Retail investor enthusiasm for Bitcoin has cooled significantly, casting doubt on the imminent arrival of a sustained bull market.

A key metric tracking retail Bitcoin buying activity has reached its lowest point in three years, according to CryptoQuant founder Ki Young Ju. This metric, calculated by analyzing the 30-day change in total transfer volume for transactions under $10,000, indicates a sharp decline in retail demand for the world’s largest cryptocurrency.

Historically, retail investor interest has been a crucial catalyst for major Bitcoin price rallies. CryptoQuant contributor Minkyu Woo emphasizes that previous bull runs were preceded by substantial buying pressure from retail investors. However, the current market is yet to witness this surge in retail demand.

While institutional investors have been increasingly involved in the Bitcoin market, their influence alone may not be sufficient to ignite a sustained upward price movement. The absence of robust retail participation remains a significant hurdle for Bitcoin’s next bull run.

Despite the overall decline in retail interest, there are countervailing trends.

For instance, the launch of spot Bitcoin exchange-traded funds (ETFs) in the United States has attracted substantial inflows. However, VanEck CEO Jan van Eck suggests that the majority of these inflows are still from retail investors.

Moreover, Google search interest for Bitcoin has plummeted by 57% since the cryptocurrency reached its all-time high in March. This metric is often considered a proxy for overall public interest and potential investor sentiment.

Bitcoin’s price has also been struggling to break above the crucial $65,000 resistance level. This technical hurdle, combined with the waning retail interest, has created a challenging environment for Bitcoin bulls.

In conclusion, the current market conditions suggest that a Bitcoin bull run is unlikely to materialize until retail investor demand shows a significant resurgence. While institutional involvement is crucial, it appears that the broader market is awaiting a renewed wave of retail enthusiasm to drive prices higher.

Note: This article is based on the provided text and aims to provide a concise and informative summary of the key points.