Coinbase App Jumps 65% During BTC Rally But Where Are Retail Traders?

• The Coinbase application climbs dramatically by 65% in Apple’s App Store charts, reaching position 137.

• Mixed signals on retail participation emerge as YouTube engagement grows but Google search trends for “Bitcoin” remain significantly below 2021 peak levels.

The spectacular surge in app store ratings by Coinbase has sparked a new discussion on whether retail investors are coming back to cryptocurrency markets. The trading platform has gained 65% in the US Apple App Store ranking over the last month, moving up the list to 137th place after being at 386. This was accompanied by a phenomenal 10% rise in the price of Bitcoin within the same period, setting new all-time highs of up to $123,091.61.

Mixed Signals on Retail Participation

Conventional data indicate contradictory stories regarding the participation of retail investors in the ongoing crypto boom. The past evidence indicates that Coinbase usually reaches the top 175 app rankings when the bull market is at its peak, whereas a lower ranking below 500 implies the bear market. A ranking of 137 currently sits in the positive territory, reflecting heightened activity from everyday traders.

Some market analysts think that retail involvement is picking up. According to crypto analyst Tony Edwards, views and subscribers on YouTube have grown tremendously, meaning that people are showing interest again. Likewise, Lab4Crypto observed that the crowd is gradually coming back to the cryptocurrency markets.

Nonetheless, other measures show a different picture. Andre Dragosch, head of research at Bitwise, states that retail is still, in his opinion, nowhere to be seen even at the Bitcoin record highs. This opinion is confirmed by Google search statistics, which indicate a very low level of interest in the search term of term Bitcoin in comparison with the previous bull runs. Crypto experts noted that Google Trends of the term crypto is still well below the 2021 highs.

The launch of spot Bitcoin and Ethereum ETFs could have changed the way traditional retail tracking is done fundamentally. These investment products offer exposure to alternative cryptocurrencies without the need to interact with exchanges. Bitcoin spot ETFs have received inflows of $53.05 billion since January 2024, and Ethereum ETFs have received about $6 billion since their launch in July.

Bitfinex analysts have found institutional-level accumulation patterns, and holders of 1-100 Bitcoin have purchased around 19,300 BTC per month. This rate of purchase is far higher compared to the current rate of 13,400 BTC that is issued per month after the halving event that occurred in April.

The dynamic nature of the crypto environment makes it hard to evaluate retail participation. Although app store rankings are pointing to an increase in interest, search volume data is pointing to a lack of excitement as compared to past cycles. The availability of ETFs has possibly altered the investment trends, and the conventional retail indicators are no longer trusted to gauge the actual level of participation in the market.

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