Coinbase's Trading Volume Dives 24% to $2.08 Billion Ranking 36th as Crypto Regulation Pressures Investor Sentiment

On September 26, 2025, Coinbase Global (COIN) closed with a 1.92% gain, trading with a daily volume of $2.08 billion, marking a 24.34% decline from the previous day's activity. The volume ranked the cryptocurrency exchange operator 36th among all U.S. equities by trading activity, reflecting mixed investor sentiment amid evolving market dynamics.

Recent developments highlighted regulatory scrutiny as a key factor influencing the stock's performance. A U.S. Senate hearing on cryptocurrency regulations featured testimony from SEC officials emphasizing stricter oversight for crypto exchanges. While no direct penalties were announced, the session underscored potential compliance challenges for platforms like Coinbase, which operates in a rapidly shifting legal landscape.

Analysts noted that the stock's resilience could be attributed to its recent partnership with a major institutional custody provider. The agreement, announced earlier this month, expanded Coinbase's institutional services portfolio and signaled growing acceptance of crypto infrastructure among traditional financial players. However, the partnership's long-term impact on revenue remains untested.

To build an implementable back-test we need to pin down several practical details that aren't fully specified yet. Could you please confirm (or adjust) the following so I can set the data-gathering plan and run the test correctly? 1. Market universe: Should we use all U.S. listed common stocks (NYSE + NASDAQ + AMEX), or a narrower universe such as the Russell 3000 or S&P 1500 constituents? 2. Trading clock: Buy at today’s close and sell at tomorrow’s close (i.e., 1-day holding period measured close-to-close)? 3. Weighting scheme: Equal-weight all 500 positions each day (default), or weight by yesterday’s dollar volume / market-cap / something else? 4. Handling survivorship & corporate actions: It’s standard to use a survivorship-bias-free universe with prices adjusted for corporate actions (splits, dividends). OK to proceed this way? 5. Transaction costs: If you want to include explicit costs (commission + slippage) or a borrow fee, please specify. Otherwise we will assume zero costs. Once these points are confirmed I’ll generate the data-retrieval plan, pull the volume data, form the daily top-500 list and run the back-test from 2022-01-03 through today.