Bitcoin
Bitcoin ETFs: $880M inflows despite silent Google searches
- Bitcoin ETFs recorded inflows of $880 million on June 4.
- Despite Bitcoin’s rise, Google searches for related terms remain low.
Since its debut in January 2024, spot Bitcoin [BTC] Exchange-traded funds (ETFs) performed exceptionally well.
Recent data indicates substantial inflows, with collective inflows of $880 million and $488.1 million recorded on June 4 and 5, respectively.
Distant investors data reveals that on June 4, the Fidelity Wise Origin Bitcoin Fund led in inflows, totaling $220.6 million.
At the same time, Bitcoin also surpassed its long-awaited $70,000 mark, with prices at press time of $71,082.55.
Google data shows a decreasing trend
However, what’s surprising here is that Google’s data showed a surprisingly low level of search interest compared to the 2021 high.
This suggests that retail investors, a significant market segment, have not yet fully engaged with Bitcoin ETFs, which could be a bullish indicator for potential future growth.
According to Google trendswhich assigns a score based on the relative popularity peak of a search interest, terms like “Bitcoin” and “btc” scored 41 and 17 out of 100, respectively.
However, phrases such as “bitcoin etf”, “btc etf” and “Bitcoin ETF inflows” recorded a score of less than 1 globally.
Source: Google Trends
Executives weigh in
Adding to the fray, crypto analyst Miles Deutscherin his June 6 post X underlined that interest in crypto-related content on YouTube has declined compared to the peak levels seen in 2021.
“There is no indicator in the world that better summarizes the current state of the market than YT crypto views. $BTC at US$70k in 2021: 4 million views/day. $BTC at US$70k in 2024: 800k views/day. Retail is not back yet.”
Source: Miles Deutsche/X
Deutscher further highlighted that the current market cycle has posed greater challenges for most investors compared to previous bull periods.
Additionally, altcoins have generally not performed as well as Bitcoin, leading to a mismatch between market sentiment and actual price movements.
Despite the decline in research interest, the community remains bullish on Bitcoin, especially applauding the accumulation of Bitcoin by several Bitcoin ETFs.
Echoing a similar sentiment, A little painful took X and said:
Source: Bit Paine/X