Bitcoin is rapidly approaching a new all-time high, analysts say, and retail investors don’t appear to be showing much more interest than they usually do.

“Bitcoin is on the verge of all-time highs and retail interest is still almost non-existent,” crypto analyst Miles Deutscher said in an October 29 statement. job to X.

Bitcoin came close to hitting a new all-time high on October 29, briefly touching $73,562, but has since cooled to a price of $72,300 at press time, per CoinGecko. data.

Despite the recent rebound, search interest for “Bitcoin” currently scores 23 out of 100 compared to late May 2021, when historical search volumes reached their peak, according to Google Trends. data.

Notably, Bitcoin search interest still generates only a fraction of the traffic generated by “artificial intelligence” over the past week.

When retail interest peaked during previous bull runs, Coinbase often saw its ranking in the Apple App Store climb into the top 50 – but it currently sits at 308th, according to Sensor Tower. data.

Notably, Coinbase jumped another 167 positions between October 28 and 29, which could suggest that rising crypto prices are once again starting to attract the attention of retailers.

Related: Bhutan government transfers $66 million in Bitcoin reserve to Binance as price exceeds $71,000

October 26 report Analysts at crypto analytics firm CryptoQuant said that although retail Bitcoin investors were “slowly returning” to the market, they had been far outpaced by the largest Bitcoin investors throughout 2024.

The report also states that daily BTC retail investor transfers reached $326 million on September 21, its lowest level since 2020.

However, CryptoQuant analysts noted that declining retail activity “often precedes rising Bitcoin prices,” with retail investors more likely to seek a catch-up trade should Bitcoin suddenly rebound.

The company’s founder and CEO, Ki Young Ju, highlighted that institutional demand for Bitcoin in custody wallets has doubled that of retail over the past 12 months.

The launch of the American spot Bitcoin Exchange Traded Funds is responsible for a significant contribution to institutional holdings, taking $22.7 billion in net flows since the launch in January, by Farside data.

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