“Since late 2023, Coinbase has fallen out of the top 16 finance apps on the App Store.
Over the past month, the Coinbase app has consistently dropped out of the top 16 finance apps on the US App Store.
On December 1st, Coinbase was ranked as low as 49th. By December 25th, the largest US cryptocurrency trading app had surged back into the top 16, amid excitement about the potential approval of the Bitcoin ETF spot by the SEC.
Shortly thereafter, Coinbase began to lose its position, not only slipping out of the top 16 but also plummeting to 77th place as of today (January 30th).
Rebecca Stevens, an analyst at The Block, noted:
“The cryptocurrency market’s decline, coupled with the emergence of new brokerage firms, is impacting the popularity of the Coinbase app. This is not surprising.”
The term ‘Bitcoin ETF spot,’ which has always been eagerly anticipated, has undergone a similar transformation. Contrary to the high expectations and unusual market sensitivity, the price of Bitcoin experienced a significant ‘dump’ after the introduction of the ETF spot, weighed down by capital outflows from Grayscale’s GBTC.”