According to Google Trends data, the expectation that the U.S. Securities and Exchange Commission (SEC) will approve a spot Bitcoin exchange-traded fund (ETF) and that Bitcoin’s (BTC) use in traditional financial markets will increase has also spurred individual investors into action.
The Number of Searches for “Spot Bitcoin ETFs” on Google is Rapidly Increasing
Over a five-year period, the global search interest for “spot Bitcoin ETF” on Google is approaching the highest value of 100 this week, indicating significant interest in this spot Bitcoin ETF worldwide. Furthermore, search interest for “Bitcoin ETF” has reached its highest level of 39 since ProShares launched its futures-based ETF two years ago. At that time, searches for “Bitcoin ETF” had reached a level of 100.
In other words, more and more people are intensively searching the internet to learn about spot Bitcoin ETFs and how they can affect the market value of the world’s largest cryptocurrency. Market participants believe that the SEC’s failure to challenge the critical court decision in favor of Grayscale and its green light for at least one spot Bitcoin ETF in early next year indicates that the SEC has given up and will open the doors to liquidity.
Toronto-based crypto platform FRNT Financial referred to the increase in Google search interest for ETFs in an email sent to its investors and stated that “the approval of Spot Bitcoin ETF has become a permanent narrative in the cryptocurrency market and is generally seen as a barometer of the mainstreaming of BTC.”
Google Trends provides unfiltered samples of searches conducted on Google and scales search interest on a range of 0 to 100. The value represents search interest relative to the highest point on the chart for the selected region and time. The peak value of 100 is closely monitored historically for signaling the peaks of bull markets in BTC and Solana (SOL).
The Importance of Spot Bitcoin ETFs for BTC
Optimism towards spot Bitcoin ETFs has spread into the market after heavyweights in traditional financial markets such as BlackRock applied three months ago. It enabled Bitcoin to outperform altcoin king Ethereum (ETH) by isolating it from negative macroeconomic developments.
A spot Bitcoin ETF tracks the spot price of Bitcoin rather than the price in the futures market and includes the purchase and ownership of the cryptocurrency by its issuer. It is the most suitable investment instrument for anyone who wants to invest directly in Bitcoin without having to own the cryptocurrency.
