Bitwise CEO Hunter Horsley indicates that Bitcoin’s recent surge to over $94,000 is primarily driven by institutional investors rather than retail activity, which remains subdued as reflected by low Google searches. Analyst insights reveal a disconnect between rising prices and network activity, suggesting a maturing market. Furthermore, increasing accumulation by large holders highlights the shift towards institutional dominance in the market.
Bitwise CEO Hunter Horsley recently shared insights on the surge of Bitcoin, which jumped past $94,000. The leading cryptocurrency briefly topped $95,000 last week, settling around $94,094 now. While Bitcoin’s weekly performance shows a 7.87% increase, it’s interesting to note that Google searches for “Bitcoin” remain unusually low, indicating retail interest is not robust at this time.
Horsley argues that this upward trend isn’t being driven by your typical retail investors, who usually fuel search spikes in bullish markets. Instead, it’s institutions, advisors, corporations, and even nation-states that are stepping in big time. He remarked that the diversity in the types of Bitcoin buyers is increasing, showcasing a shift in market dynamics.
The CEO’s remarks about low search interest alongside high prices signal a maturing market phase. In past cycles, retail excitement often correlated with Bitcoin price spikes. Now, we see a pivot to institutional players who don’t necessarily depend on search engine trends to gauge market interest or educate themselves.
Diving into the data, analyst Maartunn from CryptoQuant highlighted a concerning disparity. Even as Bitcoin’s price skyrocketed, the activity on its network hasn’t followed suit. This suggests that institutional inflows and other external factors are pushing prices higher, rather than organic demand. Historical trends show that price and network activity usually move together, but since early 2025, this correlation has weakened.
Regarding whale activity, there’s been a clear uptick in large Bitcoin holders. Analyst Ali Martinez noted that there has been an increase of nearly 100 wallets holding over 1,000 BTC since late January. This buying surge coincided with a period of declining prices in February and March, hinting at a strategic move by seasoned investors during market dips. Both large holder numbers and Bitcoin’s price have seen a rise by April, suggesting a concerted effort from the “smart money” sector.
