Bitcoin ETFs Experience High Inflows Amid Lower Crypto Public Interest
Summary:
On June 5, US-based Bitcoin ETFs experienced combined inflows of $488.1 million despite decreased public interest compared to the 2021 bull market. This suggested that retail investors are yet to fully engage. Significant inflows were observed in the Fidelity Wise Origin Bitcoin Fund, as well as BlackRock’s iShares Bitcoin Trust and Grayscale Bitcoin Trust. However, Google Trends indicates fewer Americans are searching for terms related to Bitcoin or cryptocurrency as compared to previous year levels. Cryptocurrency-related YouTube views have also significantly decreased since 2021.
On June 5, U.S.-based Bitcoin exchange-traded funds (ETFs) attracted a combined $488.1 million, despite less public interest compared to the 2021 bull market — suggesting that retail investors have yet to fully engage. The previous day had registered a high inflow of $886.6 million, with the follow-up day achieving roughly half. Fidelity Wise Origin Bitcoin Fund (FBTC) saw the most substantial inflows at $220.6 million, according to data from Farside Investors. This was followed by BlackRock’s iShares Bitcoin Trust (IBIT) garnering $155.4 million and Grayscale Bitcoin Trust (GBTC) — despite a net outflow exceeding $17.8 billion since January — experiencing a net inflow of $14.6 million.
Despite considerable inflows and Bitcoin's surge beyond $71,000, Google Trends indicates fewer Americans are searching for terms relating to Bitcoin, Bitcoin ETFs, cryptocurrency prices, or cryptocurrencies in general.
The relative peak popularity of search term “Bitcoin” from the United States on June 5 stood at 31, while "Bitcoin ETF" was merely 1 according to Google Trends data. Meanwhile, the search terms "Bitcoin price" and "crypto" had slightly higher popularity scores of 18 and 13 respectively, but still significantly below 2021 levels.
Interest in cryptocurrency-related searches has noticeably diminished since last year with marked interest spikes on January 11 — the day when the U.S. greenlighted ten Bitcoin ETFs — and March 5, when Bitcoin appreciated to above $69,000 for the first time since 2021.
Investor interest in "Bitcoin" searches reached its zenith in May 2021, around the same period when Bitcoin topped $50,000 and would later ascend to a record high of near $69,000 in November 2021.
Crypto analyst, Miles Deutscher, also highlighted a drop in crypto-related YouTube views compared to 2021, despite Bitcoin surpassing previous peak prices. Daily crypto YouTube views have plummeted from 4 million during Bitcoin's peak in 2021 to 800,000 in 2024, despite Bitcoin achieving new record prices. Deutscher believes this is indicative of retail investors' lack of full participation yet, proclaiming that nothing better epitomizes the current market condition than crypto YouTube views.
Published At
6/6/2024 9:39:25 AM
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