Flowing into Crypto

It's been a good few months for crypto, let us count the ways

• depositors to Coinbase surge (newbies and oldbies)

• inflows everywhere and $1.2B in revenue in just 30 days

• ding-dong the witch is dead, and everyone (but the witch) is a winner

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Flowing into crypto

Thursday is Coinbase COIN 0.00%↑ day, so I thought these charts were fun and appropriate.

Banking on Coinbase

Deposits on Coinbase exploded right around the election (and have stayed elevated):

Earnest

Deposits grew ~200% yoy in November, and were still up 60% yoy by January.

That ~200% jump is the biggest since the Spring, when crypto ETFs first began launching in earnest.

The other fun thing is that deposits were driven (in part) by a fairly massive jump in new customers (as opposed to existing customers simply depositing more):

The number of new customers making deposits on Coinbase exploded by 700% yoy in November (and was still very elevated by year end).

In the big scheme of things, new customers are still only ~3-4% of all deposits, and existing customers make much larger deposits, but that’s still a whole lot of fresh blood for crypto.¹

Crypto flows everywhere

Earnest’s data regarding Coinbase is mirrored by crypto inflows, more generally.