As a seasoned crypto investor with a decade of experience under my belt, I’ve seen the ebb and flow of this volatile market. The current situation reminds me of a gold rush where everyone is too busy panning for gold to notice that the real treasure has been found and hidden away.
Analysts note that Bitcoin is nearing another record peak, but it appears that retail investors aren’t demonstrating significantly greater enthusiasm compared to usual.
According to crypto expert Miles Deutscher, posted on October 29th, Bitcoin appears close to surpassing its record values, yet the enthusiasm among common investors remains relatively low.
On October 29th, Bitcoin nearly reached a record-breaking high, momentarily peaking at approximately $73,562, but has since dropped slightly to $72,300 as reported by CoinGecko’s latest figures.
As a researcher examining current trends, I’ve noticed that the search interest for “Bitcoin” is at a relatively low level compared to its peak in late May 2021, with a score of 23 out of 100 according to Google Trends data. In simpler terms, people are searching for Bitcoin now much less than they were back then when the all-time search volume hit its maximum.
Significantly, the number of people searching for Bitcoin online has been quite low compared to the volume of searches for “Artificial Intelligence” in the past week.
During past market rallies, Coinbase frequently climbed up to the top 50 on Apple’s app store rankings. However, as of now, its position has dropped significantly to 308th place, based on data from Sensor Tower.
Significantly, Coinbase moved up by 167 places from October 28 to October 29 – a shift that might suggest retail interest in cryptocurrencies is picking up as prices start to increase once more.
On October 26, a report from cryptocurrency analysis firm CryptoQuant revealed that although small-scale Bitcoin investors have gradually re-entered the market in 2024, their activity has been overshadowed by larger Bitcoin investors.
Additionally, the report disclosed a piece of information about Bitcoin: on September 21st, the amount of daily transactions made by retail investors in BTC reached $326 million, marking the lowest point since 2020.
As a researcher, I’ve observed an interesting pattern: when retail activity decreases, it often signals upcoming Bitcoin price surges. This is because retail investors tend to jump on the bandwagon if Bitcoin suddenly rallies, trying to capitalize on any potential catch-up trade.
In the past year, the rate at which institutions are buying Bitcoin and storing it in custody wallets has more than doubled compared to individual investors, as pointed out by Ki Young Ju, who is both the founder and CEO of our company.
Since its launch in January, the introduction of U.S. spot Bitcoin exchange-traded funds has played a substantial role in boosting institutional investments, accumulating approximately $22.7 billion in total inflows as reported by Farside data.
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2024-10-30 05:34