COIN is trading at $240.01 (-3.2%) following broader cryptocurrency market weakness, driven by significant declines in Bitcoin and Ethereum.
- Bitcoin has declined 2.89% over the last 24 hours, now trading around $86,976, with Ethereum (ETH) also down 2.33% since yesterday's close.
- The crypto selloff is the primary driver of today's decline, given Coinbase's revenue and stock performance are heavily correlated with Bitcoin price movements.
- Search data indicates Coinbase's Bitcoin premium turned negative, signaling reduced U.S. institutional demand despite active buying in Asian markets.