lion net loss versus a $66 million profit a year ago. Trading fees took the biggest hit: transaction revenue slid about 40% to $756 million, and even subscription and services revenue fell to $584 million, suggesting caution is spreading beyond pure trading. Reuters also noted crypto prices have been moving more like stocks lately, which can reduce “hedge” demand – buying something because it tends to behave differently when other markets wobble.

Why should I care?

For markets: Exchanges need participation, not just higher prices.

Coinbase’s results highlight a basic vulnerability: when fewer people trade, fee-driven revenue shrinks fast, even if the company is trying to diversify. The softer backdrop also looks industry-wide…