“Shares of crypto exchange Coinbase dropped 4.8% during the afternoon session,” analysts comment on the decline of the blockchain platform’s stock, triggered by a general negative trend in the digital asset market, where Bitcoin fell below the key $60,000 level. Moreover, experts believe that the pressure on quotes intensified due to record monthly outflows from spot crypto ETFs, which reached an impressive $4.06 billion in June.

As market researchers state — “This can be tracked by falling trading volumes and reduced retail investor participation against the background of the fear and greed index moving into the extreme fear zone.” But they also specified that this does not mean a long-term change in the fundamental business metrics, since Coinbase shares are historically highly volatile, and the current decline occurred after a recent market rebound when Bitcoin temporarily returned to the $63,000 level.