"Volumes continued to soften through the quarter and we shake out quite a bit below the Street, largely on weaker retail transaction revenues," Barclays analyst Benjamin Buddish wrote in a note. He has an equal weight rating on the stock and raised its price target to $175 from $169 while cutting the EPS estimate to $1.05 from $1.62 in the third quarter.
The third-quarter slowdown in trading volume is not just Coinbase-specific but an industry-wide phenomenon. Data shows that roughly $3.3 trillion was traded on all crypto exchanges, compared to $3.92 trillion in the second quarter.
Analysts expect a further slowdown in spot trading volume for Coinbase (COIN) in the third quarter, partly triggered by a lack of catalysts for crypto and an uncertain regulatory environment heading into the presidential election.
Additionally, the data indicates that Crypto.com has been the most popular trading venue for investors in the North American region since July when it first overtook Coinbase as the exchange with the highest trading volume.
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