the world that can better summarize the current state of the market than the views that cryptocurrency videos receive on YouTube.