Contradicting the growing global Bitcoin adoption rate, physical ATMs dedicated to fiat-to-crypto conversions are declining. In March alone, 3,627 cryptocurrency ATMs were removed from the network, reducing the total number of ATMs to 33,727.

In the decade since the first Bitcoin ATM was launched on October 29, 2013, the net change in monthly cryptocurrency machines installed and removed has mostly remained positive — meaning the total number of crypto ATMs worldwide has been growing steadily. However, according to data from Coin ATM Radar, the trend is reversing.

Net crypto ATM installations fell for four months between September 2022 and March 2023. However, 3,627 crypto ATMs failed last month, making March 2023 the month with the largest monthly drop.

The above chart, which shows the number of Bitcoin machines installed over time, reveals a sudden drop in the total number of crypto ATMs. Considering that the highest number of ATMs installed in a single month was 2,048 in January 2021, the significance of this decrease seems huge.

April broke a three-month downward trend, with 37 crypto ATM installations recorded on April 1. The current market leaders in manufacturing crypto ATMs are General Bytes, BitAccess, and Genesis Coin.