Crypto trading has cooled in early 2026, and Wall Street analysts are racing to adjust their forecasts before companies report first-quarter earnings.

New research from Barclays and Oppenheimer shows multiple analysts are reaching similar conclusions, a few weeks into the second quarter. Expectations are coming down across the sector as trading volumes weaken and earlier projections look too optimistic.

Barclays took the most direct step, downgrading Coinbase (COIN) and warning that “global crypto trading activity has declined to a level not seen since the end of 2023.” The bank added that “absent a resurgence in near-term crypto trading activity, we see profitability under pressure at Coinbase.”

The slowdown is visible in the…