To answer the question of the title, it is enough to quote the trader and influencer David Battaglia: “No one in my environment has written to say anything about the new Bitcoin (BTC).”
The publication He received dozens of comments that debated the reasons for this lack of generalized enthusiasm. Apart from the opinions that each X user could have, everyone agreed on something: It is the least media historical (ATH) of Bitcoin in history.
An issue that reinforces this hypothesis is that Google searches related to BTC are far from the levels reached in 2017 or in other upward cycles. That is, despite the fact that the price exceeded $ 111,000, this price increase does not seem to import too much.
This lack of interest in search engines suggests that, for now, the market is not driven by the massive euphoria that characterized other historical moments.
Now, this does not mean that nothing is happening. Behind this kind of silence, there are some signs that highlight what is happening among small investors.
Tonya Evans, forbes collaborator, holds that there are a number of factors that contributed to the currently a downward trend of retail interest by BTC. “Not only apathy, but anger. I think the ‘industry’ is not the same as people. People do not believe that Bitcoin is’ people’s money.
In principle, he argues that issues related to inflation, dismissals and economic uncertainty “have many in” simply survive “mode, also says:” Even those who feel curious about digital assets do not feel they have room to assume financial risks at this time. “
This is because For many BTC investors it is considered a risk assetlike actions and cryptocurrencies. For that reason, with salaries adjusted by inflation and an unstable economic climate, they seek refuge in instruments such as treasure bonds, which generate less yields but are not exposed to market fluctuations.
Evans also believes that several of these small investors suffer a kind of post -traumatic FOMO fatigue (fear of staying outside, in Spanish) after the 2021 upward cycle. On that occasion, many people bought BTC when prices were at their highest point, driven by the FOMO.
It should be noted that, at that time, the currency created by Satoshi Nakamoto reached a maximum of $ 69,000. However, that was the prelude to one of the most bearish markets in the history of BTC and cryptocurrencies, as reported by cryptootics. Between January and December 2022, the digital asset experienced a fall exceeding 60%.
“Many retail investors were harmed in 2021-22 when buying in the maximum and selling by panic during crypto-winter. That emotional and financial punishment generates doubts, even when prices rise again,” says Evans.
He also mentioned other events that occurred in 2022 and that, for her, “public confidence in digital assets have been” eroded “:
“Many associate cryptocurrencies at risk, not with opportunity, and are not convinced that the sector has matured, even if the institutions are already throwing themselves to it.”
Tonya Evans, forbes collaborator.
And at this point two events that marked a before and after in the industry are highlighted: the collapses of FTX and Terra Usd (UST), the Terraform Labs stablecoin.
Let’s make a brief review of these facts. As Cryptonotics reported, FTX was one of the largest and most reliable exchanges of the ecosystem until it collapsed in 2022 after serious internal irregularities were revealed. The impact was deep: Confidence was lost on many centralized platforms.
Something similar happened with UST, a stablecoin that offered an annual interest of 20% for users who deposited it in the Anchor protocol. His collapse, after losing parity with the dollar, was one of the most traumatic financial events, which left losses greater than 40,000 million dollars.
On the other hand, Evans also considers that “there is no media frenzy or a viral narrative that has pushed BTC to the daily conversation in 2025”, because “the price action no longer moves the needles.” In that sense, he adds: “In fact, it is the opposite, because the average person interested in cryptocurrencies does not know that it is not about buying a complete BTC, it is Sats and sovereign money.”
This point is interesting because the specialist emphasizes a key point: the disconnection between the market and the general public. The price of Bitcoin can reach historical maximums, but without an attractive narrative that makes it a topic of conversation, the mass interest simply does not turn on.
In addition, it also suggests the lack of financial education around BTC. The phrase “It is not about buying a complete BTC”, it shows that many people do not know that they can acquire Satoshis (Sats). Said in simpler terms, if there were greater education on the subject, the upward cycle could arouse greater interest and add the participation of the general public.
To this is added regulatory uncertainty, especially in the United States, which also discourages the retail investor. As Evans warns, the lack of legal clarity generates fear that BTC can be prohibited, excessively taxed or even obsolete. In other words, distrust is not only born of ignorance, but also of a little transparent legal context that reinforces the feeling that investing in BTC is still uncertain terrain.
Demand comes from companies and governments
Although BTC’s new historical maximum seems to have passed in silence for the general public, the truth is that behind that apparent disinterest there is a lot of noise. And every time it sounds stronger.
As cryptootics reported, there are a number of factors that promoted this BTC takeoff towards a new AT. On the one hand, it is important to emphasize that the truce in the “tariff war” between the United States and China has collaborated to have a stable macroeconomic context, promoting interest in the assets considered of risk as BTC.
In addition, more and more companies are accumulating BTC in their treasury as a reserve asset. This trend that originated it Strategy (previously Microstrategy) is unleashing an institutional fomo. To the interest of companies, it is added that governments and sovereign funds are studying the possibility of creating BTC strategic reserves. Taking into account that Bitcoin has a limited supply to 21 million units, an increase in demand will cause a bullish impulse for its price.
Evans also mentions that the approval of the funds quoted in the stock market (ETF) in the United States is another factors that drives the price increase. “Much of the demand comes from high -equity institutions and investors, not individuals. Access is now easier for large companies, which dominate purchases,” he explains.
Since its launch to the market, the Bitcoin ETFs They accumulate money more than 43,000 million dollars.
The lack of interest of small investors or change in market dynamics is reflected in a recent study by River Financial, an investment firm specialized in digital assets.
In the following graph, purchase and sale operations carried out by companies are observed (Businessesin English), investment funds and ETF (Funds & ETF), governments (Governments), individuals (Individuals) and others (Others) In 2025. According to the survey, the companies added 157,000 BTC to their balance sheets, while, in the category of individuals, There is a drop of 247,000 BTC in its balances during the same period.
The data reinforces the narrative that more and more institutions and governments are acquiring BTC, while smaller investors are detaching from their holdings.
By way of conclusion, Evans says: “Bitcoin is in its historical maximum, but the retail interest is close to its historical minimum. The bulls are on the rise, but people are bassist, exhausted by the last enthusiasm, without access and even waiting for technological gains to feel like real gains.”
