Coinbase, a leading cryptocurrency exchange, has significantly climbed in the Apple App Store rankings, which may indicate a potential increase in retail investor interest in cryptocurrencies.
Coinbase's Ranking Surge
According to Sensor Tower data, Coinbase's app surged 65% in the US App Store rankings over the past month, moving from rank 386 to 137. This coincided with Bitcoin's 10% price increase during the same period. As of publication, Bitcoin reached a new all-time high of $122,884 and is trading at $118,294.
Debate on Retail Investor Return
While some analysts suggest that retail investor interest in cryptocurrency is returning, others disagree. Crypto analyst Tony Edwards expressed that "retail is definitely starting to come back," citing growth in his YouTube audience. However, studies show low interest in Bitcoin, casting doubt on these assertions.
New Investment Methods in Cryptocurrency
Bitfinex analysts noted that new Bitcoin buyers are acting price-agnostic, accumulating cryptocurrency faster than it can be supplied. However, with the introduction of Bitcoin and Ether ETFs, traditional indicators of retail interest in crypto are becoming less reliable. Since early 2024, the ETF market has attracted over $53 billion in inflows for Bitcoin and about $6 billion for Ether.
Despite the increase in interest for Coinbase and Bitcoin, opinions regarding the return of retail investors remain divided. With the shift to new investment methods like ETFs, traditional indicators may not accurately reflect the market's real situation.
