Coinbase股票價格一直在努力將其脖子伸出高於200美元的價格水平

上週對於Coinbase股東來說，令人失望。這是因為股票價格一直在努力將其脖子伸出高於200美元的價格水平

Last week turned out rather disappointing for Coinbase stock (NASDAQ:COIN) shareholders. This is because the stock price has been struggling to stick its neck above the $200 price level, contrary to expectations. However, the reasons behind this outcome may potentially underscore some good times ahead.

上週，Coinbase Stock（NASDAQ：COIN）股東感到非常失望。這是因為與期望相反，股價一直在努力將其脖子貼在200美元的價格水平上。但是，這種結果背後的原因可能可能強調未來的一些美好時光。

Coinbase stock price has been tracking the crypto market closely for quite a while now. However, it appears to have lost that correlation since the last 5 days of April, during which it moved sideways and struggled to maintain bullish momentum.

Coinbase股票價格已經在很長一段時間以來一直在密切跟踪加密貨幣市場。但是，自4月最後5天以來，它似乎已經失去了這種相關性，在此期間，它側向移動並努力保持看漲的勢頭。

The Coinbase stock price did push as high as $214.13 during the last 24 hours. However, it later pulled back to $199.32 at the time of writing.

在過去的24小時內，Coinbase股票價格確實高達214.13美元。但是，後來在寫作時又回到了199.32美元。

Meanwhile, the crypto market experienced healthy demand and pushed higher in the first week of May. This underscores the aforementioned divergence which suggests that COIN value did not derive significant demand from the latest upside.

同時，加密貨幣市場經歷了健康的需求，並在5月的第一周提高了。這強調了上述差異，這表明硬幣價值並未從最新上升空間中得出重大需求。

Why Coinbase Share Price Has Been Moving Sideways

為什麼共同股價一直在側向上移動

COIN price action may have been influenced by multiple factors. One of the most prominent ones was the fact that it missed its Q1 earnings, hence dampening investor sentiment.

硬幣價格行動可能受到多種因素的影響。最傑出的事實之一是，它錯過了第一季度的收入，從而削弱了投資者的情緒。

In addition, trading revenue on the Coinbase was down by roughly 19% in the first quarter of 2025. This was largely due to the tariff war disruptions which led to a lot of liquidity being pulled out of coins and onto stablecoins.

此外，Coinbase上的交易收入在2025年第一季度下降了約19％。這在很大程度上是由於關稅戰爭中斷導致大量流動性被從硬幣中抽出並進入Stablecoins。

According to Coingecko, Coinbase trading volumes in Q1 declined by roughly 10.4% compared to the previous quarter. In addition, the exchange has been losing some ground as far as dominance is concerned.

根據Coingecko的數據，與上一季度相比，第1季度的Coinbase交易量下降了約10.4％。此外，就統治而言，該交流一直在失去一些基礎。

While the exchange’s underperformance may have contributed to weak investor sentiment, some analysts remained optimistic over the long term. This was mainly thanks to Coinbase’s recent Deribit acquisition.

儘管交易所的表現不佳可能導致了投資者的情緒疲軟，但一些分析師在長期內仍然保持樂觀。這主要歸功於Coinbase最近的Deribit收購。

The acquisition is expected to boost Coinbase’s exposure to the derivatives market. Derivit already controlled a substantial share of the crypto derivatives segment before the acquisition. For context, it clocked an average of over $1 billion in daily trading revenue in the last 24 hours at press time.

預計此次收購將增加Coinbase在衍生品市場上的接觸。衍生產品已經控制了收購之前的加密衍生物細分市場的大量份額。在上下文中，在過去24小時內，平均每日交易收入超過10億美元。

Consequently, the acquisition should increase Coinbase exposure to the derivatives market and offer a significant revenue boost. Analysts expect the acquisition to favor the share price in the long term.

因此，此次收購應增加共插態對衍生品市場的曝光率，並帶來可觀的收入。分析師預計，從長遠來看，收購將有利於股價。

Will the Acquisition Be Enough to Provide Dominance Boost?

收購足以提供優勢提升嗎？

Coinbase had a 6.9% marketshare in April, placing it in 6th position in the top 10 list. It is possible that the Derivit acquisition could potentially allow it to compete more effectively with other heavy hitters such as Binance.

Coinbase在4月的市場份額為6.9％，將其置於前十名中的第六名。衍生品的採集可能有可能使其與其他重型擊球手（例如binance）更有效地競爭。

Improvements in some other key areas could potentially boost its efforts. For example, the exchange had the lowest weekly visits out of the top 10 crypto exchanges in the spot segment.

其他一些關鍵領域的改善可能會促進其努力。例如，該交易所在現貨部分的前10名加密交易所中的每周訪問最低。

The exchange was also present on fewer markets compared to some of its top rivals which may have also held it back. These factors highlight just how much ground the Coinbase exchange had lost to some of its better performing rivals.

與其一些頂級競爭對手相比，這種交流也在較少的市場上也存在。這些因素強調了共插基交易所交易所損失了多少基礎，其表現更好的競爭對手。

Nevertheless, the market has already demonstrated significant recovery since April and appeared to be carrying the same momentum into May. These observations underscore the potential for improved investor confidence in Q2 compared to Q1.

然而，自4月以來，市場已經顯示出大量恢復，並且似乎在五月持有相同的勢頭。與第1季度相比，這些觀察結果強調了投資者對第二季度的信心的潛力。

Recovering demand and improving macro factors may push Coinbase performance in the right direction in the coming weeks. However, based on the recent massive acquisition, it was clear that the exchange was seeking redemption from the derivatives segment.

恢復需求和改善宏觀因素可能會在未來幾週內將共插基的性能朝著正確的方向推動。但是，根據最近的大規模收購，很明顯，交易所正在尋求從衍生品細分市場中贖回。