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Bitcoin is near a record high value, however, public interest appears unchanged. Google Trends data shows searches for “Bitcoin” are far behind their May 2021 peak. Also, the Coinbase app is only ranked 308 on Apple’s App Store, where it previously reached the top 50 during Bitcoin booms. Although, a late October report indicates increased interest from large-scale investors. Meanwhile, CryptoQuant data suggests a drop in average trader bitcoin usage usually precedes a price increase. Additionally, corporate demand for Bitcoin has increased two-fold over the past year.

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Bitcoin is on track to set a new record high, but it doesn’t look like your average Joe is any more interested than usual, according to experts. “Bitcoin is about to smash records, yet ordinary folks don’t seem too bothered,” says crypto wizard Miles Deutscher in a recent online post.

On October 29th, Bitcoin nearly smashed its previous record, hitting $73,562 before cooling off to $72,300, according to CoinGecko figures. Despite this, online searches for “Bitcoin” are only showing a rating of 23 out of 100 compared to May 2021 when the coin was at its peak popularity, says Google Trends.

Interestingly enough, when comparing recent Google searches, Bitcoin isn’t generating nearly as much buzz as “Artificial Intelligence.” When Bitcoin was last enjoying a bull run and we saw regular people getting seriously interested, the Coinbase app shot up to the top 50 in Apple’s App Store. Nowadays, it’s languishing down in 308th position, says Sensor Tower. That being said, Coinbase did leap 167 spots between October 28th and 29th, which could be a sign that everyday folk are starting to get crypto-curious again.

A report from late October suggests that while we’re seeing some of those ‘regular Joes’ returning to Bitcoin, big-money players have been way more active during 2024. The report also highlighted that average Joes trading bitcoin hit a low back in September 2021, with their daily trades dropping to $326 million – the lowest level since 2020.

However, analysts at CryptoQuant pointed out that when usage by your average trader drops, it often signals a Bitcoin price bump is on the horizon. The theory is that if Bitcoin’s price unexpectedly goes up, your average trader is going to scramble to get back in the game.

The firm’s boss, Ki Young Ju, also noted that over the past year, Bitcoin demand from big corporates with their fancy wallets is twice that of your typical trader. The recent roll-out of Bitcoin exchange-traded funds in the U.S. has also brought in a ton of corporate cash, raking in over $22.7 billion since they started in January, according to Farside data.

Source: Cointelegraph