Despite minimal search interest, US Bitcoin ETFs welcomed a substantial inflow of $500 million USD.

ETF Bitcoin Spot funds in the United States received $488.1 million USD in the latest trading session, though this amount is only half of the record $886.6 million USD influx observed on June 4.

According to Farside Investors, the Fidelity Wise Origin Bitcoin Fund (FBTC) led with the largest share, contributing $220.6 million USD in inflows.

Second place went to BlackRock's iShares Bitcoin Trust (IBIT) with $155.4 million USD, while the Grayscale Bitcoin Trust (GBTC), which saw $17.8 billion USD outflows since January, also turned positive with $14.6 million USD in inflows.

Despite the flow of capital into ETFs, Google Trends data reveals almost no searches for Bitcoin or Bitcoin ETFs akin to the 2021 bull season. This indicates the current market dynamics are dominated entirely by institutional investors, with little involvement from retail investors.

On Google Trends' popularity scale of 100, Bitcoin scored 31 in the United States, while "ETF Bitcoin" registered a modest 1. Other searches such as "Bitcoin price" and "crypto" scored 18 and 13 respectively, far from the levels seen during the 2021 uptrend cycle.

Overall, interest in cryptocurrency surged notably during the approval of the 10 Bitcoin Spot ETFs earlier this year and when Bitcoin broke through the $69,000 USD barrier on March 5.

Crypto analyst Miles Deutscher concurs that retail investors have yet to return to the market. He noted a significant decline in views on YouTube channels related to crypto, dropping from 4 million views per day to approximately 800,000, despite Bitcoin recently setting new all-time highs.

Bitcoin continues to defend the support zone of $70,817 - $71,758 USD, showing a slight 0.3% decrease over the past 24 hours.

Chart: 1D BTC/USDT on Binance at 03:30 PM on June 6, 2024.