Coinbase Ranks 137 in App Store as Crypto Retail Interest Stirs

Coinbase Ranks 137 in App Store as Crypto Retail Interest Stirs

Coinbase App Surges 65%—But Has Retail Truly Returned to Crypto?

The Coinbase app has rocketed to rank 137 on the U.S. Apple App Store, up from 386 just one month ago—a 65% jump, according to Sensor Tower data. The move is often seen as an indicator of renewed retail interest in cryptocurrency markets.

But while Bitcoin has surged 10% during the same period, reaching an all-time high of $122,884 and trading at $118,294 at the time of writing (via Nansen), industry voices remain split on whether the average investor is truly back in the game.

App Downloads Historically Mirror Bitcoin’s Price Peaks

Coinbase’s rise in App Store rankings has historically tracked bull market activity. During past crypto peaks, the app frequently broke into the top 175, while positions below 500 have generally coincided with bear markets.

Back in September 2024, Cointelegraph reported that Coinbase downloads correlated tightly with Bitcoin’s price performance. With its current position at 137, some analysts argue that retail sentiment may be building once again.

Mixed Signals: Analysts Disagree on Retail’s Return

Crypto analyst Tony Edwards took to X this week, claiming that “retail is definitely starting to come back in,” citing a notable rise in his YouTube views and subscribers.

The sentiment was echoed by Lab4Crypto, which stated:

“The crowd is slowly returning… If this is the beginning, you do not want to be late.”

However, others remain unconvinced.
Bitwise’s head of research André Dragosch responded Friday:

“Retail is almost nowhere to be found,” pointing to a lack of Google search activity for ‘Bitcoin’ despite the asset’s new record high.

Trader Elisa also weighed in, citing Google Trends data for the term “crypto,” which remains well below 2021 retail frenzy levels.

Are Retail Indicators Becoming Obsolete?

Some analysts suggest traditional retail signals, such as app downloads and search trends, may no longer be as effective. The rise of spot Bitcoin and Ethereum ETFs has introduced alternative avenues for retail and institutional exposure, diminishing reliance on direct crypto exchanges.

Since their U.S. launch in January 2024, spot Bitcoin ETFs have absorbed $53.05 billion, while Ethereum ETFs, which debuted in July 2024, have seen $6 billion in inflows, according to Farside data.

At the same time, Bitfinex analysts noted this week that wallets holding between 1 and 100 BTC are now accumulating at an aggressive pace—around 19,300 BTC per month, far surpassing the 13,400 BTC monthly issuance since the April 2024 halving. This suggests a growing demand that may not necessarily come from casual retail buyers.

Conclusion: Retail May Be Warming Up, But Still Not Boiling

While Coinbase’s App Store surge is impossible to ignore, the full picture is more nuanced. Analysts and market watchers are divided, with some citing metrics like ETF inflows and on-chain accumulation to suggest new market entrants, while others argue true retail enthusiasm is still on the sidelines.

For now, Coinbase’s jump to 137 could be an early signal—or just noise in a maturing market.