<p>The share price of companies operating in the crypto market has fallen sharply amid the <a href="https://www.theblockcrypto.com/linked/105317/bearish-crypto-market-bitcoin-ether">wider rout</a> in coins like bitcoin and ether. </p> <p>Coinbase—the poster child for retail crypto trading—is trading down more than 9% at $215 a share. That's a decline of more than 34% since its listing debut in mid-April. </p> <p><img class="alignnone wp-image-105345 size-full" src="https://www.tbstat.com/wp/uploads/2021/05/image-1.png" alt="" width="2508" height="2226" /></p> <p>Elsewhere, MicroStrategy—which has <a href="https://www.theblockcrypto.com/linked/105203/microstrategy-adds-another-10-million-in-bitcoin-to-its-holdings">purchased tens of thousands of bitcoin</a> on its balance sheet and is viewed by some as a proxy for a bitcoin ETF—is trading down 11.85% at $429 a share. </p> <p>Galaxy Digital, which has surged since the beginning of the year, is down 14.65%. Its CEO, billionaire Mike Novogratz, said on CNBC that the market was showing signs of "capitulation."</p> <p>It's not clear exactly what's behind the market turmoil, but several traders have told The Block that derivatives traders offshore were positioned to heavily short gamma—meaning sell to hedge—at the $40,000 price level, exacerbating the market sell-off.</p> <p>In a note to counter-parties, Genesis Global Trading attributed the decline to "forced liquidations/leveraged close outs."</p>