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
👉👉👉Reminder to sign up for the Weekly Recap only, if daily emails is too much. Find me on twitter, for more fun. 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):
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.
