Crypto companies spent years promising that trading was just the beginning. Their latest quarterly results suggest the beginning is still most of the story.

Coinbase Global (COIN), Robinhood Markets (HOOD) and Circle Internet Group (CRCL) all reported earnings in recent days, and each showed the same pattern: newer business lines are growing, but not fast enough to offset a downturn in crypto trading and the profit pressure that comes with it. Shares of all three fell sharply over the past five trading days, with Circle leading the decline at 11%.

The results landed as crypto prices slid following Tuesday’s midterm elections, deepening a slowdown that was already weighing on the industry.

Coinbase’s third-quarter transaction revenue…