Despite a notable influx of over $488 million into United States-based spot Bitcoin exchange-traded funds (ETFs) on June 5, recent data from Google Trends paints a picture of subdued retail interest in Bitcoin and related assets compared to the euphoric highs witnessed during the 2021 bull market frenzy.

The surge in ETF inflows, reaching their zenith at $886.6 million on June 4, signals institutional appetite for exposure to the flagship cryptocurrency. Notably, the Fidelity Wise Origin Bitcoin Fund emerged as a frontrunner, attracting a significant portion of the total inflows amounting to $220.6 million, as per Farside Investors data. Following closely behind was BlackRock's iShares Bitcoin Trust, with inflows totaling $155.4 million. Even the Grayscale Bitcoin Trust, which has grappled with net outflows exceeding $17.8 billion since January, managed to secure $14.6 million in net inflows.

However, amidst these bullish indicators, Google Trends data reveals a stark contrast in public sentiment. Searches for terms like "Bitcoin" and "Bitcoin ETF" originating from the U.S. scored significantly lower on the interest index compared to the fervor witnessed during the 2021 bull run. On June 5, the search interest for "Bitcoin" registered a modest score of 31, while "Bitcoin ETF" languished with a mere score of 1.

Although searches for "Bitcoin price" and "crypto" garnered slightly higher index scores of 18 and 13 respectively, they remain substantially below the peaks observed during the retail-driven frenzy of 2021. This divergence suggests that retail investors, who often drive market sentiment during bull cycles, have yet to fully reengage with the cryptocurrency landscape.

The waning interest in crypto-related searches over the past year reflects a broader trend of diminishing enthusiasm among retail participants. Notable spikes in search activity occurred on Jan. 11, coinciding with the U.S. approval of 10 spot Bitcoin ETFs, and on March 5, when Bitcoin surpassed the $69,000 mark for the first time since 2021.

Further corroborating this narrative is data shared by crypto analyst Miles Deutscher in a recent X post. Despite Bitcoin surpassing its previous peak price, viewership of crypto-related YouTube channels has significantly declined from the heights of 2021. Daily views plummeted from around four million during the peak of the bull market to a meager 800,000 in 2024.

Deutscher underscores this decline in crypto YouTube viewership as a poignant indicator of the current market sentiment, asserting that retail participation has yet to witness a resurgence. In essence, the subdued interest reflected across various metrics serves as a sobering reminder that the retail frenzy of 2021 has yet to be rekindled, casting a shadow over the sustainability of the ongoing bull cycle.