CryptoQuant CEO Ki Young Ju states that retail investors are participating in the Bitcoin market mainly through ETFs, contributing to around 80% of spot Bitcoin ETF flows. This activity has resulted in inflows totaling about 35.88 billion USD since the launch of spot Bitcoin ETFs in January 2024.
Ju warns that relying solely on onchain metrics to gauge the Bitcoin bull market is outdated. He highlights a significant decline in Google search interest for ‘crypto’, plummeting almost 62% since late January, indicating a shift in investor sentiment.
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