Wall Street analysts have downgraded Coinbase and other crypto names as trading volumes and token prices slide to levels not seen since the end of 2023. Barclays cut Coinbase’s rating, forecasting materially lower profitability, while Oppenheimer trimmed volume and revenue estimates but remained comparatively more optimistic.
Crypto prices moved lower in the first quarter, with Bitcoin down about 22% and Ethereum down roughly 29%. Barclays notes that Coinbase’s March trading volume was the lowest monthly level since September 2024, and April showed no signs of improvement; first-quarter volumes were estimated to be down about 30% from the prior quarter.
Analysts caution that absent a near-term rebound in spot trading, Coinbase’s profitability could come under further pressure. Oppenheimer lowered Coinbase’s quarterly volume estimate to about $211 billion and revenue to about $1.48 billion, while noting that current forecasts do not fully reflect the volume decline. With earnings season approaching, firms are trimming expectations rather than being surprised by weak results, and Coinbase is set to report Q2 results on May 7.
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