Bitcoin
Bitcoin Google Search Volume Falls To New 2024 Low — What’s Happening?
Following a strong start to 2024, the Bitcoin price performance has been mostly disappointing all year, failing to capitalize on the strong momentum of the spot exchange-traded funds (ETFs). Despite its stop-start nature, BTC’s price action has been one of the most-talked topics in the crypto space this year.
However, the latest on-chain data shows the searches for the Bitcoin keyword on the Google search engine have crashed to a new yearly low, leaving investors wondering whether it’s bullish or bearish for the BTC price. Here’s how it might impact the price of the flagship cryptocurrency.
Is The Crash In Bitcoin Google Searches Bullish Or Bearish?
In a recent post on X, CryptoQuant CEO Ki Young revealed that the number of people searching for the Bitcoin keyword on Google has reached a new low in 2024. This observation is based on data from Google Trends, which tracks and measures search interest in a particular topic, place, and time.
Source: ki_young_ju/X
Typically, an increase in the search for the Bitcoin keyword suggests a substantial interest amongst retail investors. However, the obvious lack of interest based on Google Trends indicates that retail investors are departing or yet to enter the market in this current cycle.
The dwindling number of Google searches for the BTC keyword is a bullish signal, as it shows that there is still more room for the premier cryptocurrency’s price to move to the upside following an influx of retail investors. Moreover, the crypto market historically tends to move in the opposite direction of the crowd.
This means that the price of Bitcoin often moves higher when most market participants and the crypto crowd are bearish. With a lower number of searches on Google suggesting a lack of interest and low expectations among crypto enthusiasts, the premier cryptocurrency is likely to witness bullish price movements.
As of this writing, the price of Bitcoin stands at around $63,230, reflecting a 1.4% increase in the past 24 hours. According to data from CoinGecko, the market leader is up by more than 2% in the past week.
Memecoin Search Volume To Reach New High In October?
Meme coins, on the other hand, seem to be capturing all of the crypto crowd’s attention at the moment. CryptoQuant founder Young Ju revealed that meme coins’ search volume on the Google search engine is expected to reach an all-time high in October 2024.
Memecoin Google search volume is expected to reach an all-time high this month. pic.twitter.com/ZOfsLFwGmH
— Ki Young Ju (@ki_young_ju) October 12, 2024
This shows that there seems to be growing interest in meme tokens, which have been some of the biggest winners in 2024. According to data from CoinGecko, nine meme coins have made their way into the top 100 cryptocurrencies by market capitalization. These assets include; DOGE, SHIB, PEPE, WIF, BONK, POPCAT, FLOKI, BRETT, and NEIRO.
The price of BTC on a daily timeframe | Source: BTCUSDT chart on TradingView
Featured image created by Dall.E, chart from TradingView
Bitcoin
Bitcoin ETF Inflows Hit $1 Billion in 3 Days—BlackRock Leads
Bitcoin ETFs (exchange-traded funds) surpassed $1 billion in total net inflows over the past three trading days. BlackRock leads these positive flows, providing institutional investors with continued access to BTC through this financial instrument.
Amid positive market sentiment, BTC is trading above $67,000, with the potential to reclaim its all-time high of $73,777.
Bitcoin ETF Inflows Breach $1 Billion Mark In 3 Days
Total net inflows for spot Bitcoin ETFs in the US soared to an impressive $1.18 billion over the last three trading days. Meanwhile, the cumulative total net inflow metric surged to record a new high of $19.73 billion. Monday, October 14, saw the largest daily total net inflows, coming in at $555.86 million.
The renewed interest was seen across the past week, where crypto investment inflows reached $407 million. This reversed early October’s $147 million negative flow amidst rising US election focus.
Meanwhile, BlackRock remains at the forefront of this wave of institutional interest for Bitcoin investments. Alongside Fidelity, the two asset managers jointly attracted nearly $760 million over the last three days, data on Farside shows. On Tuesday, October 15, BlackRock led the inflows, recording up to $288.8 million in positive flows.
Read more: What Is a Bitcoin ETF?
The soaring inflows align with Bitcoin’s nearly 13% price surge since Friday. Standard Chartered analysts predict that this momentum could drive Bitcoin to reclaim its all-time high as the US election approaches. CoinShares researchers echoed this view, attributing the rising interest to US politics rather than monetary policy.
BlackRock’s dominance in the Bitcoin space is unsurprising, given the firm’s pivot to cryptocurrency. Alongside MicroStrategy’s Michael Saylor, BlackRock remains one of Bitcoin’s strongest advocates. During the Q3 earnings call, CEO Larry Fink revealed that IBIT reached a $23 billion market in just nine months, fueled by billions in investments.
Read more: Who Owns the Most Bitcoin in 2024?
Despite the enthusiasm around Bitcoin, Ethereum-related products do not show the same sentiment for BlackRock. Challenges range from few entries to net outflows for some offerings, suggesting a focus of interest on Bitcoin. Robert Mitchnick, head of digital assets at BlackRock, ascribed this to a more complex investment narrative surrounding Ethereum.
“We believe in the potential of Ethereum, but we know it takes time for investors to grasp the full extent of this asset,” Mitchnick said during his speech at the Messari Mainnet conference in New York.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Bitcoin
Blockstream Raises $210 Million for Bitcoin Layer-2 Solutions
Bitcoin infrastructure firm Blockstream announced a $210 million funding round. Fulgur Ventures led this substantial cash inflow, which will primarily focus on Layer-2 Bitcoin Development.
Blockstream will also allocate some of these funds towards mining infrastructure and direct Bitcoin purchases, but according to its press releases, these goals appear secondary.
Blockstream’s Fundraising Rally
Bitcoin infrastructure company Blockstream announced an end to its most recent convertible note financing round on October 15. This fundraising round, led by Fulgur Ventures, raised a total of $210 million. These new funds will primarily go towards Layer-2 (L2) development, mining infrastructure improvements, and direct Bitcoin purchases.
“This fundraise is pivotal in our journey to bridge Bitcoin with broader finance. We’re excited to bring on Michael Minkevich as COO, and to have Fulgur Ventures’ support in advancing Bitcoin finance,” said CEO Adam Back via social media.
Read More: Layer-2 Crypto Projects for 2024: The Top Picks
Blockstream first opened its operations in 2014. The firm has remained fairly under the radar as of late, but several points have raised Blockstream’s notoriety. For example, Back was prominently featured as a “key crypto figure” interviewed in the recent HBO documentary to unmask Satoshi Nakamoto.
Additionally, this was not Blockstream’s only major fundraising drive in the second half of 2024. The firm opened a series three funding round for its BMN2 security token in September after raising $7 million in a previous round this July. This round, however, is substantially larger, and the partnership with Fulgur suggests a particular focus on L2 technology.
“We believe in Bitcoin as a next generation politically neutral monetary system, the foundation for decentralized finance of the future. While Bitcoin is an efficient settlement layer, it needs a Layer-2 solution for everyday transactions,” claims Fulgur’s website.
Blockstream’s two L2 solutions, Liquid and Greenlight have slightly different specialties, but both are interoperable with Lightning Network. Liquid alone boasts $1.8 billion in assets issued, and Greenlight runs over 150 thousand live Lightning nodes.
Read More: Beginner’s Tutorial to Start Using the Lightning Network
Although Blockstream mentioned two additional goals, mining infrastructure, and direct Bitcoin purchases, its press release sparsely mentions these secondary goals. So far, all of Blockstream’s media announcements have painted these L2 projects as the main focus. Any specifics on the firm’s secondary goals remain elusive.
Additionally, BeInCrypto reported that Bitcoin L2 solutions have attracted large amounts of funding lately. The L2 projects collectively raised $94.6 million in Q2 2024.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Bitcoin
Tesla Moves $760 Million in Bitcoin: Is a Sell-Off Imminent?
The crypto community is abuzz with rumors following Tesla’s transfer of a significant portion of its Bitcoin (BTC) holdings. Over 11,500 BTC were shifted from wallets associated with the electric car giant to unknown addresses, sparking concerns about a possible sell-off.
Despite these transactions, there is no clear indication that Tesla plans to liquidate its holdings. According to Arkham, the recipient wallets are newly created and unlinked to any crypto exchanges, hinting that these movements might be strategic.
Did Tesla Sell Bitcoin Over the Counter?
The Bitcoin in question, valued at approximately $760 million, almost emptied Tesla’s crypto reserves, leaving just around $8 in their original wallets. This activity follows two years of minimal movement.
Historically, Tesla’s engagement with Bitcoin has had various ups and downs. Initially purchasing $1.5 billion in Bitcoin in 2020, the electric car company sold about 10% in early 2021. By July 2022, it had offloaded about 75% of its remaining Bitcoin as market values tumbled from their peak in November 2021.
Read more: Who Owns the Most Bitcoin in 2024?
Currently, Tesla remains the fourth-largest Bitcoin holder among publicly traded US companies. Only MicroStrategy and the mining firms Marathon Digital Holdings and Riot Platforms hold more.
The nature of Tesla’s recent transactions suggests they might be preparing for an over-the-counter (OTC) deal. However, others also believe that this development is not completely bearish.
“No proof it’s an OTC deal yet. Even if it was, that means someone else bought it so it’s not entirely bearish. Who knows,” Sir Doge of the Coin said.
Tesla’s involvement with Bitcoin extends beyond buying and selling. In 2021, it accepted Bitcoin payments for its vehicles for a brief period.
However, it reversed this decision two months later, citing the environmental impact of Bitcoin mining. CEO Elon Musk has indicated that Tesla might accept Bitcoin again if mining becomes more environmentally friendly.
Despite initial market jitters, Bitcoin’s price remains steady, currently around $67,000. This resilience is buoyed by substantial inflows into spot Bitcoin ETFs.
Read more: How To Trade a Bitcoin ETF: A Step-by-Step Approach
On the day Tesla moved its Bitcoin, spot Bitcoin ETFs recorded inflows totaling $371 million. BlackRock’s iShares Bitcoin Trust alone garnered $288.84 million, indicating a strong investor appetite.
This inflow underpins the continued confidence in Bitcoin’s value proposition despite potential market fluctuations prompted by major players like Tesla.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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