Coinbase's trading volume historically has been influenced by bitcoin price moves, but that trend has been falling apart since the beginning of the year.
It's becoming clear that investor apathy in this year's crypto market is starting to hurt Coinbase , according to Mizuho analysts. The crypto exchange's trading volume historically has been influenced by moves in the price of bitcoin . But that trend has been falling apart since the beginning of the year, Mizuho managing director Dan Dolev said in a note Tuesday, calling it a "stark" and "likely unprecedented" bifurcation.
" "With retail accounting for 95% of trading revenue, we worry that the YTD rise in COIN's stock is unsustainable," he added. "We expect a reality check to follow." Mizuho maintains its underperform rating and $27 price target on Coinbase shares. Dolev also said the spike in daily volumes that followed Grayscale's big win against the U.S. Securities and Exchange Commission on Aug.
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