By comparison, Ethereum accounted for 10.39% of first transactions and 10.82% of second transactions, while stablecoins dropped from 15.29% to 11.83%. This means Bitcoin alone accounted for nearly twice the share of second transactions as Ethereum and stablecoins combined, which represented 22.65%.
The consistency is particularly notable given the volatility cryptocurrency markets experienced during the three-year period. Rather than returning buyers moving away from Bitcoin after their initial purchase, the asset maintained virtually the same share, increasing by 0.46 percentage points between first and second transactions.
Bitcoin remains the dominant choice among returning buyers
Paybis found that Bitcoin and Ethereum together represented 52.6% of first transactions and 53.5% of second transactions, suggesting that returning buyers remained concentrated in the two largest cryptocurrencies rather than substantially diversifying into other assets. Bitcoin, however, accounted for the overwhelming majority of that share.
The data also covered 795,141 users who returned to Paybis after their first purchase. Around 70%, or 557,727 users, completed between two and five transactions in total.
Another 171,977, or roughly 22%, completed between six and 20 transactions, while 65,437 users, just over 8%, went on to complete more than 20.
Konstantins Vasilenko, co-founder and chief business development officer (CBDO) of Paybis, told Finbold that the findings challenge the way crypto adoption is sometimes measured.
“Bitcoin is the asset people keep buying. Stablecoins usually do a payment or transfer job in a single transaction. The user has no reason to return. Repeat purchase is a poor measure for them.”
Indeed, Paybis’ data shows a markedly different pattern among stablecoins. Their combined share fell from 15.29% of first transactions to 11.83% of second transactions. Tether ($USDT) accounted for most of the decline, falling from 11.26% to 7.23%, a drop of 4.03 percentage points.
$USDT on Tron bucked the trend, rising from 3.06% to 3.65%, while USD Coin ($USDC) slipped from 0.83% to 0.63%.
Stablecoin data tells a different adoption story
The decline does not necessarily suggest weakening stablecoin usage.
Paybis noted that repeat purchases are a limited way of measuring stablecoin activity because users frequently buy the assets for a specific payment or transfer. Once that transaction has been completed, there may be little reason to return and make another purchase.
That distinction is particularly relevant given the scale of stablecoin activity on the platform. Paybis processed $1.2 billion in $USDT volume and $583 million in $USDC volume during the most recent 12-month period covered by the report.
Ethereum, meanwhile, showed almost no change between initial and repeat purchases. Its share edged up from 10.39% to 10.82%, an increase of only 0.43 percentage points.
Taken together, the figures suggest Bitcoin’s retail appeal extends beyond attracting first-time cryptocurrency buyers. Across three years of Paybis transactions, returning users continued choosing $BTC at virtually the same rate, even as market conditions changed significantly.
The stronger takeaway is therefore not that 42% of Bitcoin buyers return, but that Bitcoin captures roughly 42% of both first and second purchases among the users in Paybis’ dataset, leaving $ETH and stablecoins far behind on the second transaction.
Featured image via Shutterstock
