As an analyst with extensive experience in the cryptocurrency market, I’ve closely observed the recent trends in Bitcoin search traffic and social sentiment. The data points to a striking disconnect between retail interest and institutional investment in this bull market.
As a researcher studying the trends of global internet searches related to Bitcoin, I’ve noticed an intriguing phenomenon: despite Bitcoin’s price reaching a new peak of over $71,000 this week, the number of worldwide searches for “Bitcoin” has dropped to levels last seen during bear markets. This discrepancy between market price and public interest is worth further exploration.
As a crypto investor, I’ve noticed that the search intensity for Bitcoin reached its peak in March when it set a new record price. However, since then, the interest in Bitcoin has dropped down to levels similar to those seen in 2023, according to Google Trends data.
Tech entrepreneur Mike Alfred pointed out in a June 6 post on X that the Bitcoin price is currently unconnected to search traffic. This finding implies that retail investors have not yet significantly entered the market, suggesting instead that institutional investors are driving its current momentum.
As an analyst, I would put it this way: “The truth is, this bull market has been fueled by institutional forces. We might be just scratching the surface of this trend.”
The price of Bitcoin has broken free from correlation with search activity. Currently, it hovers at $71,200, yet there’s minimal interest indicated through Bitcoin-related searches. While some individuals are utilizing chatGPT, the primary drivers behind this bull market have been institutional investors. We might still be in the initial stages of this trend.
— Mike Alfred (@mikealfred) June 5, 2024
Social Sentiment Wanes
As a crypto analyst, I compared the viewership trends on YouTube during different market cycles to gain insights into the current state of the cryptocurrency industry. In my analysis, I noted that when Bitcoin (BTC) approached $70,000 in 2021, daily views on crypto-related content reached approximately 4 million. However, when BTC touched the same price point in 2024, the daily YouTube views had dropped significantly to around 800,000.
The analyst remarked, “Retailing hasn’t bounced back fully,” while admitting that “this market phase has proven more challenging for most investors compared to past bull markets.” Furthermore, the poor performance of altcoins has influenced investors’ attitudes towards the market.
“Altcoins have largely underperformed Bitcoin, creating a discrepancy in sentiment vs price.”
“Among all indicators globally, the daily view counts on crypto YouTube channels provide a compelling reflection of the market condition. For instance, when Bitcoin was priced at $70,000 in 2021, the corresponding YouTube views reached approximately 4 million per day. Conversely, by 2024, with Bitcoin trading at the same price level, daily YouTube views had dropped significantly to around 800,000.”
Retail isn’t back yet (below I’ll go through a couple of reasons why.
(h/t @intocryptoverse)
— Miles Deutscher (@milesdeutscher) June 6, 2024
As a crypto investor, I’ve noticed that the overall sentiment in the market is heavily influenced by retail investors. We often turn to social media platforms and crypto news outlets for the latest developments, trends, and trading ideas. In contrast, institutional traders typically rely on fund managers to make investment decisions on their behalf.
In spite of limited retail involvement, the “Bitcoin Fear and Greed” Index continues to show a green hue, indicative of an “extremely greedy” sentiment among investors, registering at a level of 78.
Crypto Market Outlook
As a crypto investor, I’ve observed that the total market capitalization has stayed relatively unchanged at approximately $2.77 trillion during the last 24 hours. Notably, it was Bitcoin that single-handedly caused this increase on June 4, reaching an intraday peak of $71,740.
As a researcher observing the market, I noticed that the value of the asset took a small step back during the Asian trading session on Thursday morning, settling around $71,000 as I was documenting this observation.
Today, Ethereum has increased by 1%, reaching a price of $3,850. On the other hand, the altcoin market is showing varying results, with more cryptocurrencies displaying losses (red) than gains (green).
Read More
- CKB PREDICTION. CKB cryptocurrency
- EUR INR PREDICTION
- PENDLE PREDICTION. PENDLE cryptocurrency
- PBX PREDICTION. PBX cryptocurrency
- ICP PREDICTION. ICP cryptocurrency
- USD DKK PREDICTION
- USD VND PREDICTION
- GEAR PREDICTION. GEAR cryptocurrency
- IMX PREDICTION. IMX cryptocurrency
- CSIX PREDICTION. CSIX cryptocurrency
2024-06-06 13:35