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Is the crypto winter coming for Coinbase stock?

Is the crypto winter coming for Coinbase stock?

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 cryptocurrenciesbull market.

COIN stock analysis

During the second quarter, Coinbase reported that earnings from trading fees made up 54% of its overall revenue, which makes the volume metric a crucial performance indicator for COIN, heavily impacting its stock’s price action.

Meanwhile, COIN is trading at $77.35 per share by press time, with 5-year losses of over 77% of its value since Nasdaq’s April 2021 listing at $342 per share.

COIN 5-year price chart.
COIN 5-year price chart. Source: TradingView

Despite a 130% gain this year from COIN’s all-time low in early 2023, Coinbase has a challenging scenario moving forward, and recent trading volume data could have even deeper impacts on the US-based crypto exchange’s health.

During these challenging times, Coinbase has looked into revenue alternatives, such as shorting the crypto market as part of a hedging strategy and launching its own layer-2 blockchain for the Ethereum Network, Base.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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