Coinbase 在未能公布收益后下跌了 5 个多小时。看多者仍认为 2030 年将达到 3000 亿美元
Burns Brief
美国最大的交易所 Coinbase 结束了艰难的第一季度，对投资者信心进行了新的考验，此前该加密货币交易所的报告又未能达到华尔街的预期，市场情绪正在转为积极，交易员和分析师指出未来几个交易日可能出现后续势头。观察 BTC 的反应——高于或低于关键水平的决定性走势将确认下一个趋势。
Coinbase , the largest US-based exchange , ended a difficult first quarter with a fresh test of investor confidence after the crypto exchange missed Wall Street estimates by reporting another quarterly loss, and later suffered a service disruption tied to an Amazon Web Services (AWS) outage . The sequence gave investors a sharp reminder of the company’s two competing narratives. Coinbase remains heavily exposed to crypto trading cycles, which weakened in the first three months of the year as Bitcoin and other digital assets retreated from recent highs. At the same time, the company is asking the market to value it less as a simple token exchange and more as the infrastructure layer for stablecoins, derivatives, prediction markets, and artificial intelligence-driven payments. Trading slowdown hits first-quarter results Coinbase reported revenue of $1.41 billion for the quarter ended March 31, below Wall Street expectations of about $1.52 billion. The company posted a loss of $1.49 per share, compared with expectations for a profit, as weaker trading activity weighed on its largest revenue stream. The company reported a net loss of $394.1 million, marking its second consecutive quarterly loss after a $667 million loss in the fourth quarter of 2025. A year earlier, Coinbase had posted a profit of $65.6 million. The weakness was clearest in transaction revenue, which remains closely tied to customer trading activity. Coinbase generated $755.8 million in transaction revenue, below analyst estimates of about $805 million. Consumer transaction revenue fell 23% from the previous quarter to $567 million, driven by a 35% decline in consumer spot trading volume. Institutional transaction revenue declined 27% to $136 million, while other transaction revenue fell 17% to $53 million. The pullback can be linked to a weaker quarter for crypto markets. Data from CoinGlass showed Bitcoin finished the first quarter down over 20%, reducing the kind of speculative activity that typicall
Key Takeaways
- The sequence gave investors a sharp reminder of the company’s two competing narratives
- Coinbase remains heavily exposed to crypto trading cycles, which weakened in the first three months of the year as Bitcoin and other digital assets retreated from recent highs
- Trading slowdown hits first-quarter results Coinbase reported revenue of $1
- 41 billion for the quarter ended March 31, below Wall Street expectations of about $1
- 49 per share, compared with expectations for a profit, as weaker trading activity weighed on its largest revenue stream