[Coinbase, Gemini, and Bullish Stock Prices Drop 40%-55% Over 3 Months] According to Bloomberg, a sharp decline in trading volume at cryptocurrency exchanges has put pressure on core revenue, causing the stock prices of Coinbase, Gemini, and Bullish to drop by approximately 40%-55% over the past three months. Coinbase's Q4 trading volume may decline by about 40% year-over-year to approximately $264 billion, with trading volume weakening further in January; Gemini's profitability window may be delayed from 2027 to 2028; Bullish's January trading volume fell approximately 28% year-over-year.