Analysis of Coinbase's Q3'22 Earnings

Coinbase's trading volume declined (26.7%) QoQ and (51.4%) YoY on an aggregate basis from $217bn to $159bn. Retail fell (43.5%) QoQ and (72.0%) YoY. Institutional trading fell (22.2%) QoQ and (43.2%) YoY. Net transaction revenue also contracted (44.2%) QoQ and (66.4%) YoY. Retail trading revenue fell (43.8%) QoQ and (66.1%) YoY, while institutional transaction revenue fell (49.2%) QoQ and (70.8%) YoY. The above figures imply a ~1.331% retail fee and ~0.015% institutional fee on volume traded. 

That being said, assets on platform increased from $96bn to $101bn, a +5.2% QoQ and (60.4%) YoY change on an aggregate basis. Retail assets increased +8.5% QoQ and decreased (56.0%) YoY. Institutional assets increased +4.1% QoQ and decreased (63.3%) YoY.