Crypto Market Optimism Peaks as "Spot Bitcoin ETF" Google Searches Hit High

The anticipation for a Bitcoin spot ETF has shifted from institutional investors to individual and traditional retail investors. Google searches for the keyword "spot Bitcoin ETF" are currently at their peak.

Crypto Market Optimism Peaks as "Spot Bitcoin ETF" Google Searches Hit High

The cryptocurrency market in Q4 2023 is holding its breath awaiting SEC approval for a Bitcoin spot ETF. Despite continuous delays and extended decision deadlines, investor sentiment remains eagerly focused on the possibility of SEC greenlighting the ETF.

This hopeful sentiment is reflected in the global Google Trends data, where searches for "spot Bitcoin ETF" have reached a "max score" of 100.

Source: Google Trends

According to Google Trends data, the keyword "Bitcoin ETF" hit 100 points two years ago, just before the first Proshares Bitcoin ETF was listed on the New York Stock Exchange on October 19, 2021. Subsequently, the keyword experienced a prolonged period of subdued interest before surging in recent months.

Both "spot Bitcoin ETF" and "Bitcoin ETF" keywords demonstrate widespread interest from the general public, individual retail investors in Bitcoin, and the broader cryptocurrency market. This indicates that ETFs are no longer limited to large institutions but have penetrated into the realm of individual investors.

Despite regulatory scrutiny from the SEC, there is widespread belief that the SEC will approve a Bitcoin ETF within the next year. Bloomberg experts even predict approval odds as high as 95%.

Proposals for crypto ETFs are currently under SEC review. Photo: Bloomberg

This trend is understandable given the media attention surrounding Bitcoin and ETFs from major players, including top investment firms like BlackRock, which have applied for Bitcoin ETF registration. Such developments naturally pique public curiosity and drive search volumes on Google.

The clearest example of investor FOMO reaching fever pitch was the unfortunate mishap by Cointelegraph on the evening of October 16. A single social media post falsely claiming "SEC approves BlackRock's spot Bitcoin ETF proposal" led to a rapid $30,000 surge in BTC price within just one hour.

Despite being debunked as fake news, this incident underscores the intensifying interest and the market's readiness for a final trigger to spark significant movement, as highlighted by BlackRock CEO Larry Fink's comments to The Block:

"Investor interest has driven BTC price growth far beyond the impact of a fake news event. Even after clarification, Bitcoin continues trading around $29,000, showcasing investors' positive sentiment."

According to predictions from Matrixport, BTC price could surge to $42,000 - $56,000 if the BlackRock ETF is approved. While optimistic, this forecast reflects the market's perspective on the potential arrival of a Bitcoin ETF in the coming year.

Chart: 1H BTC/USDT pair on Binance at 04:20 PM on October 20, 2023