Several Wall Street firms have lowered their Q1 earnings forecasts for crypto companies such as Coinbase.

CoinFeed reported on April 13th that, according to CoinDesk, Wall Street analysts are lowering their first-quarter earnings forecasts for crypto companies like Coinbase as crypto trading activity cools and token prices fall. Barclays downgraded Coinbase, noting that global crypto trading activity has fallen to its lowest level since the end of 2023, with March being Coinbase's lowest trading volume month since September 2024, and no signs of improvement in April. They expect first-quarter trading volume to decline by approximately 30% quarter-over-quarter. Oppenheimer also lowered its trading volume and revenue forecasts for Coinbase, reducing its quarterly trading volume estimate from $244 billion to $211 billion, and its total revenue forecast to $1.48 billion. Analysts pointed out that Bitcoin fell by over 22% and Ethereum by 29% in the first quarter.