盡管截至本周二午盤,加密貨幣交易所Coinbase的股價漲幅超過4%,至近222美元,但自6月12日收盤于255美元左右以來,該公司股價仍下跌了約13%。在同一時期,比特幣價格下跌了約9%,至約6.2萬美元。
等權重指數標準普爾500指數(不區分公司市值的指數)本月小幅上漲了0.27%,盡管如此,這還是凸顯了Coinbase的表現落后于大盤。
然而,同樣重要的是要注意到,Coinbase仍處于東山再起階段。自去年年底以來,加密貨幣市場大幅反彈,由于交易收入飆升,全球第二大交易所Coinbase實現了某種程度的復興。盡管近期股價有所下跌,但今年以來Coinbase的股價與比特幣一起飆升,漲幅超過40%,原始的加密貨幣也取得了類似的漲幅。
當Coinbase股價下跌時,考慮到該公司很大一部分收入來自交易費,它往往反映了數字資產的大幅縮水。今年第一季度,交易占營收的67%。周一的交易量為7.883億美元,而3月4日的交易量接近32億美元。
彭博行業研究(Bloomberg Intelligence)的高級股票分析師保羅·古爾伯格(Paul Gulberg)告訴《財富》雜志:"交易量回落了不少,價格也從第一季度的峰值有所回落。因此,[Coinbase]在第二季度的盈利能力將會下降,"。
‘大量噪音和活動’
在過去的30天里,比特幣、以太幣和Solana分別下跌了約11%、9%和18%,自3月中旬以來,它們都未能獲得增長勢頭。一大關鍵原因是,美國證券交易委員會(SEC)1月批準的11只現貨比特幣交易所交易基金表現不佳。自那以來,比特幣這一基礎資產的價格一直在起起落落,大筆資金在這些產品中進進出出。CoinGlass的數據顯示,交易所交易基金的最新一輪凈流出始于6月10日,每天都在持續,只有一天例外,總計約13億美元。這是自這些產品上市以來持續時間最長的一次資金外流。
資金外流不僅影響到Coinbase(由于該交易所與比特幣的關系),而且該公司還是11只現貨比特幣交易所交易基金中8只的托管人,并從中收取0.2%的費用。資金外流意味著該交易所持有的比特幣減少,因此產生的收入也會減少。
此外,Coinbase持有價值超過2.07億美元的比特幣,是持有比特幣第六多的上市公司。自6月12日以來,持有比特幣最多的公司MicroStrategy的股價下跌了約8%。
然而,古爾伯格認為,Coinbase近期股價下跌的更大因素是“情緒”,原因是該公司的許多股票都由散戶交易者持有:“當數字資產領域出現大量噪音和活動時,人們就會涌入比特幣和Coinbase。反之亦然:當情緒消退、活動減緩時,人們就紛紛離開Coinbase。”(財富中文網)
譯者:中慧言-王芳
盡管截至本周二午盤,加密貨幣交易所Coinbase的股價漲幅超過4%,至近222美元,但自6月12日收盤于255美元左右以來,該公司股價仍下跌了約13%。在同一時期,比特幣價格下跌了約9%,至約6.2萬美元。
等權重指數標準普爾500指數(不區分公司市值的指數)本月小幅上漲了0.27%,盡管如此,這還是凸顯了Coinbase的表現落后于大盤。
然而,同樣重要的是要注意到,Coinbase仍處于東山再起階段。自去年年底以來,加密貨幣市場大幅反彈,由于交易收入飆升,全球第二大交易所Coinbase實現了某種程度的復興。盡管近期股價有所下跌,但今年以來Coinbase的股價與比特幣一起飆升,漲幅超過40%,原始的加密貨幣也取得了類似的漲幅。
當Coinbase股價下跌時,考慮到該公司很大一部分收入來自交易費,它往往反映了數字資產的大幅縮水。今年第一季度,交易占營收的67%。周一的交易量為7.883億美元,而3月4日的交易量接近32億美元。
彭博行業研究(Bloomberg Intelligence)的高級股票分析師保羅·古爾伯格(Paul Gulberg)告訴《財富》雜志:"交易量回落了不少,價格也從第一季度的峰值有所回落。因此,[Coinbase]在第二季度的盈利能力將會下降,"。
‘大量噪音和活動’
在過去的30天里,比特幣、以太幣和Solana分別下跌了約11%、9%和18%,自3月中旬以來,它們都未能獲得增長勢頭。一大關鍵原因是,美國證券交易委員會(SEC)1月批準的11只現貨比特幣交易所交易基金表現不佳。自那以來,比特幣這一基礎資產的價格一直在起起落落,大筆資金在這些產品中進進出出。CoinGlass的數據顯示,交易所交易基金的最新一輪凈流出始于6月10日,每天都在持續,只有一天例外,總計約13億美元。這是自這些產品上市以來持續時間最長的一次資金外流。
資金外流不僅影響到Coinbase(由于該交易所與比特幣的關系),而且該公司還是11只現貨比特幣交易所交易基金中8只的托管人,并從中收取0.2%的費用。資金外流意味著該交易所持有的比特幣減少,因此產生的收入也會減少。
此外,Coinbase持有價值超過2.07億美元的比特幣,是持有比特幣第六多的上市公司。自6月12日以來,持有比特幣最多的公司MicroStrategy的股價下跌了約8%。
然而,古爾伯格認為,Coinbase近期股價下跌的更大因素是“情緒”,原因是該公司的許多股票都由散戶交易者持有:“當數字資產領域出現大量噪音和活動時,人們就會涌入比特幣和Coinbase。反之亦然:當情緒消退、活動減緩時,人們就紛紛離開Coinbase。”(財富中文網)
譯者:中慧言-王芳
Even with gains through midday Tuesday of better than 4%, to nearly $222, shares in the cryptocurrency exchange Coinbase are down about 13% since June 12, when they closed around $255. Over that same span, Bitcoin prices have dropped about 9% to approximately $62,000.
The equally weighted S&P 500—the version of the index that makes no distinction between the market cap of companies—has grown a modest 0.27% this month, but nonetheless it highlights how the exchange is underperforming compared with the wider market.
Yet it’s also important to note that Coinbase is still in the midst of a major comeback. The crypto market has rallied massively since the end of last year, and Coinbase, the world’s second-largest exchange, has enjoyed something of a renaissance thanks to soaring transaction revenue. Despite the recent dip in share price, Coinbase stock has skyrocketed year to date alongside Bitcoin—it’s up better than 40%, with the original cryptocurrency making similar gains.
When Coinbase stock slumps it’s often a reflection of digital assets writ large given how much of the company’s revenue comes from trading fees. In the first quarter of the year, transactions made up 67% of revenue. On Monday, trading volume was $788.3 million, whereas on March 4 it was almost $3.2 billion.
“Volume has pulled back quite a bit, and the price has come back from the peak in the first quarter somewhat. So [Coinbase] is going to get lower profitability in the second quarter,” Paul Gulberg, a senior equity analyst at Bloomberg Intelligence, told Fortune.
‘A lot of noise and activity’
Over the past 30 days, Bitcoin, Ether, and Solana are down about 11%, 9%, and 18%, respectively, and each has failed to gain momentum since mid-March. A key reason is the lagging performance of the 11 spot Bitcoin exchange-traded funds, which the SEC approved in January. Since then, the price of the underlying asset, Bitcoin, has ebbed and flowed with large sums moving in and out of these products. The latest string of net outflows from the ETFs began on June 10, and they’ve continued every day, except for one, totaling around $1.3 billion, according to CoinGlass data. It’s the longest stretch of outflows since the products debuted.
Not only do the outflows affect Coinbase because of their ties to Bitcoin, the company is the custodian for eight of the 11 ETFs, for which it receives a 0.2% fee. Outflows mean they’re holding less Bitcoin, ergo generating less revenue.
Additionally, Coinbase holds over $207 million worth of Bitcoin, making it the public company with the sixth-largest exposure. Shares of MicroStrategy, the company that holds the most Bitcoin, are down about 8% since June 12.
However, Gulberg thinks that the bigger factor in Coinbase’s recent stock drop is “sentiment,” with so many of the firm’s shares held by retail traders: “When you get a lot of noise and activity in the digital asset space, people rush into Bitcoin and Coinbase. And vice versa: When the sentiment dies and slows down, people rush out of Coinbase.”