Bitcoin is in an uptrend and is likely to cross the all-important liquidation line at $72,000. At the spot rate, the coin is up about 25% from May’s lows and could rise even above the all-time high of $73,800.

Retail interest in bitcoin is failing even as prices near all-time highs

Even as Bitcoin prints impressive higher highs, Mike Alfred, a “value investor” and busy cryptocurrency commentator, has identified surprising disconnect: organic search traffic on Google is failing. Apart from a spike in search volume from Q4 2023 to early January 2024, the trend since then has been southward.

The enhance in Google organic searches during this period is primarily due to the U.S. Securities and Exchange Commission (SEC) preparing to approve the launch of spot Bitcoin Exchange Trade Funds (ETFs).

The excitement surrounding this milestone and the long wait not only pushed BTC prices higher but also lifted sentiment. Then more people, mostly fresh to the industry, wanted to learn more about the digital asset.

The Q4 2023 surge has not faded away and continues to push interest rates higher. Bitcoin fell in February before rebounding sharply, breaking through $70,000 and setting fresh all-time highs of $73,800. Even though prices dropped a few weeks later, reaching as low as $56,500 in May, bulls are bracing for higher prices.

However, unlike the interest observed from Q4 2023 to early January 2024, as already mentioned, the number of organic searches is decreasing dramatically. Alfred argues that this divergence indicates an “institutionally driven bull market,” and one that is still “early.”

In the past, before the approval of spot Bitcoin ETFs, retailers played a enormous role in shaping prices and sentiment. However, institutions are playing with products available in the US.

One observer notes that these market participants tend to demonstrate “committed ownership,” which negates the need for constant online research.

Encouragingly, the absence of retailers in this cycle – beyond organic searches – means a decline in speculative purchases. Then, as it stands today, the Bitcoin market is more liquid and stable than before.

Raising awareness, affordability – the reason?

The decline in organic search results on Google and other search engines has several explanations. While institutions may be behind the enhance, the decline is due to the rapid enhance in overall awareness of Bitcoin over the years.

Notably, the availability of cash Bitcoin ETFs and extensive media coverage have increased the coin’s recognition.

In addition, there is another aspect of affordability. With the price hovering around $71,200, purchasing an entire Bitcoin is out of reach for many. In return, this dampens the enthusiasm of retail investors, leading them to consider cheaper altcoins such as Dogecoin or Solana.

Feature image from Shutterstock, chart from TradingView