Bitwise CEO Hunter Horsley asserts that institutional investors are primarily driving Bitcoin’s recent surge past $94,000, while Google search interest remains low, indicating reduced retail interest. Analyst perspectives reveal a divergence between Bitcoin’s price increases and network activity, with large holders accumulating BTC during dips. The market landscape seems to be shifting from traditional retail buyers to more sophisticated entities, highlighting an evolving investment trend.
Hunter Horsley, the CEO of Bitwise, recently stated that the recent spike in Bitcoin prices, which have surpassed $94,000, is largely driven by institutional investors rather than retail ones. This is quite evident as, despite Bitcoin crossing the $95,000 mark last week, Google searches for ‘Bitcoin’ remained at long-term lows. As of now, Bitcoin is trading at approximately $94,094, showing a slight 0.04% decline in the last 24 hours but reflecting an impressive 7.87% increase over the past week.
According to Horsley, the crucial point is that the rally currently being observed isn’t stemming from the usual retail-driven spikes typically seen in bull markets, when search activity surges. Instead, he pointed out that participation is increasingly coming from institutions, financial advisors, corporations, and even nation-states. He noted the expansion of the types of investors stepping into the Bitcoin market, indicating the changing landscape.
The absence of retail excitement, which used to significantly influence Bitcoin’s price in earlier cycles, is becoming clearer. With Bitcoin’s price effectively increasing, the low search interest suggests a more mature market. The shift is from ordinary buyers to more sophisticated entities that do not necessarily rely on Google searches for updates. This indicates a growing involvement of ‘smart money’ investors well-versed in Bitcoin’s fundamentals.
In terms of network activity, analyst Maartunn from CryptoQuant has shared insights that raise eyebrows. While Bitcoin’s price has surged, the activity on the network hasn’t kept up. This discrepancy could suggest that while institutional money boosts the price, ongoing demand on-chain isn’t necessarily following suit, indicating a reliance on external influences such as ETF inflows and futures trading.
Historically, between 2015 and 2025, Bitcoin’s price movements were aligned with network activity, signalling healthy growth. However, a noticeable divergence began around 2025, where rising prices didn’t correspond with increasing network activity, hinting that Bitcoin may be experiencing a disconnection from organic growth.
Additionally, on the side of large holders, there’s been notable accumulation. Analyst Ali Martinez noted that since late January, there’s been a rise in the number of wallets holding over 1,000 BTC, increasing by nearly 100. This accumulation coincided with periods of Bitcoin price decline, showcasing a strategy of savvy investors buying during dips. Now, as April progresses, this cohort of large holders and Bitcoin’s price appear to be rising in tandem, indicating more involvement from these experienced players who are in tune with market shifts.
