Bitcoin’s ($BTC) price is once again making headlines as it hovers near the $95,000 level, but an unexpected trend is taking shape. Although Bitcoin’s price remains strong, public interest appears to be fading.
Google Trends data shows that search interest in Bitcoin has plunged to its lowest point since October 2024, scoring just 28 out of 100 on the annual scale.
This dramatic drop in retail curiosity is especially striking given Bitcoin’s recent performance. The cryptocurrency is currently only 13% below its all-time high of $108,786 reached in January 2025.
The divergence between Bitcoin’s price action and public attention marks a notable shift from November 2024, when Bitcoin smashed through the $100,000 milestone for the first time and Google searches soared.
While retail investors seem to be stepping back, institutional players are stepping forward. Bitcoin-focused exchange-traded funds (ETFs) have seen their second-largest capital inflow on record, indicating a major change in who is driving the market.
The CEO of Bitwise Invest, Hunter Horsley, highlighted this new investor class, stating, “A sophisticated group of investors—including corporations, financial advisers, institutions, and sovereign entities—are now the ones leading Bitcoin’s resilience”.
Horsley also praised the Bitcoin community’s unwavering support: “To bet against Bitcoin is to challenge more than its technological underpinnings or its role as a digital store of value—it’s to oppose the determined will of millions working towards its success”.
This evolution suggests that Bitcoin is starting to mature from a speculative trading asset into a financial instrument treated seriously by professional investors.
Even ongoing global trade tensions have done little to dent Bitcoin’s momentum, hinting that it is becoming more resilient to external economic pressures.
What is exchange data telling us?
Following the Easter holidays, the cryptocurrency market roared back to life, led by Bitcoin’s double-digit gains. Despite strong performance, Bitcoin appears to be losing some momentum as it battles to stay above the critical $94,000 support level.
Investor behaviour is further evidence of the shifting market dynamics. Significant amounts of Bitcoin have been flowing out of major centralised exchanges, a trend that usually signals growing long-term confidence among holders.
Crypto analyst, João Wedson, highlighted in a Quicktake post saying that Binance, the world’s largest cryptocurrency exchange by trading volume, has recently seen massive Bitcoin withdrawals.
On 25 April, Binance reported a net outflow of 27,750 $BTC, valued at approximately $2.63 billion at current prices. This marks the third-largest net outflow in Binance’s history.
Wedson explained that while large Bitcoin outflows from exchanges typically indicate bullish sentiment, they do not guarantee immediate price increases.
Citing historical examples like China’s 2021 crypto ban, he warned that even during massive outflows, Bitcoin prices have sometimes dropped sharply.
Nonetheless, Wedson pointed out that consistent multi-day outflows, such as those observed during the FTX collapse, have historically preceded price bottoms and subsequent market recoveries.
He advised investors to “pay close attention to the broader trend of exchange netflows” rather than reacting to single-day movements.
In another significant development, over 7,000 $BTC—worth approximately $66.5 million—have left the Coinbase exchange in recent days.
Analyst, Amr Taha, suggested this trend points to increased institutional involvement, especially since Coinbase is a preferred platform for US-based institutions.
These massive Bitcoin outflows signal strong conviction among large investors, further reinforcing the idea that institutions, not retail traders, are now steering Bitcoin’s future.
Can Bitcoin overcome resistance levels and push past $100K?
The recent rally in Bitcoin price has been heavily supported by spot Bitcoin ETF inflows. Over the past week, Bitcoin ETFs registered $3.06 billion in net inflows—their largest weekly inflow since December 2025—driving Bitcoin’s 8% rise from multimonth lows of $74,400.
However, questions remain about whether such high ETF inflows could signal a local market top. Historical data offers mixed insights.
For instance, record ETF inflows of over $1 billion in March 2024 coincided with Bitcoin’s then-all-time high of $73,300, and similar patterns were seen in June 2024 when Bitcoin rose from $67,000 to $72,000 before correcting 25%.
Yet, when Bitcoin broke the $100,000 barrier in November 2024, massive ETF inflows did not immediately lead to a correction. Instead, Bitcoin continued climbing to its peak of $108,786 in December 2025.
Market analytics platform FalconX used a Vector Autoregression model to study the relationship between ETF flows and Bitcoin’s price. Their analysis revealed that while inflows tend to have a short-term positive effect on Bitcoin’s price, they do not necessarily predict immediate reversals.
Bitcoin is currently consolidating just below the $95,000 resistance mark. Analyst, AlphaBTC, remarked in a recent post, “The pink box [around the $95,000 level] has held $BTC’s price for the last few days, as expected”.
AlphaBTC believes that Bitcoin could push to $100,000 but cautioned that a larger pullback is likely after such a move.
Market monitoring resource, CoinGlass, showed significant seller interest between the $97,000 and $100,000 levels, indicating that Bitcoin might rally to these figures before facing strong resistance.
The co-founder of Material Indicators, Keith Alan, expressed doubts about Bitcoin’s ability to hold above $95,000, while trading firm QCP Capital noted that Bitcoin currently lacks a strong catalyst to sustain a major breakout.
As of now, Bitcoin trades around $94,401, slightly below the critical $95,761 resistance. A clean break above this level would likely trigger another leg upward towards $100,000.
However, failure to maintain momentum above $93,625 could send Bitcoin down to $91,521, or even $89,800, putting the bullish momentum at risk.
Market sentiment remains highly positive. Social media data shows bullish sentiment levels not seen since November 2024, during the night of Donald Trump’s election victory.
Yet, analysts warn that extreme levels of greed could lead to a potential local top if investors become overly optimistic.
Is Bitcoin becoming a true store of value?
Another major development is Bitcoin’s evolving behaviour as a financial asset. The head of research at the New York Digital Investment Group (NYDIG), Greg Cipolaro, noted that Bitcoin is starting to act differently during periods of heightened market volatility.
“Bitcoin has acted less like a liquid levered version of levered US equity beta and more like the non-sovereign issued store of value that it is”, Cipolaro said in an 25 April market note.
Bitcoin’s price has risen more than 13% in April alone, even as US stock markets like the S&P 500 and Nasdaq have struggled under the weight of escalating global trade tensions.
President Trump’s “Liberation Day” tariffs, announced on 2 April, spurred a rush towards traditional safe-haven assets like gold and the Swiss franc—and increasingly, Bitcoin.
With volatility spiking across equities (VIX), foreign exchange (CVIX), and bond markets (MOVE index), investors are clearly searching for alternatives to traditional financial markets.
Cipolaro pointed out that there are very few large, liquid alternatives to traditional assets. Gold still reigns supreme with a $22 trillion market cap, compared to Bitcoin’s $1.8 trillion.
Still, Bitcoin stands out in the crypto sector as the only major asset solely focused on being a store of value. Other digital assets primarily serve as platforms for decentralised applications.
Despite Bitcoin’s strong April rally, Cipolaro concluded there is “little evidence of market overheating”, indicating that the cryptocurrency’s recovery may still be in its early stages.
