Bitcoin's price has been on a rollercoaster ride in 2024, and a key indicator suggests a significant hurdle for a sustained price increase. Retail investor interest, a major driver of previous bull runs, has plunged to its lowest point in three years.
This lack of enthusiasm from everyday investors stands in stark contrast to the fervour that accompanied Bitcoin's all-time highs in March. According to CryptoQuant analyst Ki Young Ju, a metric tracking the average monthly change in Bitcoin demand among retail investors has dipped below negative 15% over the past month. Ju defines this metric by analyzing the total transfer volume for transactions under $10,000.
This decline is further echoed by a 57% drop in Google searches for "Bitcoin" since March, signifying a waning curiosity from potential new investors.
Analysts believe that a revival of retail interest is crucial for reigniting a true bull run for Bitcoin. Whether this translates to a renewed surge in price or simply a return to investor confidence remains to be seen.
July 2024, Cryptoniteuae