Coinbase’s Trading Volume Plunges 23% to Rank 29th in U.S. Equities

On September 19, 2025, , . The cryptocurrency exchange operator ranked 29th among U.S. equities by daily trading activity, reflecting mixed institutional and retail investor interest amid broader market uncertainty.

Recent developments highlighted regulatory scrutiny as a key overhang, with ongoing legal challenges to U.S. Securities and Exchange Commission (SEC) enforcement actions against crypto platforms. While no new litigation was announced, market participants remain cautious about potential capital restrictions. , though margin compression from lower trading volumes remains a near-term concern.

Technical indicators showed bearish momentum as COIN breached key support levels established in early 2025. Short-term traders reduced exposure ahead of the U.S. Federal Reserve’s policy decision cycle, . , suggesting diverging investor sentiment between crypto assets and traditional fintech equities.

To run this back-test rigorously we need to clear up a few practical details: 1. Universe • Should we restrict the universe to all U.S. common stocks (≈4,000 tickers) or another universe such as the S&P 1500 / Russell 3000? 2. Trade timing • Do we “form” the list at the close of Day t and enter at the next day’s open, exiting at that day’s close (i.e., a one-day holding period)? • Or do we enter and exit at the close (close-to-close)? 3. Transaction assumptions • Any estimate for commissions/slippage you’d like me to include? 4. Tool limitation notice The automated back-test engine exposed here is designed for single-ticker or single-event studies. A portfolio made up of 500 different tickers each day requires a custom multi-asset script. We can: a) Proceed with a high-level simulation (equal-weighted daily portfolio, no costs) using custom code and share the aggregate results; or b) Narrow the request (e.g., analyse how an ETF that tracks the most-traded stocks, such as the SPDR S&P 500 ETF – SPY – performs instead). Let me know which way you’d like to go and how you would like the above items specified, and I’ll set the back-test up accordingly.