Spot Bitcoin exchange-traded funds (ETFs) in the United States experienced a surge in inflows totaling $488.1 million on June 5. However, data from Google indicates a lack of interest in these ETFs compared to the bullish market of 2021, suggesting that retail investors have not yet joined the fray.
On June 4, the ETFs saw their second-best day for inflows, reaching $886.6 million. The following day, the Fidelity Wise Origin Bitcoin Fund led the inflows with $220.6 million, according to Farside Investors. BlackRock’s iShares Bitcoin Trust followed with $155.4 million, and even the Grayscale Bitcoin Trust, despite seeing net outflows of over $17.8 billion since January, received $14.6 million in net inflows.
Despite the significant inflows and Bitcoin rallying past $71,000, Google Trends data reveals a lack of interest among Americans in searches related to Bitcoin, Bitcoin ETFs, price, or crypto in general compared to 2021. Search interest for “Bitcoin” in the U.S. on June 5 received a score of 31, while “Bitcoin ETF” scored only 1.
Search volumes for other terms such as “Bitcoin price” and “crypto” scored 18 and 13, respectively, but remain significantly lower than during the retail-driven bull market of 2021. Interest peaked on Jan. 11 when the U.S. approved 10 spot Bitcoin ETFs and again on March 5 when Bitcoin surpassed $69,000 for the first time since 2021.
Crypto analyst Miles Deutscher noted a decline in viewership of crypto-related YouTube channels despite Bitcoin’s price surpassing previous highs. In 2021, daily views for crypto YouTube channels reached around four million, but by 2024, that number dropped to approximately 800,000 views per day.
Deutscher emphasized that this decline in viewership indicates that retail investors have not fully reentered the market. Despite the positive inflows into Bitcoin ETFs, the lack of interest in related searches and content suggests that the retail market has not yet reached its peak.
In related news, Trezor CEO warned that Bitcoin ETFs are making Coinbase a target for hackers and governments, highlighting the potential risks associated with these investments.