Google search volume for "Bitcoin" has remained flat and near six-month lows even as Bitcoin (BTC) approaches new price highs around $104,000 in May 2025.
Retail investor interest, as measured by Google search trends and app rankings such as Coinbase's position in the finance category, has not kept pace with the price rally.
Historically, retail demand tends to peak about one week after Bitcoin surpasses a new all-time high, so a surge in retail interest might still occur once BTC breaks above the $109,350 mark.
Throughout 2025, retail investors have been net sellers of Bitcoin, offloading approximately 247,000 BTC (around $23 billion), while institutional investors have been the primary buyers. This divergence suggests that institutions are driving the current price rally more than retail participants.
The muted retail interest contrasts with previous bull runs where retail enthusiasm surged alongside price increases. For example, retail interest peaked in November 2024 after BTC broke its prior all-time high near $73,700, with Google searches and app rankings spiking significantly. However, since then, despite Bitcoin reaching new highs, retail engagement has remained subdued.
This suggests that the recent Bitcoin rally is primarily institution-driven, with retail investors holding back or waiting for further price confirmation before reengaging.
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