Bitcoin and Ethereum tweet volume falls to 12-month lows despite institutional crypto boom

Tweet volume for the keywords "Bitcoin" and "Ethereum" has fallen to fresh 12-month lows, with Bitcoin mentions down to roughly 130,000 and Ethereum to around 40,000. That level of attention hasn't been seen since 2020, back when institutional interest in crypto was still nascent.

The tweet volume metric serves as a rough proxy for retail mindshare, tracking how much the general public is talking about these assets rather than how much capital is actually flowing into them.

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The current reading is notable less for the absolute level, and more for the comparison point. 2020 marked the pre-institutional era of crypto, when neither Bitcoin (BTC) nor Ethereum (ETH) had meaningful Wall Street attention, spot ETFs, or corporate treasury allocations.

This has now flipped. Retail attention, as measured by social chatter, has round-tripped back to 2020 levels even as institutional involvement has moved in the opposite direction, with tokenization now a headline topic at major conferences and on traditional finance press releases.

While this can be seen as institutional adoption decoupling from retail engagement, low tweet volume has historically coincided with periods of price stagnation or drawdowns. There is hope that price action and infrastructure development no longer require the same wave of public attention that drove prior cycles, but retail involvement has made for better stories.

This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.