Crypto’s Coinbase, Gemini and Bullish shares skid up to 55% as retail exodus deepens
Crypto industry’s Coinbase, Gemini, and Bullish are getting crushed. Their stocks have dropped as much as 55% over the last three months, while Bitcoin is down a little over 35% since its October peak. There’s no meltdown, no hacks, no lawsuits. Just silence. And that silence is hitting trading platforms the hardest.
These exchanges live and die by trading volume, and right now, that volume has dried up. No one’s trading. No one’s buying. No one’s selling. And when that happens, the fees stop rolling in. That’s their business model.
Coinbase’s Q4 trading activity likely dropped 40% from a year ago to $264 billion, said Owen Lau at Clear Street. He also said January numbers were even worse, as the platform is on track…
