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Ronnie Stoeferle, industry influencer, observes that retail interest in Bitcoin is currently subdued, comparing it to the demand for snow chains in Bermuda.
However, he highlights that institutional activity is increasing, with Morgan Stanley having launched a spot Bitcoin ETF in early April and Goldman Sachs filing one with the U.S. SEC shortly thereafter.
Stoeferle recently tracked a decline in the BofA Bull & Bear Indicator from 8.4 to 7.4, referencing similar sentiment seen in 2023. He has also pointed to increased gold demand as confidence in central bankers falls. These observations follow his ongoing commentary on shifting investor behavior.