Analyst: The sluggish market has led to a sharp decline in CEX trading volume, and the bear market process may have already completed 25% According to BlockBeats, on February 2nd, Bloomberg reported that since plummeting from historical highs in October last year, the price of Bitcoin has fallen by over 35%. But for trading platforms such as Coinbase Global Inc., Gemini Space Station Inc., and Bullish, the blow is even heavier. The trading volume, which is the core engine of its business, is rapidly shrinking, dragging down the stock price by 40% to 55% in the past three months, forcing analysts to significantly lower their expectations. The majority of revenue for most cryptocurrency trading platforms comes from transaction fees. When trading activities dry up, revenue declines accordingly. Clear Street analyst Owen Lau estimates that Coinbase's trading volume in the fourth quarter may decrease by 40% year-on-year to $264 billion. He pointed out that the trend of trading activity in January has further declined, resulting in an annualized trading volume of less than half of the same period last year so far this quarter. Peter Christiansen, head of digital asset stock research at Citigroup, said that when prices rise, more people participate in trading out of fear of missing out on opportunities. But if encountering headwinds, it is difficult to establish momentum. Recently, cryptocurrency stocks have also been affected by investors withdrawing from risky assets in the broader stock market, due to concerns about the impact of rising costs of artificial intelligence, increased geopolitical uncertainty, and widespread capital rotation from the technology sector. Bitcoin fell nearly 11% in January, marking the fourth consecutive month of decline and setting a record for the longest consecutive drop since 2018 (during the crash period after the initial token issuance boom in 2017). Analysts suggest that Gemini's profit schedule may be forced to be postponed due to the sluggish cryptocurrency market. John Todaro, an analyst at Needham&Co., pointed out that although the company was originally expected to approach breakeven in 2027, it is now likely to be postponed until around 2028. Bullish's trading volume in January may decrease by about 28% year-on-year. Kaiko research analyst Laurens Fraussen said, "In my opinion, we may have already completed about 25% of the current cycle stage. We have been going through about three months since the peak, so I estimate it will take another six to nine months to see a significant recovery