Bitcoin’s Big Rally Hasn’t Drawn People Back. It’s a Bad Sign for Coinbase Stock.

Trading volume on crypto exchanges which include Coinbase Global and Binance hit a 31-month low in May despite a rally in the price of Bitcoin and other tokens. Coinbase (ticker: COIN) had $26.9 billion in volume in the spot market in May, according to data from The Block, while overall crypto exchanges had $439.5 billion in volume. In the spot market, crypto is delivered immediately, though some exchanges also do robust business in crypto derivatives.