Coinbase Web and App Metrics Trended Down with Crypto Market in Q2

Coinbase is struggling along with the rest of the cryptocurrency market to maintain its business despite the drop in the value of Bitcoin and other cryptocurrencies, which have dampened investor enthusiasm. As Coinbase prepares to report earnings on August 9, we see more bad signs for the company in its web and mobile app metrics.

Key takeaways

• Visits to the new accounts signup page on coinbase.com have trended lower since mid-2021, and declined 48% year over year in June, according to Similarweb estimates. The company seems to have realized little value from a pricey Super Bowl ad designed to drive signups.
• Overall traffic to coinbase.com was down 45.7% in June.
• Coinbase built its business on a convenient mobile app for buying and trading crypto, but the percentage of Similarweb’s panel of U.S. Android users who use the Coinbase app dropped to 1.58% in June, compared with 3.28% in November 2021 when crypto was in a comparative boom. Time spent using the app is also down.
• On a worldwide basis, usage of Coinbase’s Android app dropped 22.9% year over year, as measured by daily active users, according to Similarweb estimates.

New account signups in a slump

Visits to Coinbase’s new accounts signup peaked at nearly 3 million in May 2021, just after the company’s IPO. But despite spending reportedly about $14 million on a Super Bowl ad intended to drive signups, the company hasn’t been able to rekindle that kind of excitement amidst a slumping market. The signup page attracted less than 500,000 visits in June.

Traffic trending lower with the market

Overall traffic to coinbase.com was down 45.7% in June. Many other large competitors such as Binance also saw declines, although up-and-coming competitors saw gains including bybit.com (+160%), ftx.com (+122.7%), and whitebit.com (+244.7%).

Mobile app usage down

The percentage of Similarweb’s panel of U.S. Android users who use the Coinbase app dropped to 1.58% in June, compared with 3.28% in November 2021 when crypto was in a comparative boom. These users grant permission to monitor their app usage.

The app users Coinbase does have are also spending less time on it. In January 2021, Coinbase users averaged nearly 7 minutes per day on the app, whereas in June 2022 that was down to 4.6 minutes.

When will COIN flip positive?

Coinbase is suffering through a down market and uncertainty about the crypto market as a whole, on top of the market’s usual volatility. If the revolutionary potential of cryptocurrency and blockchain finance is all its boosters say it is, and Coinbase can just HODL (hold on for dear life), its luck may change. But Coinbase should probably plan on making some of its own luck, too, and so far it doesn’t seem to be – or we can’t see it in the traffic and engagement numbers yet.

The Similarweb Communications & Insights team is available to pull additional or updated data on request for the news media (journalists are invited to write to press@similarweb.com). When citing our data, please reference Similarweb as the source and link back to the most relevant blog post or similarweb.com/blog/insights/.

Methodology

Disclaimer: All data, reports and other materials provided or made available by Similarweb are based on data obtained from third parties, including estimations and extrapolations based on such data. Similarweb shall not be responsible for the accuracy of the materials and shall have no liability for any decision by any third party based in whole or in part on the materials.

by David F. Carr

David covers social media, digital advertising, and generative AI. With a background in web trends since the 1990s, he’s also the author of "Social Collaboration for Dummies".