US Bitcoin ETFs Attract $488 Million in Inflows Amid Decreased Search Interest

US Bitcoin ETFs Attract $488 Million in Inflows Amid Decreased Search Interest

On June 5, U.S. spot Bitcoin exchange-traded funds (ETFs) experienced substantial inflows totaling $488.1 million. However, according to Google Trends data, interest in Bitcoin and related crypto searches remains significantly lower compared to the highs of 2021, indicating that retail investors have yet to fully re-engage with the market.

The previous day, June 4, marked the second-highest inflow day for these ETFs, with an impressive $886.6 million. On June 5, the inflows were about half of that amount, with the Fidelity Wise Origin Bitcoin Fund (FBTC) leading the way with $220.6 million, based on data from Farside Investors.

Following closely was BlackRock’s iShares Bitcoin Trust (IBIT), which saw inflows of $155.4 million. Even the Grayscale Bitcoin Trust (GBTC), despite experiencing net outflows of over $17.8 billion since January, recorded a net inflow of $14.6 million.

Despite these strong inflows and Bitcoin’s rally surpassing $71,000, Google Trends data reveals a stark contrast in search interest compared to 2021. On June 5, the search term “Bitcoin” from U.S. users scored 31 out of 100 in relative peak popularity, while “Bitcoin ETF” scored just 1.

Other search terms such as “Bitcoin price” and “crypto” received scores of 18 and 13, respectively. These numbers are still significantly lower than those seen during the retail-driven bull market of 2021.

Interest in crypto-related searches has declined over the past year, with notable spikes occurring on January 11 — the day the U.S. approved ten spot Bitcoin ETFs — and March 5, when Bitcoin surpassed $69,000 for the first time since 2021.

The peak of search interest for “Bitcoin” was in May 2021, coinciding with Bitcoin surpassing $50,000 for the first time and eventually reaching its then all-time high of nearly $69,000 in November 2021.

Crypto analyst Miles Deutscher noted in a June 6 post on X that viewership of crypto-related YouTube channels has also dropped significantly since 2021, despite Bitcoin reaching new highs. In 2021, crypto YouTube channels garnered around 4 million daily views, whereas in 2024, daily views have dropped to approximately 800,000.

“Retail isn’t back yet,” Deutscher asserted, emphasizing that crypto YouTube viewership is a clear indicator of the current market state.