Bitcoin exchange-traded funds (ETFs) in the United States experienced a surge of $488.1 million in inflows on June 5, showcasing strong investor interest. However, despite this positive trend, Google search data indicates that retail investors have not fully embraced these ETFs yet, as search volumes remain low compared to the 2021 bull market.
On June 4, the ETFs had their second-best day with inflows reaching $886.6 million. The following day, the Fidelity Wise Origin Bitcoin Fund led the way with $220.6 million in inflows, followed by BlackRock’s iShares Bitcoin Trust with $155.4 million. Even the Grayscale Bitcoin Trust, which has seen significant outflows this year, received $14.6 million in net inflows.
Despite Bitcoin’s rally above $71,000, Google Trends data reveals that Americans are not as actively searching for Bitcoin-related topics as they were during the previous bull market. Searches for “Bitcoin” and “Bitcoin ETF” had low scores of 31 and 1, respectively, on June 5.
Interest in Bitcoin price and crypto also remains below levels seen in 2021, with index scores of 18 and 13, respectively. Search interest peaked on Jan. 11 when the U.S. approved 10 spot Bitcoin ETFs, and again on March 5 when Bitcoin surpassed $69,000 for the first time since 2021.
Crypto analyst Miles Deutscher noted a decline in viewership of crypto-related YouTube channels compared to 2021, despite Bitcoin reaching new highs. Daily views dropped from around four million in 2021 to 800,000 in 2024, indicating that retail interest in the market has not fully recovered.
Overall, while Bitcoin ETFs are attracting significant inflows, retail investors have yet to fully engage with these investment vehicles, as reflected in the subdued search interest and viewership of crypto-related content.