A new study shows UK retail traders increased Bitcoin purchases in April after nationwide lockdowns caused a roughly 50% drop in activity during March.
Data from UK-based fintech Revolut reveals that users of its crypto trading app sharply reduced buying in mid-March, even as Bitcoin fell to new yearly lows.
The decline in Bitcoin purchases and overall trading activity among Revolut’s UK customers coincided with the British government’s lockdown measures implemented to slow the spread of COVID-19.
Crypto purchases dropped 58%
Revolut serves more than 10 million users across the UK and Europe. Of those customers, over 3 million use the app to buy and trade cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash, Ripple, and Litecoin.
As Europe entered lockdown, weekly crypto purchases by UK retail traders fell by 58%, a decline that equated to an average spend dropping from about £540 to £230 (roughly $663 to $280).
During the second half of March, users who regularly traded crypto also cut their trading activity by roughly 50%.
Crypto buying and selling surged in April
While March reflected the immediate effects of lockdown, April saw a marked recovery.
With Bitcoin prices recovering nearly 50% from lows near $3,800 to trade above $7,000, Revolut’s UK users began to regain confidence.
By April 20, average purchase activity rose to about 57% higher than during the March trough, and overall trading volumes rebounded by approximately 68%.
Although the average amount spent on crypto purchases had declined by 52% in March, traders increased their spending by about 63% the following month.
Overall, the study found that sell orders among app users rose by 38% between the final weeks of April and the first week of May, and the average sell order size grew by roughly 13% in the same period.
Bitcoin remains the most popular
Unsurprisingly, Bitcoin was the dominant cryptocurrency traded on the Revolut app between March and April, accounting for 51% of market trades.
Ripple made up about 20% of trades, ranking second, followed by Ethereum at 14%. Litecoin and Bitcoin Cash each represented approximately 8% of trades on the platform.
Revolut’s data also showed age-related differences in spending. Customers aged 55–64 spent an average of £345 (around $423) per trade—about three times the average trade size of £109 ($134) among 18–24-year-olds.
The company noted that during the lockdown period, UK customers on average engaged in nearly 30% more trading activity than Revolut’s European users.