Bitcoin ETF Attract Nearly $500M in Inflows Despite Waning Retail Interest

Bitcoin ETF in the U.S. saw inflows of $488.1 million on June 5, but Google Trends data reveals a significant decline in Bitcoin and crypto-related searches compared to 2021, indicating retail interest remains low.

Despite a notable inflow of funds into U.S. Bitcoin ETFs, retail interest in Bitcoin and crypto appears to be waning, according to recent data from Google Trends. On June 5, Bitcoin exchange-traded funds (ETFs) collectively attracted $488.1 million, yet search interest in Bitcoin and related topics is far below the peaks of the 2021 bull run.

Significant ETF Inflows

United States spot Bitcoin ETFs saw substantial inflows, with a collective total of $488.1 million on June 5. This followed an even larger inflow of $886.6 million on June 4, marking the second-best day for ETF inflows. The Fidelity Wise Origin Bitcoin Fund (FBTC) led the charge, accounting for $220.6 million of the inflows, as reported by Farside Investors data.

Trailing FBTC, BlackRock iShares Bitcoin Trust (IBIT) secured $155.4 million, while the Grayscale Bitcoin Trust (GBTC), despite experiencing net outflows exceeding $17.8 billion since January, saw a net inflow of $14.6 million.

Retail Interest Remains Low

Even with Bitcoin surpassing $71,000, Google Trends data indicates a stark decline in search interest compared to the heights of 2021. On June 5, searches for “Bitcoin” originating from the U.S. scored only 31 out of a possible 100, while “Bitcoin ETF” had a meager score of 1. Other related searches, such as “Bitcoin price” and “crypto,” scored slightly higher at 18 and 13, respectively, but these numbers are still significantly lower than during the 2021 retail-driven bull run.

Search interest in crypto peaked in May 2021 when Bitcoin first crossed the $50,000 mark and later hit an all-time high of nearly $69,000 in November 2021. Interest briefly spiked again on January 11, when the U.S. approved ten spot Bitcoin ETFs, and on March 5, when Bitcoin exceeded $69,000 for the first time since 2021.

YouTube Viewership Reflects Declining Interest

Crypto analyst Miles Deutscher highlighted the decline in retail engagement through crypto-related YouTube viewership. In a post on June 6, Deutscher shared that viewership on crypto YouTube channels had significantly decreased from around 4 million daily views in 2021 to approximately 800,000 daily views in 2024, even as Bitcoin reached new highs. “Retail isn back yet,” Deutscher asserted, emphasizing that current YouTube viewership is a strong indicator of the market state.

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