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  • Leading crypto app downloads spiked upwards of 100% last month, with the SEC v. Ripple court decision driving activity. 
  • One month later, Coinbase (COIN) and OKX still benefit: 30 day average increase in downloads for COIN +86% and OKX +61%.
  • Observing COIN U.S. downloads as a proxy for consumer interest in crypto, July YoY growth (-31%) improved to the least negative trend over the last 11 months, which ranged from -43% to -90%.

Observing the real customer activity of leading crypto apps indicates consumer interest is picking up from the lows of the last year. Crypto rules are being written this summer. In addition to the XRP case last month, a crypto ETF went live in the UK this week (as Blackrock and ARK Invest await decisions on their applications in the U.S) and Paypal launched a U.S Dollar stablecoin. 

Throughout cycles of interest in crypto, mobile is a key element in understanding user behavior when trading crypto. Mobile metrics have a strong correlation to reported trading revenue for exchange apps. 

Correlation Coefficient of >.9 Exists Between Apptopia Downloads Estimates and COIN’s Retail Trading Volume.

As ETFs come out and regulation comes down, mobile becomes a key element in understanding user behavior when trading crypto.

Questions on the underlying data included in this analysis?