Rising investor concerns over market volatility and a broader market slowdown have significantly impacted cryptocurrencies in Q1, leading to double-digit drops in trading volumes and crypto wallet downloads. But despite these challenges, the U.S. market hit a new milestone.
According to data presented by CryptoPresales.com, for the first time in the history of the U.S. crypto market, the top five wallets all hit over one million downloads in Q1.
Newer Wallets See a Surge in Downloads While Binance’s Dominance Fades
After a fantastic 2024, crypto wallet downloads took a downturn in early 2025. Regulatory challenges, global macroeconomic concerns, and ongoing global trade tensions have shaken the crypto space, causing crypto wallet downloads to reach their lowest level in six months.
However, in the United States, the world’s largest crypto market, one other trend emerged. While giants Binance and Coinbase have always led the market in downloads, their dominance dropped in Q1, with newer players gaining ground. According to Statista, CoinGecko, and AppMagic data, the top five crypto wallets in the United States, Coinbase, Binance, Kraken, OKX, and Trust, hit a combined 6.5 million downloads in Q1, or 9% less compared to the same quarter last year. But despite this decline, all five major wallets hit over one million downloads for the first time.
Statistics show Binance downloads plunged by a massive 55% year-over-year to 1.1 million in Q1 2025. While not that dramatic, Trust has also seen a significant decline, with its quarterly downloads falling by 11% to around 1.1 million. At the same time, Kraken and OKX surged in popularity in the United States. Kraken’s crypto wallet was downloaded a whopping 1.2 million times during the three months, or twice more than in the same quarter last year, while OKX jumped 30% to 1.07 million. The market veteran, Coinbase, remained stable, marking 1.8 million downloads and holding its leading position in the U.S. market.
Top 5 Crypto Wallets Hit 73 Million Cumulative Downloads in Five Years
With all five major crypto wallets reaching over one million downloads in Q1, their combined five-year total hit an impressive 73 million. Coinbase alone made more than one-third of this figure, with 20.7 million downloads over the past five years, while Trust followed closely with 19.3 million.
Binance is around 20% behind these figures, with around 16.3 million U.S. crypto users downloading the app in the same period. Despite their recent surge in popularity, newer entrants Kraken and OKX are still far behind these figures, with 7.6 million and 9.2 million downloads in five years, respectively.
The full story and statistics can be found here.
