Bitcoin News Today: Coinbase App Ranking Jumps 65% as Bitcoin Hits New High

Coinbase has surged to the 137th position in the U.S. Apple App Store, marking a significant leap from its previous ranking of 386 last month. This upward trajectory in app store rankings has historically been indicative of heightened retail investor interest during bull markets. The 65% increase in Coinbase’s app ranking aligns with Bitcoin’s recent 10% rally, which propelled the cryptocurrency to a new all-time high of $122,884 before settling at $118,294 at the time of reporting.

During previous market peaks, Coinbase typically secured a position within the top 175 apps. Conversely, rankings below 500 were more common during prolonged market downturns. The current surge in Coinbase’s ranking has sparked debate over whether retail investors are genuinely returning to the market. Crypto analyst Tony Edwards noted a significant increase in his YouTube traffic, suggesting that retail interest is on the rise. Similarly, Lab4Crypto on X expressed that the retail crowd is slowly returning, cautioning that those who miss this opportunity may regret it later.

However, not all analysts share this optimistic view. Bitwise’s head of research, André Dragosch, argued that retail interest remains subdued despite Bitcoin’s price movements. He pointed to the lack of Google search activity around “Bitcoin” as evidence of muted interest. Trader Elisa echoed this sentiment, observing that search trends for “crypto” are far from their 2021 highs.

There is also growing skepticism about the reliability of traditional indicators such as app downloads or Google Trends in gauging retail interest. The introduction of spot crypto ETFs, which allow investors to gain exposure to cryptocurrencies without setting up wallets or exchanges, may be altering the usual patterns. Since their U.S. launch in January 2024, spot Bitcoin ETFs have attracted over $53 billion in investments, while Ether ETFs, which began trading in July, have brought in around $6 billion.

On-chain activity provides a different perspective. Bitfinex analysts reported that smaller holders, defined as wallets containing 1 to 100 BTC, have been accumulating Bitcoin at a rate of approximately 19,300 BTC per month. This accumulation rate exceeds the post-halving supply rate of 13,400 BTC, indicating that these buyers are price-agnostic and continue to acquire coins regardless of short-term market fluctuations.