Quinten François noted that the recent Bitcoin ATH lacked usual hype, highlighting low retail buzz as altcoins remain stagnant. Bitcoin recently reached a new all-time high, climbing past $111,000 amid a steady 18.2% increase over the past 30 days. This upward momentum, which pushed the price from approximately $102,000, reflects strong performance across the week. However, despite this price surge, market watchers have noted a sharp contrast in public sentiment compared to previous bull runs. Notably, analysts and industry voices are observing a striking lack of retail excitement, even as Bitcoin surpasses its historical price ceiling. Muted Retail Sentiment Despite Price Breakout Over the past week, industry figures have highlighted the subdued reaction surrounding this milestone. Quinten François, Co-founder and Chief Brand Officer of WeRate, drew attention to the lack of celebration typically associated with Bitcoin’s all-time highs. Most silent Bitcoin ATH I’ve ever seen — Quinten | 048.eth (@QuintenFrancois) May 22, 2025 Confirming this sentiment, a crypto analyst known as Crypto Kid observed the absence of market euphoria. François responded by pointing to the stagnant altcoin market as a possible factor. Another market participant further emphasized that the lack of altcoin activity may be reducing overall market enthusiasm, stating that altcoins often generate the excitement associated with crypto rallies. Google Trends Remain Low Despite Price Pump This decline in visible hype has been supported by search engine trends. As Bitcoin approached its new peak, Matthew Sigel, Head of Digital Assets Research at VanEck, noted significantly lower Google search interest compared to previous highs. According to Google Trends data analyzed by Sigel, U.S. searches for “Bitcoin” stood at a relative value of 30. This is far below the 75 recorded during the late 2024 peak, when Bitcoin hit $108,268. This gap suggests that public curiosity has not matched the current price performance. Institutional Involvement Emerges as a Key Driver Meanwhile, data from CryptoQuant has indicated that U.S.-based entities, including exchanges, banks, and funds, are playing a growing role in Bitcoin’s ongoing rally. A notable increase in U.S. holdings has coincided with a technical “golden cross” formation. Last year, a similar trend in institutional accumulation led to significant price gains. The current pattern suggests that institutions may now be the primary force behind Bitcoin’s movement, in contrast to previous cycles driven largely by retail investors. This institutional involvement may help explain why the market response has remained quiet. Without significant retail participation, the typical signs of excitement, such as rising search interest and widespread social media discussions, have not materialized. Instead, the rally appears to reflect more strategic accumulation by professional investors. Is The Market Bullish or Not? Ultimately, without significant retail participation, the typical signs of excitement, such as rising search interest and widespread social media discussions, have not materialized. However, such conditions often signal untapped upside potential, as broader retail engagement could further amplify price movement when it eventually returns.