Bitwise CEO Says Bitcoin Surge Driven by Institutions as Google Searches Still at Long-Term Lows

Bitwise CEO Hunter Horsley believes institutions lead the surge of Bitcoin beyond $94K, as Google searches and retail interest stay low.

After surpassing $95,000 last week, Bitcoin has been consolidating around this level, with limited momentum. Currently, BTC trades at $94,094, down 0.04% in the last 24 hours but up 7.87% over the past week. Though Bitcoin briefly tested the $92,000 support during the weekend, bulls quickly regained control.

However, recent analysis points to a significant market shift involving diminishing retail participation and growing institutional influence.

Hunter Horsley, CEO of Bitwise, observed that despite Bitcoin surpassing $94,000, Google search interest for “Bitcoin” remains near long-term lows.

Institutions Driving Bitcoin Uptrend, Not Retail

Notably, Horsley explained that the current rally is not fueled by retail investors, who traditionally drive spikes in search activity during bull markets. Instead, he noted that institutions, financial advisors, corporations, and even nation-states are increasingly driving market participation. He stressed that “the types of investors buying Bitcoin are expanding.” 

Bitcoin at $94k, yet —

Google searches for "Bitcoin" near long term lows.

This hasn't been retail driven. Institutions, advisors, corporates, and nations have come into the space.

The types of investors buying Bitcoin is expanding. pic.twitter.com/Gtdh5u0bm6

— Hunter Horsley (@HHorsley) April 27, 2025

When Bitcoin’s price is high but search interest remains low, it typically signals a maturing market structure. Retail excitement, a hallmark of previous cycles, appears absent.

Meanwhile, the investor base has expanded, shifting from everyday retail buyers toward more sophisticated entities who do not typically rely on search engines for information. This evolution underscores a broader adoption by “smart money” players who are more familiar with Bitcoin’s fundamentals.

Divergence Between Price and Network Activity

While institutional flows support Bitcoin’s rising price, network fundamentals tell a different story. Analyst Maartunn from CryptoQuant pointed out that although Bitcoin’s price surged sharply, the network activity index has not kept pace. 

According to Maartunn, this divergence indicates that Bitcoin’s current momentum stems more from external forces like ETF inflows and futures market activity than from rising on-chain demand.

Historical data show that from 2015 to 2025, Bitcoin’s price generally rose alongside network activity. However, beginning around 2025, a clear divergence appeared.

While Bitcoin’s price continued climbing, network activity growth slowed and became more volatile. This pattern suggests that price increases are increasingly detached from organic network growth.

Whale Accumulation Continues 

Supporting the narrative of institutional dominance, analyst Ali Martinez reported a significant increase in large Bitcoin holders. Since late January, the number of wallets containing over 1,000 BTC rose by nearly 100. 

Notably, this accumulation occurred during February and early March when Bitcoin’s price declined. This aligns with the strategy of experienced investors buying during periods of market weakness. By April, both the number of large holders and Bitcoin’s price were rising together, indicating synchronized smart money involvement.