US Ties With Portugal, Australia For Bitcoin ETF Interest

Which Countries Are Most Interested in Bitcoin ETFs?

Luxembourg, St. Helena, Singapore and Switzerland lead global interest in Bitcoin ETFs, with search interest scores in the 90th percentile on Google Trends.

While the US managed to make into the top 15 countries most interested in Bitcoin ETFs, it only scored 45 and tied with Portugal and Australia. In other words, US interest in Bitcoin ETFs is less than half of Luxembourg’s interest, indicating that retail investor anticipation for Bitcoin exposure may not be widespread yet.

Established spot Bitcoin ETF markets dominate the rankings: Among the top 15 countries most interested in Bitcoin ETFs, 4 are countries where spot Bitcoin ETFs are already incorporated, namely Switzerland, Germany, Canada and Australia. Another 5 are European countries, reinforcing the region’s leadership in mainstream crypto adoption. 

Excluding the tax havens, Brazil is the only country that did not make it into the top 15 rankings for Bitcoin ETF interest, despite the 2 spot Bitcoin ETFs incorporated there.

Which States in the US Are Most Interested in Bitcoin ETFs?

The US state most interested in Bitcoin ETFs is Nevada, which is home to the gambling city of Las Vegas. Nevada recorded the highest search interest score of 100, just ahead of the 93 scored by capital city Washington DC. New Jersey and New Hampshire follow closely behind in their interest towards Bitcoin ETFs, scoring 88 and 87 respectively.

Despite being the financial and technology centers of the US, New York came in 7th and California placed 8th in nationwide Bitcoin ETF interest. Mississippi and North Dakota are the states least interested in Bitcoin ETFs, tying with their lowest scores of 19.

Nevertheless, US interest in Bitcoin ETFs is relatively even across the 51 states. Each state’s share of Bitcoin ETF interest was between 0.7% and 3.8%, suggesting that anticipation for the country’s first spot Bitcoin ETFs is similar nationwide.

Methodology

The study examined search interest for ‘bitcoin ETFs’, ‘spot bitcoin ETFs’ and ‘bitcoin futures ETFs’ based on Google Trends data from January 2019 to January 2024. 

The numbers represent relative search popularity: A value of 100 indicates maximum popularity as a proportion of total searches and a value of 50 indicates half the popularity, while a score of 0 means there was insufficient search interest data.

The study notes that the most widely used search engines for all locations may not be Google.

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Curious to find out more about our previous research studies & statistics? Check out this one we did on the top Bitcoin ETFs.

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Lim Yu Qian

Yuqian is a cryptocurrency writer and marketer who specializes in mainstream cryptocurrency insights. She's especially fascinated by the philosophical and socioeconomic aspects of crypto and also goes by the name of Q. She holds a Bachelor of Social Sciences with Honors from the National University of Singapore. Follow the author on Twitter @solosbrqt