Coinbase has rocketed to 137th place in the U.S. Apple App Store rankings, a dramatic 65% surge from its 386th position just one month prior, according to Sensor Tower data. This jump coincides with Bitcoin's 10% price rally to a new all-time high of $122,884 before settling at $118,294.
Historically, Coinbase's app ranking has served as a key retail sentiment indicator, typically breaking into the top 175 during bull markets while languishing below 500 in bear cycles. The current spike has sparked intense debate among analysts about retail investors' return. Crypto analyst Tony Edwards and commentator Lab4Crypto cite increased YouTube traffic and social engagement as evidence that "retail is definitely starting to come back in" and "the crowd is slowly returning."
Contrarily, Bitwise research head André Dragosch and trader Elisa point to subdued Google search trends for "Bitcoin" and "crypto" – still far below 2021 peaks – as proof of muted retail interest. Skepticism also grows around traditional metrics' reliability due to spot ETFs, which have attracted $53 billion for Bitcoin and $6 billion for Ether since their launches, providing alternative exposure methods.
On-chain data reveals smaller Bitcoin holders (1-100 BTC) are accumulating coins at 19,300 BTC monthly – exceeding the post-halving supply rate of 13,400 BTC – suggesting price-agnostic accumulation regardless of volatility.
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