Coinbase Trading Volume Likely Lowest Since Before Going Public

In yet another example of how swiftly investor interest in crypto has dried up, Coinbase Global Inc.’s spot trading volume likely plummeted by more than half during the recently completed third quarter.

The largest US digital-asset platform registered about $76 billion in spot trading volume, a drop of 52% from the year-ago period, according to data compiled by researcher CCData. The tally is also likely the least since before the company’s much ballyhooed direct listing on the Nasdaq Stock Market in April 2021, or just months before prices of cryptocurrencies peaked.

Trading volume is a key metric for ...