Compared to its 2017 high performance, Google trends data shows a relatively low keyword search volume for Bitcoin.
But the on-chain data shows that smart money accumulating BTC is on the rise
Bitcoin registers a low search volume
All the Bitcoin naysayers might be in for a pleasant surprise thanks to the robust performance of the world’s oldest and now the most reliable cryptos in the world. BTC as we know it hasn’t stopped showing how strong it is performing even after a major rally. Dependable data sources show that the uptrend has been triggered by smart money in recent months.
Last time when Bitcoin hit $20,000 the retail demand was swelling, but this time, Google trend Interest is relatively low for the keyword Bitcoin. In 2017 Google trends data soared like fire and Bitcoin was everywhere. The spot exchange markets, especially South Korea and Japan were flooding with high volumes. On the other hand, on-chain data shows smart money is accumulating BTC.
Popular on-chain analyst Willy Woo explains that Bitcoin has mostly been the baby of HNI investors. When whales decide to buy Bitcoin, they deal through the OTC market counters. Woo added:
“Who has been buying this rally? It’s smart money… High Net Worth Individuals. You can see the average transaction value between investors taking a big jump upwards. OTC desks are seeing this too. Bitcoin is still in the stealth phase of its bull run.”
That the whales are leading the retail investors is a positive sign because it only goes on to show that Bitcoin is still in the nascent stage of its bull run. It means that the retail markets and the actual mainstream sectors are untapped and more capital is expected. Glassnode has even said that the number of Bitcoin addresses holding more than 100 BTC has also hit a new 7-month high at 16,271.
Whales are getting aggressive in buying Bitcoin and this is a good sign. Woo has also said that the number of whales has increased contributing to the trend. It is an understood trend that when addresses containing large amounts of BTC increase, then it is considered an increase in the number of new whales. The institutional mania surrounding Bitcoin also has contributed majorly to the new uprising.
Coming back to the basics, the search volume for Keyword Bitcoin is 10% lesser than the 2017 zenith.
Source: Google Trends
Despite the search volume is low, there is a new lot of locations like Hawaii, Washington, Nevada, and California that is showing increased interest.
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