Coinbase App Store Rank

This leg tracks the Coinbase app's rank in the US App Store Finance category. Climbing toward #1 means people are downloading a trading app en masse, about the clearest sign of retail mania there is, and it moves independently of price, so it backs up the other attention legs from a different angle.

Rank is converted into install volume, which follows a power law: the #1 app draws vastly more downloads than #30. So the leg reads off install volume on a log scale rather than a flat count, which spikes the reading at a top while a routine mid-list rank sits near the floor.

A high reading marks the retail-onboarding frenzy near tops, a low reading the quiet of a bottom. Coinbase was #1 in Finance at the 2017, 2021, and 2025 tops. It stays a fairly high Finance app even in bear markets, since the category is narrow, so the low bottom readings come from the install-volume scaling rather than the app disappearing.

The app surged to #1 at each cycle top and slid to the middle of the Finance list through the bear markets, an oscillator between mania and indifference.