In 2021, the Coinbase app for iOS confidently held the top spot among financial apps. Currently, its popularity has declined sharply.
Such observations were shared by the manager of the cryptocurrency venture capital fund Dragonfly.xyz, Haseeb Qureshi.
The well-known crypto expert reviewed the reasons for the decline in user interest in Coinbase and analyzed how the dynamics have changed since 2021, when the app was considered not only the best in the financial section but also held the top position in the ranking of all App Store apps for several days.
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Haseeb Qureshi sees this as one of the indicators of market activity. He thinks it has to do with retail. "If retail shows up in this cycle, I expect more ATHs."
Qureshi analyzed why Coinbase's results have changed so much since 2021. The stats are particularly interesting amid recent cryptocurrency industry news about the launch of spot Bitcoin exchange-traded funds (ETFs). Eight new ETFs approved by the Securities and Exchange Commission (SEC) use Coinbase Global Inc. as a custodian.
And some market experts worry that concentrating so many Bitcoins on Coinbase is very risky. Some ETFs are expected to diversify their custodians over time. Although the SEC has approved spot crypto funds, the regulator remains in a legal standoff with crypto exchange Coinbase, accusing it of unregistered exchanges of tokens that the regulator considers securities.
Qureshi said on his X (Twitter) page that Coinbase is currently ranked 40th among apps in the financial category of the Apple App Store.
The crypto expert stressed that once retail investors return to the levels they were at three years ago, he expects new record highs for cryptocurrencies, leading to new success for Coinbase.
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