Discussions about the Bitcoin spot ETF have dominated cryptocurrency investors’ talking circles in the last few weeks. This is due to expectations that the United States’ SEC could approve private ETFs indexed on Bitcoin’s (BTC) spot price.
Notably, January 10 is the expected deadline for a decision by the Securities and Exchange Commission. Analysts and commentators are mostly optimistic about the outcome, which has driven a bull rally for Bitcoin, reaching multi-year highs above $47,000 per unit.
In this context, interest in ‘Bitcoin ETF’ Google searches has also reached all-time highs. The interest index surpassed the 50 mark last week and is already setting the 100 maximum points this week.
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It is important to understand that this value could change until January 13, as the week is still running. Previously, the keyword only crossed the 25 mark in late 2021 during the Futures ETF approval.
Interest in related Google searches by country
Interestingly, searches for ‘Bitcoin ETF’ mostly happen in countries other than the United States. This suggests a higher interest by Bitcoin speculators watching a foreign regulation rather than organic interest to really acquire the financial product.
Canada (100) is the leading country, followed by Hong Kong (86) and Singapore (85). Moreover, Switzerland (73) is the fourth, while Germany (72) is the fifth most interested country in ‘Bitcoin ETF’.
The United States currently holds the 9th position with 39 interest points.
Similarly, CoinGecko spotted the United States as the 12th country most interested in Bitcoin ETFs from January 2023 to January 2024. Luxembourg ranked first in this study, followed by St. Helena and Singapore.
Bitcoin ETF dominates other social metrics
In the meantime, related words have trended in different social networks, as measured by Santiment’s social dashboard. The words ‘BTC,’ ‘ETF,’ ‘47k,’ and ‘BitcoinETF’ are the top four trending words in the last 24 hours.
Also notable is that BTC has a 7-day social dominance of 5.02%, while ETF dominates by 3.42%. The latter is connected with the words ‘bitcoin,’ ‘approved,’ and ‘approval.’
In conclusion, these metrics show the relevancy of what could be a final decision revealed this week. Either bullish or bearish, the cryptocurrency market has all the eyes on the SEC and the Bitcoin ETF approval on January 10. Traders must remain cautious due to the expected volatility preceding the event.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
