Bitcoin is flirting with $104,000, but retail investor enthusiasm is collapsing

Google searches and trading app downloads are hitting an unprecedented low. This contrast reveals a worrying paradox: where have retail investors gone in this historic bull cycle?

Despite Bitcoin flirting with the $104,000 mark and a historic bull cycle unfolding, retail investor enthusiasm is reportedly collapsing.

Google searches for the term "Bitcoin" have returned to levels seen in June 2024, when BTC was trading around $66,000. Similarly, the Coinbase app, a classic barometer of retail demand, fell to 15th place in the finance category of the U.S. app store, close to its ranking mid-last year.

This low activity contrasts with Bitcoin's bullish movements, suggesting retail investors are waiting for a clearer signal or a clear breakthrough of a record to return strongly.

However, this lack of interest contrasts sharply with the bullish performance of Bitcoin in recent months. Since the beginning of 2025, several indicators suggest that small investors have been net sellers of Bitcoin.

According to Glassnode data cited by Blockware Solutions, retail investors were overall net sellers in 2025. They sold an estimated 247,000 BTC, valued at approximately $23 billion at the average price for the period.

In contrast, companies have been making the majority of Bitcoin purchases. These purchases, largely driven by well-known figures like Michael Saylor, have seen professional entities concentrate their acquisition strategies, leading them to accumulate 157,000 BTC.

This movement highlights a gradual transfer of BTC market control towards more experienced players, reducing the active share of retail investors in price formation.

As the Bitcoin price broke through crucial levels in November 2024 and March 2025, interest from retail investors, measured by Google Trends data, predictably surged.

However, this interest arrived relatively late compared to the market's reaction. Notably, the peak in Google searches occurred about a week after the Bitcoin price peak in March 2025.

Furthermore, following the breakout of $90,000 in November 2024, there was a delay in the response of trading apps. After the rally began in March 2025, the Coinbase app climbed to third place in the finance category of the U.S. app store, but it quickly fell to 15th place by mid-August.

This pattern suggests that retail investors usually react with a delay of a week or two after a historic event, such as a new all-time high or the breakout of a crucial price level.

However, this late entry into the Bitcoin market exposes them to several risks, mainly losing most of the gains.

Tracking Google searches and trading app rankings provides a valuable tool to anticipate retail investor behaviors. These leading indicators reveal not only the current demand but also predict the emergence of renewed interest. For example, a decrease in searches for "Bitcoin" might signal a pending decline in demand from small investors. Conversely, an increase in searches could indicate an upcoming surge in retail buying pressure.

Moreover, this monitoring method provides an additional analytical window complementary to financial data, essential for understanding retail investor psychology and its impact on the cryptocurrency market.

Overall, this analysis showcases the shifting dynamics in the Bitcoin market, with institutions taking the lead while retail investors appear to be pulling back from the crypto scene. As the bull cycle continues, it remains to be seen how these trends will unfold further, especially with experts discussing several scenarios for altseason 2025 that could influence the overall market dynamics.