Crypto Winter Highlights Crypto Exchange Struggles

Key Takeaways:

• Per Sensor Tower estimates, installs of the crypto exchange app cohort* were down a collective 79% YoY in Nov’22

  • Within the cohort, FTX (unsurprising) and Crypto.com saw the sharpest declines in installs, each down more than 90% YoY in Nov’22

  • The weakness in new installs exhibited in November has largely carried over into Dec’22 with installs down a collective 77% YoY through the first 18 days of the month

• User growth has also plummeted on these apps with DAUs for the cohort down a collective 41% YoY in Nov’22. Through the first 18 days of December, DAUs for the cohort were down 44% YoY

• Per Pathmatics Advertiser data, US ad spend in Nov’22 by crypto exchanges fell 87% YoY. Through the first 18 days of December, US ad spend by crypto exchanges was down 79% YoY

• Per Sensor Tower Consumer Intelligence, the worldwide daily average time spent per user on Crypto.com fell 53% YoY for Nov' 22; Binance (-10%), Robinhood (-23%), and Coinbase (-45%) also saw double digit YoY declines.

• Sensor Tower data is showing fewer “Power Users” (defined users opening the app every day in a given month) for the Crypto Cohort. The percentage of total users qualifying as “Power Users” has declined by 50%+ YoY across Binance, Robinhood, Coinbase, and Crypto.com

• Per Sensor Tower Churn Analysis, all of the studied crypto platforms saw user churn tick upwards this year with MoM churn on Binance (the largest crypto exchange by trading volume) up 10pps YoY in Nov’22 vs 8pps for Coinbase and 4pps each for Robinhood and Crypto.com in the same time period

For more information, request the full report from reports@sensortower.com.