Coinbase's volumes indicate a tough road ahead in going public

Coinbase is having a tough year with monthly volume being only 6% of what it was a year ago. The revenue, which is still almost exclusively driven by trading commissions, could drop by up-to 56% year-over-year if the market conditions remain the same.

Monthly traded volume on cryptocurrency exchanges is down more than 80% from an all-time high in December 2017, according to The Block’s analysis. In a sector driven almost entirely by commissions, the sharp drop in trading volume reflects directly on revenues.