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Coinbase's Market Share Tumbles to Less Than 3%: Mizuho
The decline likely places Coinbase outside of the top 10 crypto exchanges, based on average dollar volume.
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Coinbase Global (COIN) continues to lose market share to its global rivals and is at risk of greater losses amid the crypto bear market, Mizuho equity research analyst Dan Dolev said in a note to clients.
Dolev estimates Coinbase's average trading volume at roughly $1.2 billion in July, down from nearly $7 billion in November 2021. The company's market share of global trading volume dropped to just 2.9% in July, said Dolev, versus an average of 5.3% in the first quarter of 2022 and a peak of 8-9% in November 2021.
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According to Dolev, Coinbase ranked 14th in average trading volume by dollars in July, down from fourth last November.
Binance continues to be the world's largest exchange by volume, posting an average of nearly $11 billion in trading in July, down from $32.9 billion in November 2021.
"This trend is problematic for COIN," said Dolev, as growing exchange competition will require Coinbase to continue raising marketing spend and is likely to weigh on its fee rates. "All this, coupled with subdued volume trends, is likely to weigh on profitability moving forward, in our view."
Dolev continues to rate the shares at neutral and trims his price target to $42 from $45. COIN is up modestly in Thursday action at $53.96.
Goldman Sachs downgraded its recommendation on Coinbase to a sell in late June, saying the exchange will need to make substantial reductions to its cost base to “stem the resulting cash burn” as retail trading activity slows down.
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
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- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Stablecoins moved $35 trillion last year but only 1% of it was for 'real world' payments
While stablecoins settled around $35 trillion last year, only around 1% of that represented genuine payments like remittances and payroll, a new report found.
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- Stablecoins processed more than $35 trillion in transactions last year, but only about 1% of that reflected real-world payments, a report by McKinsey and Artemis Analytics found.
- The study estimated that roughly $390 billion in genuine stablecoin payments, such as vendor payments, payrolls, remittances and capital markets settlements.
- Despite rapid growth and increasing interest from traditional payment firms like Visa and Stripe, true stablecoin payments still account for just a tiny fraction of the more than $2 quadrillion global payments market, the report said.
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