Bitcoin has surged recently, repeatedly breaking new highs, and while the market atmosphere seems lively, analysts observe that this wave of rise has seen almost no retail presence. Compared to the enthusiasm of retail investors during past bull markets, the current Bitcoin market is more driven by institutional buying.
Bitwise research director André Dragosch posted on social media platform X: "Bitcoin has reached an all-time high, but retail investors are almost nowhere to be found."
WATCH: Bitcoin is at new all-time highs but retail is almost nowhere to be found.
Latest leg up is mostly driven by institutions. pic.twitter.com/PTziyUUAri
— André Dragosch, PhD (@Andre_Dragosch) July 11, 2025
He cited Google Trends data indicating that despite Bitcoin reaching new highs, the global search interest for the keyword 'Bitcoin' has not shown significant warming.
André Dragosch stated that the dominant force in this market is clearly institutional capital.
According to Google Trends data, from July 6 to 12, the search volume for 'Bitcoin' only grew by 8% compared to the previous week. During this period, Bitcoin's price soared from $108,000 to $118,000, reaching a new historical high.
Compared to a week after Trump was elected President of the United States in 2024, the current search interest is still significantly lagging by 60%. At that time, a post-election rally pushed Bitcoin above $100,000 for the first time.
"It’s too expensive!" Retail interest is lacking.
Many Bitcoin supporters believe that the current high price has deterred many retail investors who were originally interested.
Bitcoin observer Lindsay Stamp analyzed: "I guess many retail investors see Bitcoin now priced at $117,000 and think: It’s over, I missed the opportunity, and don’t even consider it again."
This perspective is echoed by the host of the podcast (Bitcoin Matrix), Cedric Youngelman, who posted on X: "How high does Bitcoin have to rise before retail investors truly awaken? In my view, this wait may take a long time."
However, some professionals believe that this upward momentum of Bitcoin is far from its peak. On-chain data analyst Willy Woo stated: "This wave still has room to grow."
Bitcoin spot ETF becomes a new battleground
Although retail investors have not fully returned, trading in Bitcoin spot ETFs has become a new battleground for capital. According to Farside data, in the past 5 trading days, Bitcoin spot ETFs have accumulated $2.72 billion.
On Thursday and Friday, the daily net inflow exceeded $1 billion, marking the first time since the Bitcoin spot ETF was listed in the US that there have been two consecutive days breaking the $1 billion threshold, showing strong institutional demand.
"Bitcoin surges and repeatedly breaks new highs! Analyst: Retail is still asleep, institutions are the real driving force behind ETF buying" This article was first published on (Blockcast).
