Coinbase said it captured a record 10.3% share of global crypto trading volume during the quarter, its third consecutive quarterly gain. Analysts at Benchmark, Oppenheimer, Clear Street and Cantor all highlighted the figure as evidence that trading activity is consolidating onto larger regulated exchanges during periods of market stress.

Several also pointed to derivatives, where Coinbase reported flat trading volumes despite management saying the broader derivatives market declined by double digits.

Diversification shows progress, but isn’t enough

Analysts viewed Coinbase’s push beyond spot trading as encouraging, even though the newer businesses remain too small to offset weakness in core trading revenue.

The company is trying to…