Bitcoin’s price has soared above $110,000 today, reaching new heights that have left many feeling indifferent. Despite the impressive numbers flashing on phone tickers in Midtown Manhattan, the general sentiment seems to be one of nonchalance. This lack of excitement is reflected in the Google Trends data for “bitcoin,” which has remained in the low-40 band for months, even when Bitcoin was priced below $30,000. It seems that a new phenomenon may be emerging in the crypto world, dubbed as FIAMO, or ‘Fear I Already Missed Out.’
While interest from the public, especially ordinary investors, has waned, the price of Bitcoin continues to climb to fresh highs. BlackRock’s iShares Bitcoin Trust is attracting significantly more capital than miners are generating, indicating a shift in the market dynamics. This trend has been noted by industry experts like Bitwise chief Hunter Horsley, who pointed out that despite the price surge, public interest in Bitcoin has substantially dropped.
The numbers back up the FIAMO narrative, as exchange volume data reveals a decline in retail trading activity. Coinbase, for instance, processed $78 billion in retail trades in the first quarter of 2025, which is significantly lower than the averages seen in previous years. The retail trading volume saw a sharp decline in 2022 and 2023, following the crypto winter, but rebounded in 2024 with the approval of U.S. spot-Bitcoin ETFs and improved market sentiment.
The reluctance of many individuals to invest in Bitcoin can be attributed to various factors, including the psychological barrier of owning fractions of a Bitcoin rather than a whole coin. Additionally, the memories of the 2022 market crash and the subsequent loss of funds have made many traders wary of chasing parabolic charts. This cautious approach is evident in the flat search curves seen on Google Trends.
Despite the current lull in retail trading activity, industry experts predict that capital flowing through ETFs will eventually filter into broader retail channels, leading to a new wave of interest in Bitcoin. However, the recent politicization of Bitcoin, particularly in the context of President Donald Trump’s endorsement of the asset, may dampen the enthusiasm of some traders.
Overall, the market dynamics surrounding Bitcoin are evolving, with ETFs playing a significant role in shaping investor behavior. As the crypto landscape continues to evolve, it remains to be seen whether the current state of FIAMO will give way to the familiar FOMO that has characterized previous market cycles.