A Bull Market Signal or Fragmented Sentiment?
The approval of spot Bitcoin ETFs in early 2024 marked a seismic shift in the crypto landscape, catalyzing a surge in institutional capital and reshaping retail participation dynamics. At the heart of this transformation lies Gemini, whose App Store performance and user growth metrics reveal a compelling narrative about the evolving onboarding landscape. With 825 million web visits in Q1 2025 and 47 million active users as of 2025, Gemini’s trajectory raises a critical question: Does its rise signal a new bull market phase, or does it reflect fragmented retail sentiment in a maturing crypto ecosystem?
The Post-ETF Onboarding Revolution
The approval of Bitcoin ETFs in 2024 acted as a bridge between traditional finance and crypto,…
