Coinbase Loses Position on App Store Rankings

Coinbase Loses Position on App Store Rankings

In the past month, the Coinbase app has consistently fallen out of the top 16 rankings for financial apps on the U.S. App Store.

Rankings of some leading crypto financial apps on the U.S. App Store.

On December 1st, Coinbase was only ranked at 49th place on the App Store. By December 25th, the largest crypto trading app in the U.S. had rapidly climbed into the top 16, fueled by excitement over the impending approval of the Bitcoin spot ETF by the SEC.

Shortly thereafter, Coinbase began to lose its position, not only slipping out of the top 16 but plummeting to the 77th position as of today (January 30th).

Related: Coinbase Stands to Gain the Most from Bitcoin ETF Approval

Rebecca Stevens, an analyst at The Block, noted:

The decline in cryptocurrency prices, coupled with the emergence of new brokerage players, is impacting the popularity of the Coinbase app. This is not surprising.

The Bitcoin spot ETF, a much-anticipated keyword ahead of approval, has also undergone a similar shift. Contrary to the eager anticipation and multiple instances that made the market unusually sensitive, the price of Bitcoin, after the appearance of the spot ETF, experienced a significant “dump,” weighed down by conversion pressure from Grayscale’s GBTC.