- Bitcoin ETFs had a $488.1 million inflow on June 5, with Fidelity leading.
- Retail investor interest remains low compared to the 2021 bull run.
- Google search trends and YouTube views indicate subdued retail participation.
Bitcoin exchange-traded funds (ETFs) based in the United States witnessed notable inflows totaling $488.1 million on June 5. However, data from Google Trends suggests that retail investor interest remains low compared to the 2021 bull run, indicating that the recent surge in Bitcoin’s price has yet to attract widespread retail attention.
ETF Inflows and Leading Funds
On June 4, Bitcoin ETFs experienced their second-best inflow day, accumulating $886.6 million. The following day, June 5, saw inflows of nearly half that amount. The Fidelity Wise Origin Bitcoin Fund recorded the largest inflow at $220.6 million, followed by BlackRock’s iShares Bitcoin Trust with $155.4 million. Even the Grayscale Bitcoin Trust, which has faced significant net outflows since January, saw a positive net inflow of $14.6 million.
Despite the strong inflows and Bitcoin rallying past $71,000, Google Trends data indicates a lack of significant search interest in Bitcoin and related ETFs. On June 5, searches for “Bitcoin” originating from the U.S. scored 31 out of 100 in relative peak popularity, while “Bitcoin ETF” scored just 1. Other terms like “Bitcoin price” and “crypto” had scores of 18 and 13, respectively, far below the peak interest seen during the 2021 bull market.
Market Sentiment and Indicators
The waning search interest suggests that retail investors have yet to re-engage with the cryptocurrency market fully. Crypto analyst Miles Deutscher highlighted this trend, noting a substantial drop in viewership for crypto-related YouTube channels. During Bitcoin’s peak in 2021, these channels averaged around four million daily views, but this figure has since dropped to about 800,000 views per day, even as Bitcoin reached new highs.
