Rising prices due to bullish developments in the industry could boost Google search. Google trends indicate that new money is entering the Bitcoin market.
Recent stock market volatility could force a larger number of institutions to consider investing in BTC.
Driven by various bullish developments, the Bitcoin price has had an impressive month. During October, the price of the leading crypto-currency rose by more than 25%.
Data from Google Trends suggests that the rising prices are once again attracting the attention of retail investors, apparently from outside the industry. Meanwhile, others claim that the return of volatility has also sparked institutional interest in the market.
Bitcoin becomes increasingly bullish
After starting October at less than $10,900 and now trading above $13,750, the Bitcoin market is currently in a very bullish mood. This month alone, the BTC price has risen by more than 26%.
Such price increases have clearly not gone unnoticed. Google Trends, one of the simplest metrics for assessing the public interest in the industry, suggests that new money could come onto the market.
Still far from the all-time high of interest observed at the peak of the 2017 bull market, October saw an increase in the number of people searching Google for the phrase „How to buy Bitcoin„. Earlier peaks in metrics also coincided with BTC prices.
Searches for „how to buy Bitcoin“ increased in May, August and December 2017, as well as in early July 2019 and during the recovery from the price drop in March 2020. In each example, the price of Bitcoin rose rapidly in a short period of time.
The renewed interest is likely to be linked to a number of bullish developments around Bitcoin. Large investments at company level, an optimistic report by JPMorgan and PayPal’s interest in crypto-currencies may have contributed to this.
Is it institutions and retail investors this time?
The Google Trends data probably illustrates the growing interest of retail investors in Bitcoin. While the average investor is likely to turn to the popular search engine for information about buying BTC, it seems doubtful that institutional buyers, who have tens or hundreds of millions at their disposal, will approach the market in this way.
However, market analyst Travis Kling believes that the volatility of the stock markets may also have aroused the interest of institutional investors. He highlights the growth of the CBOE (VIX) volatility index, which coincides with that of the Bitcoin price.