At least one analyst is urging investors to overlook quarterly trading fluctuations and focus on the larger industry trends. “Some of the near-term themes have similarities to HOOD [Robinhood] as trading engagement slowed in the quarter from a record first half, deflating some of the first-half enthusiasm,” JMP Securities’ Devin Ryan told clients in an early October research note. “This near-term focus misses the bigger story around the ongoing rapid evolution of the crypto economy, growing use cases for crypto, and Coinbase’s value proposition,” Ryan added.

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