Crypto wallet downloads drop by over 48% YoY from Oct. ‘21 to Oct. ‘22. Still, there have been over 100 million crypto wallet downloads worldwide in 2022.

According to data from Statista, sourced by Fair Betting Sites, downloads for crypto wallets have dropped by 48 percent year-over-year and 20 percent over the last month.

The FTX collapse and free-falling price of cryptocurrencies are starting to spook retail investors.

Bitcoin dropped 77 percent from its trading peak in November of last year.

Solana, which was trading over $230 in December 2021, has crashed all the way to $11.02 in November 2022. Other cryptocurrencies, like LUNA and Dogecoin, have lost nearly all of their value during that time frame as well. In fact, LUNA dropped from a $20 billion market cap to a little over zero in just a couple of days.

As a result, the crypto market has been unable to attract new investors, as evidenced by the number of downloads for crypto apps, which have been on the decline for the past year.

Crypto wallets have been one of the easiest ways to get into the world of digital currency. The wallets have emerged as an easy way for buyers to store their cryptocurrency and other digital assets.

Crypto wallet downloads hit a high in May 2021 with 25,689,217 downloads. At the time, the price of Bitcoin was $57,792.17.

2021 set a new high for the most crypto wallet downloads ever. In 2020, the total number of crypto wallet downloads was 32.95 million, and by 2021, the yearly count was at 177.85 million resulting in 453.12% of growth in one year.

However, from October 2021 to October 2022, the number of crypto wallets has declined by 48%. There have been only 102.06 million crypto wallet downloads worldwide in 2022. While the crypto winter and the fall of FTX may have a huge part to play in this, wallet downloads have been almost cut in half compared to what they were the previous year.