It's becoming clear that investor apathy in this year's crypto market is starting to hurt Coinbase , according to Mizuho analysts. The crypto exchange's trading volume historically has been influenced by moves in the price of bitcoin . But that trend has been falling apart since the beginning of the year, Mizuho managing director Dan Dolev said in a note Tuesday, calling it a "stark" and "likely unprecedented" bifurcation.
" "With retail accounting for 95% of trading revenue, we worry that the YTD rise in COIN's stock is unsustainable," he added. "We expect a reality check to follow." Mizuho maintains its underperform rating and $27 price target on Coinbase shares. Dolev also said the spike in daily volumes that followed Grayscale's big win against the U.S. Securities and Exchange Commission on Aug.