Coinbase App Ranking Climb Signals Retail Crypto Interest Return
Coinbase has climbed to rank 137 in the US Apple App Store, an indicator that often precedes retail investor interest in cryptocurrency according to app data analytics firm Sensor Tower.
Despite the upward App Store momentum, which occurred alongside a 10% Bitcoin price surge, the crypto industry remains divided on whether this signals a genuine return of retail participants who previously abandoned crypto amid the 2022 bear market.
Historical Comparison
Sensor Tower data reveals Coinbase’s ranking jumped 65% over the past month, from position 386 all the way to 137. During the period Bitcoin nearly doubled from approximately $60,000 to $122,884—a new all-time high—Coinbase’s App Store visibility dramatically increased.
Previous bull market peaks saw Coinbase enter the top 175 of apps, while rankings below 500 typically corresponded to bear markets, according to Cointelegraph analysis from September 2024.
Current price action shows Bitcoin at $118,294 as of late Tuesday.
Industry Division on Retail Return
Some market participants welcome the increased presence, while others contend that ETF alternatives have reduced the significance of traditional retail indicators.
Potential Retail Return Indicators
Crypto analyst Tony Edwards indicated retail interest may be returning, citing increased YouTube views and subscribers.
“Retail is definitely starting to come back in,” Edwards stated in an X post.
Crypto market resource Lab4Crypto also signaled, “The crowd is slowly returning” and added “If this is the beginning… You do not want to be late.”
Counterarguments
Despite the climb in Coinbase rankings, Bitwise research head André Dragosch claimed “retail is almost nowhere to be found” despite Bitcoin’s all-time high.
Dragosch pointed to declining Google search volume for “Bitcoin” and crypto trader Elisa’s comments from Wednesday comparing current retail interest to 2021 peaks.
Adding context, Bitfinex analysts noted new buyer accumulation exceeds miner supply rates, highlighting price-agnostic purchasing patterns.
Rising Importance of Exchange-traded Products
Industry insiders argue traditional retail indicators have become less reliable with the introduction of spot Bitcoin and Ethereum ETFs.
Farside data shows Bitcoin ETFs have amassed $53.05 billion since their January 2024 debut while Ethereum ETFs have seen approximately $6 billion in inflows.
