VanEck’s Matthew Sigel notes Bitcoin trades near ATH, yet U.S. Google search interest is just 30, far below the figure seen during the late 2024 peak.
Bitcoin price has climbed close to its all-time high, trading at $107,384 today, approximately $1,000 below its record of $108,786. Over the past week, the price ranged between $101,000 and $107,625, displaying sharp volatility.
Price movements included rapid swings and V-shaped recoveries, particularly visible around May 19–20, when Bitcoin briefly dropped below $103,000 before rebounding.
Despite a 3.5% gain over the last seven days and a 1.4% increase in the past four hours, search interest remains relatively muted.
Google Search Trends Lag Despite Price Proximity to All-Time High
The Google Trends chart analyzed by Matthew Sigel, Head of Digital Assets Research at VanEck, shows a significant gap between current price action and public attention. Search interest in “Bitcoin” has remained low in the United States, according to Google Trends data covering the past five years.
At present, the relative search value stands around 30, well below the 75 recorded during the late 2024 price peak. At that time, Bitcoin had reached its previous all-time high of $108,268. This suggests that the price surge was accompanied by strong retail participation, as retail investors were likely searching for news, guides, and platforms to buy Bitcoin.
In contrast, the asset now trades only slightly below that level, but with just one-third the search interest. It is clear that the current rally lacks retail-driven curiosity, which previously coincided with surging prices. The low search interest could also indicate we’re still early in the next euphoric phase.
While some online users argue that learning is shifting to platforms like ChatGPT or Grok, Sigel emphasized that Google Trends reflects relative—not absolute—search frequency across the web.
MicroStrategy’s Impact Remains Statistically Marginal
The role of MicroStrategy in the recent price movement was also addressed. In response to online speculation, Sigel clarified that the firm’s influence on Bitcoin’s price is statistically limited.
— matthew sigel, recovering CFA (@matthew_sigel) May 20, 2025
VanEck’s data shows that MicroStrategy’s purchases account for an average of 8.4% of weekly trading volume. However, this figure is skewed by four weeks of high activity, with eight weeks showing zero acquisitions.
Moreover, statistical analysis indicates only a 25% correlation between MicroStrategy’s weekly purchases and Bitcoin’s end-of-week price.
Similarly, the correlation with weekly price changes stands at 28%. These figures suggest minimal direct influence, supporting Sigel’s earlier position that the asset’s current strength stems primarily from broader institutional factors.
Institutional Buying Activity Outpaces New Supply
Alongside muted retail signals, reports from 21Shares confirm that institutional buying is now driving Bitcoin’s demand profile. Spot Bitcoin ETFs consistently absorb more than the 450 BTC mined daily. This steady demand has created a persistent supply imbalance, with rising interest from hedge funds, sovereign wealth funds, and corporate treasuries.
Moreover, in its May 13 report, Bitwise stated that public companies have already purchased 196,207 BTC in 2025. By contrast, only 60,044 new tokens have entered circulation this year. In addition, this means corporate acquisitions now exceed the estimated annual supply of 164,250 BTC by more than threefold.
Further, jurisdictions such as Abu Dhabi’s sovereign wealth fund are reportedly increasing their holdings, while states like New Hampshire have proposed Bitcoin reserve legislation.
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