Coinbase (NASDAQ: COIN) lost around half of its trading volume year-to-date (YTD), as an effect of the extended crypto winter, and regulatory pressure exerted over the largest cryptocurrency exchanges. Trading volume accrued for the most part of COIN’s total revenue in 2023 Q2.
Notably, Coinbase registered $76 billion in spot trading volume in 2023 Q3, a drop of 47% from the $144 billion registered in both the last quarter of 2022 and the first quarter of 2023, according to data by CCData, reported by Bloomberg on October 11.
This current spot trading volume marks a 12-quarter low for Coinbase, considering the $87 billion estimated in 2020 Q4, a few months before COIN’s listing on Nasdaq.
Moreover, the downtrend in Coinbase’s operational volume follows the stock market perception of value for holding COIN shares. With subsequent worse results in each new quarter since 2021, Q4’s top at $459 billion, during the euphoric cryptocurrencies’ bull market.
COIN stock analysis
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