彭博社：Coinbase、Gemini 与 Bullish 股价过去 3 个月下跌约 40%–55%

Core Insights - The trading volume of cryptocurrency exchanges has sharply declined, putting pressure on core revenues, with stocks of Coinbase, Gemini, and Bullish dropping approximately 40% to 55% over the past three months [1] - Analysts have revised down their earnings expectations for these companies, indicating a challenging market environment [1] Company Summaries - Coinbase's Q4 trading volume is expected to decline by about 40% year-over-year to approximately $264 billion, with further weakness anticipated in January [1] - Gemini's profitability window has been pushed back from 2027 to 2028, reflecting ongoing operational challenges [1] - Bullish has experienced a year-over-year trading volume decline of approximately 28% in January [1]