A New Analysis Reveals the US States Most Interested in Bitcoin ETFs
A recent analysis conducted by CoinGecko has identified the US states that show the most interest in Bitcoin exchange-traded funds (ETFs). The researchers examined Google Trends data from January 2019 to January 2024, focusing on search interest for terms such as ‘bitcoin ETFs,’ ‘spot bitcoin ETFs,’ and ‘bitcoin futures ETFs.’
Top States with Bitcoin ETF Interest
According to the analysis, Nevada ranks highest among US states in terms of interest in Bitcoin ETFs, scoring a search interest score of 100. While interest was relatively even across states, Nevada was followed by Washington DC, New Jersey, New Hampshire, Massachusetts, Connecticut, New York, California, Washington, and Virginia.
The Least Interested States
On the other hand, Mississippi and North Dakota ranked lowest in terms of interest, both scoring 19 on the search interest scale.
US Ranking and International Comparison
Overall, the US ranked 12th globally in terms of Bitcoin ETF interest. Countries such as Luxembourg, St. Helena, Singapore, Switzerland, Austria, Germany, Canada, the Netherlands, Hong Kong, Cyprus, and Slovenia showed higher levels of interest. The US shares its ranking with Portugal and Australia.
The Current Status of Bitcoin ETFs in the US
The US Securities and Exchange Commission (SEC) approved the launch of Bitcoin futures ETFs in October 2021. However, spot BTC ETF applications have been consistently denied. There is hope that this could change soon, as several major financial institutions have submitted active spot BTC ETF applications, with industry analysts anticipating potential approvals in the near future.
Hot Take: The US States with the Most Bitcoin ETF Interest
CoinGecko’s analysis provides valuable insights into the US states that exhibit the most interest in Bitcoin ETFs. It is clear that Nevada leads the pack, followed by several other states showing significant curiosity in this investment vehicle. As the demand for Bitcoin and cryptocurrency continues to grow, it will be interesting to see how these trends evolve and if more states join the list of those keen on exploring Bitcoin ETFs.
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