Smart Money May Be Rotating Into BTC While Retail Misses Early Run
Bitcoin continues to trade above $100,000, yet the broader retail market appears slow to catch up.
Despite the milestone, search interest for BTC remains at levels typical of bear markets, according to a tweet by Merlijn The Trader. Meanwhile, the altcoin season index shows the market is still far from entering an altcoin-dominated phase — suggesting wider crypto participation hasn’t arrived yet.
This disconnect is further highlighted by Coin Bureau’s analysis of Bitcoin’s correlation to U.S. 10-Year Treasury Futures. As shown in a chart by Bitwise, Bitcoin’s 60-day correlation with bonds has plummeted to an all-time low. Analysts interpret this as a potential signal that institutional capital could be rotating out of traditional assets like bonds and into Bitcoin.
“This could be the macro chart to watch,” Coin Bureau emphasized, referring to the historically low correlation as a sign that Bitcoin may now be treated as a distinct, uncorrelated asset in institutional portfolios.
Merlijn also argues that the lack of retail euphoria means this rally is still in its early stages, not the top. “The herd isn’t here yet. This is the beginning,” he noted, pointing to underwhelming Google search trends and an altcoin index still deep in the Bitcoin-dominant range.
As Bitcoin strengthens its position above $100K, analysts agree that the rally may still have room to run — especially if broader public interest returns and altcoins begin to follow. For now, however, the data suggests smart money may be ahead of the curve.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
