As Bitcoin approaches $104,000, Google search volumes and app rankings indicate retail interest is at a six-month low. Historical patterns suggest retail investors typically join in a week after BTC surpasses new highs. However, this time around, they’re lagging, with a noted tendency of sellers in the market and prevailing price fluctuations beyond previous peaks.
Retail interest in Bitcoin (BTC) appears to be flagging, even as the crypto nears significant price milestones. Current Google search terms and app rankings suggest that demand from average investors is reflecting levels akin to six months ago. Market observers noted that retail trading activity usually peaks about a week following Bitcoin’s break through all-time highs, but this time, the buzz seems muted, despite BTC approaching the notable threshold of $104,000 on May 14.
In 2025, estimates revealed that retail investors were predominantly net sellers of Bitcoin, while institutional players took up the buying mantle. Historical trends suggest that following a BTC price increase past the $109,350 boundary, renewed interest from individual investors is likely, potentially reviving market activity. Notably, individual sales totalled around 247,000 BTC—valued at approximately $23 billion—highlighting their retreat from ownership compared to institutional counterparts like Michael Saylor’s Strategy, which claimed a whopping 77% of the 157,000 BTC purchased by businesses that year.
Furthermore, the current search trend for “Bitcoin” mirrors figures not seen since June 2024. During that time, BTC hovered around $66,000 and witnessed prolonged stagnation when failing to break the $73,000 mark. Correspondingly, the ranking of the Coinbase app in the U.S. App Store has dipped to 15th in the finance category, a notable decline from its previous position of 20th in the same timeframe. This suggests waning retail interest in cryptocurrency trading via mobile platforms.
If these metrics serve as indicators for retail engagement, peak activity last occurred on November 15, 2024, when the Coinbase app leaped from position 40 to 5 in two weeks due to rising interest surrounding Bitcoin, which just surpassed its previous record high $73,757. It seems retail traders, despite missing significant upward momentum from levels around $67,000 earlier that month, rallied as Bitcoin surged to $107,000 in December.
Interestingly, a similar rush was seen on March 9, 2024, as the Coinbase app climbed up to the 4th spot in finance downloads. Concurrently, searches for Bitcoin hit a two-year peak roughly six days after BTC surpassed the $68,000 price mark it had set in November 2021. In that March episode, Bitcoin appreciated by 56%, demonstrating how retail engagement often follows a bullish market.
However, the analysis suggests that during the months following such highs, retail trading can become erratic, with Bitcoin struggling to hold above $70,000. While individual investors typically react to previous peaks, allowing them to miss potential profits on significant upward trends, current trends indicate a net outflow among retail traders while Bitcoin hovers just short of its all-time high.
This analysis sheds light on the complex behaviours of retail investors in the Bitcoin market, showing how public interest seems highly reactive rather than proactive. Investors should be wary of entering the market when past highs are being tested, doing so could lead to missed opportunities amidst volatile price movements.
This article serves only for informational purposes and should not be seen as legal or investment counsel. The points expressed reflect the thoughts of the author and do not necessarily align with Cointelegraph’s views.
