Bitcoin has reached consecutive file highs this week, but retail buyers appear reluctant to leap again into the market, in response to a crypto researcher.

Nevertheless, demand for spot Bitcoin (BTC) exchange-traded funds (ETFs) is surging, with Thursday and Friday recording day by day inflows of over $1 billion, the primary time this has occurred on two consecutive days.

Bitcoin leg up “driven by institutions”

Bitwise head of analysis André Dragosch mentioned in an X submit on Friday, “Bitcoin is at new all-time highs but retail is almost nowhere to be found,” pointing to the shortage of Google search curiosity in “Bitcoin” regardless of the asset setting consecutive all-time highs this week.

“Latest leg up is mostly driven by institutions,” Dragosch mentioned.

Google international search curiosity for the time period “Bitcoin” elevated by 8% from June 29–July 5 to July 6–12, coinciding with Bitcoin breaking its earlier all-time excessive of $111,970 on Wednesday, and climbing additional to $118,780 by Friday, in accordance to Google Tendencies and CoinMarketCap information.

Nevertheless, Bitcoin search curiosity is 60% decrease than the week of Nov. 10–16, 2024, the week after Donald Trump gained the US presidential election. 

That interval was adopted by a month-long rally that propelled Bitcoin to achieve $100,000 for the primary time ever on Dec. 5.

Bitcoiners say retail thinks they “missed the boat”

Some Bitcoin proponents are speculating that retail buyers could understand the present worth of Bitcoin as too excessive to enter the market.

Bitcoin commentator Lindsay Stamp mentioned, “I think a lot of retail folks find out the price of one Bitcoin is 117k and think, nahhh I missed the boat and don’t even give it a second thought.”

Echoing the same sentiment, the Bitcoin Matrix podcast host Cedric Youngelman mentioned in an X submit on Saturday, “At what Bitcoin price do you think retail wakes up?” I’ll go first. I don’t suppose they’re coming for a very long time.” 

Bitcoin onchain analyst Willy Woo mentioned Bitcoin’s uptrend is way from over. “This run has plenty of legs left in it,” Woo mentioned in an X submit on Saturday.

Associated: Bitcoin worth anticipated to speed up if day by day shut above $113K is secured

In the meantime, spot Bitcoin ETFs had a robust buying and selling week, with $2.72 billion inflows over the 5 days, in accordance to Farside information.

Cointelegraph just lately reported on July 5 that if the top holder of a BTC ETF share is a retail consumer, it might be time to rethink how onchain information is interpreted, as this might symbolize the fact of retail Bitcoin demand.

Journal: Inside a 30,000 cellphone bot farm stealing crypto airdrops from actual customers