According to Milk Road, Coinbase ($COIN) disappointed Wall Street as Q1 2025 revenue fell about 13% from $2.3 billion in Q4 2024 to $2 billion, primarily due to a broad decline in crypto trading volume (source: Milk Road, May 9, 2025). Net income also dropped 95%, reflecting reduced transaction activity. These results signal waning retail and institutional crypto engagement, suggesting traders may see continued short-term pressure on crypto exchange stocks. The lower trading volume could impact liquidity and volatility across major cryptocurrencies, influencing both spot and derivatives markets.