Bitcoin still cannot get regular people as excited as 2017 even after winning over Wall Street

Bitcoin has achieved significant institutional adoption through ETFs and corporate treasury investments, leading to higher prices and integration into mainstream finance. However, public interest, as measured by Google Trends, has not reached the peaks seen in 2017, indicating a divergence between financial maturity and mass public engagement. While Bitcoin's infrastructure is stronger and ownership more formal, the current rally is driven more by professional capital and institutional products rather than the broad retail frenzy of previous cycles. This suggests that while Bitcoin has gained legitimacy and access, it has yet to recapture the same level of widespread public curiosity and participation.

Analysis of search behavior, app downloads, and transaction sizes indicates that retail investors remain more subdued compared to prior market peaks. This institutionalization allows for price appreciation without a corresponding surge in public search activity, as portfolio managers allocating through ETFs generate less search interest than first-time retail buyers. The article highlights that ETF adoption and reserve language are often presented as proof of broad social adoption, but this is a separate claim from actual public participation. Worldwide search data remains a key indicator, showing that while US search interest has increased, global interest still lags behind earlier peaks. The next threshold for Bitcoin's adoption lies in a broader public return, not just a louder institutional narrative. Until signals like increased worldwide search interest, accelerated app demand, and strengthened retail activity converge, the current strength of Bitcoin is primarily driven by structure rather than mass public re-engagement.

(Source：CryptoSlate)