Coinbase Global reported a 42% quarter-over-quarter decline in trading revenue in the fourth quarter, driven primarily by a 35% drop in average daily Bitcoin trading volume. The company attributed this weakness to Bitcoin’s slide from recent highs, which led retail trading volume to fall to $80 billion for the quarter versus $135 billion in the prior period. As a result, overall transaction revenues dipped to $1.1 billion, down from $1.9 billion in Q3.

To offset the trading downturn, Coinbase highlighted a 28% year-over-year increase in stablecoin transaction revenue, which reached $120 million in the latest quarter. Management pointed to growing adoption of its USDC staking program, noting more than $4.5 billion in USDC customer balances earning protocol rewards. On the decentralized finance front, Coinbase said activity in its DeFi gateway surpassed $500 million in total volume, reflecting partnerships with three major liquidity protocols launched during the quarter.

Director Frederick Ernest Ehrsam III sold 1,375 shares on January 15 for proceeds of $344,121, marking his third block sale this month and ninth since early November. Meanwhile, CFO Alesia Haas disposed of 8,050 shares in mid-January for roughly $2.0 million. These Form 4 filings follow Ehrsam’s November sale of 277,074 shares for $85.9 million and raise fresh questions about insider confidence even as the board reiterates long-term strategic commitments.