- Bitcoin reached new all-time highs of US$111,970 despite Trump’s tariff shocks and US credit downgrades from three rating agencies.
- Institutional demand drives growth with US$3.1 billion in ETF inflows over two weeks, while MicroStrategy continues buying at premium prices.
- Retail investors remain notably absent from this rally, with Google search data and low funding rates showing minimal retail participation.
- The crypto industry faces credibility issues with retail investors who view it as dominated by whales and self-interested leaders rather than serving ordinary people.
It’s been a wild few weeks. Trump’s tariff shocked everyone and (almost) every country, while the US itself got a downgrade not from one, but three rating agencies.
And yet, Bitcoin has made new all-time highs (ATHs) even after hitting a high of US$109,767 (AU$170,528) yesterday. It wasn’t done, though, reaching US$111,970 (AU$173,970) in the early hours of Friday, 23 May 2025, Australian Time.
Analysts say Bitcoin is just getting started and could go much higher. First, Bitcoin bull Michael Saylor has bought more BTC despite the premium price; second, US spot Bitcoin exchange-traded funds (ETFs) continue to add to their holdings.
Over the past two weeks, US$3.1 billion (AU$4.8 billion) has entered the ETFs in net inflows, with the most recent trading day seeing net flows of US$934.8 million (AU$1.2 billion) alone.
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Where’s Retail?
Despite strong institutional interest, average retail investors are (quite literally) simply not buying it. Many were traumatised by the FTX and Luna collapses, when they bought at the top.
At that time, many new investors entered the market and have since remained on the sidelines – unable to enjoy today’s rally, especially as the current president, despite being pro-crypto, appears more interested in lining his own pockets.
Alex Krüger, trader and economist, noted that “this is the least euphoric new all-time highs” for Bitcoin, with “baseline or below” funding rates on most exchanges.
This and data from Google Search and Google Trends show that retail is absent, with little interest in Bitcoin and Co right now.
Crypto Has Some Work to Do to Regain Street Cred with Retail Investors
Author and Forbes Contributor Professor Tonya M. Evans said this isn’t a surprise at all. According to her, retail interest in Bitcoin isn’t just fading – it’s turning hostile. People feel disconnected from the industry she said, which they see as dominated by headlines, FUD, scams, whales and self-interested leaders, rather than serving “the people”.
As a result, especially in disenfranchised communities who could benefit most, Bitcoin’s infrastructure feels like an old system on “digital steroids”, not a genuine people’s currency, Evans wrote.
On the positive side, analyst PlanC said on Crypto Twitter that the current growth rate is steady rather than explosively upward, implying that institutions will continue to drive Bitcoin’s advance until retail investors re-engage.
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