Due to the cooling of the crypto market, Coinbase's Q4 revenue dropped 20% to $1.8 billion, with a net loss of $667 million. Although consumer trading revenue fell by 13%, institutional business and derivatives performed strongly, and subscription service revenue hit a record high of $2.8 billion, with USDC becoming a key growth driver. Analysts are divided on whether this is a 'cyclical adjustment' or a 'crypto winter.' The financial report pointed out that the losses mainly stemmed from impairment charges on unrealized losses in crypto holdings and investments. In contrast to the weaker single-quarter financial performance, Coinbase continues to emphasize the narrative of 'scale and diversification' for its 2025 operational targets.