為什麼儘管比特幣和以太幣上漲，Coinbase 股價卻暴跌

儘管截至週二中午，該加密貨幣交易所的股價仍上漲超過 4%，達到近 222 美元

Coinbase shares rose in premarket trading Tuesday, tracking gains in the price of cryptocurrencies and the broader market.

Coinbase 股價週二在盤前交易中上漲，追隨加密貨幣價格和大盤的上漲。

The cryptocurrency exchange stock price was up 4.1% in premarket trading, having closed up 0.4% on Monday. Coinbase shares are down about 80% this year to $214.07.

該加密貨幣交易所股價在盤前交易中上漲 4.1%，週一收盤上漲 0.4%。 Coinbase 股價今年下跌約 80% 至 214.07 美元。

Coinbase shares tend to follow the performance of digital assets given the large portion of the company's revenue that comes from trading fees. In the first quarter of the year, transactions made up 67% of revenue. On Monday, trading volume was $788.3 million, compared with almost $3.2 billion on March 4.

鑑於該公司大部分收入來自交易費用，Coinbase 的股價往往會跟隨數位資產的表現。今年第一季度，交易額佔營收的67%。週一交易量為 7.883 億美元，而 3 月 4 日交易量近 32 億美元。

"Volume has pulled back quite a bit, and the price has come back from the peak in the first quarter somewhat. So [Coinbase] is going to get lower profitability in the second quarter," Paul Gulberg, a senior equity analyst at Bloomberg Intelligence, told Fortune.

彭博資訊(Bloomberg Intelligence) 高級股票分析師保羅·古爾伯格(Paul Gulberg) 表示：「成交量已經大幅回落，價格也從第一季的峰值有所回升。因此，Coinbase 在第二季度的獲利能力將會下降。

Over the past 30 days, Bitcoin, Ether, and Solana are down about 11%, 9%, and 18%, respectively, and each has failed to gain momentum since mid-March. A key reason is the lagging performance of the 11 spot Bitcoin exchange-traded funds, which the SEC approved in January.

過去 30 天，比特幣、以太幣和 Solana 分別下跌約 11%、9% 和 18%，且自 3 月中旬以來都未能獲得上漲勢頭。一個關鍵原因是 1 月 SEC 批准的 11 隻現貨比特幣交易所交易基金表現落後。

Since then, the price of the underlying asset, Bitcoin, has ebbed and flowed with large sums moving in and out of these products. The latest string of net outflows from the ETFs began on June 10, and they've continued every day, except for one, totaling around $1.3 billion, according to CoinGlass data. It's the longest stretch of outflows since the products debuted.

從那時起，基礎資產比特幣的價格隨著大量資金進出這些產品而起伏。根據 CoinGlass 的數據，最新一波 ETF 淨流出從 6 月 10 日開始，除一筆外，每天都在持續，總計約 13 億美元。這是自該產品推出以來最長的資金外流。

Not only do the outflows affect Coinbase because of their ties to Bitcoin, the company is the custodian for eight of the 11 ETFs, for which it receives a 0.2% fee. Outflows mean they're holding less Bitcoin, ergo generating less revenue.

由於 Coinbase 與比特幣的聯繫，資金外流不僅影響了 Coinbase，而且該公司還是 11 檔 ETF 中的 8 隻 ETF 的託管人，並收取 0.2% 的費用。資金外流意味著他們持有的比特幣減少，因此產生的收入減少。

Coinbase also holds over $207 million worth of Bitcoin, making it the public company with the sixth-largest exposure. Shares of MicroStrategy, the company that holds the most Bitcoin, are down about 8% since June 12.

Coinbase 還持有價值超過 2.07 億美元的比特幣，使其成為擁有第六大風險敞口的上市公司。持有比特幣最多的公司 MicroStrategy 的股價自 6 月 12 日以來下跌了約 8%。

However, Gulberg thinks that the bigger factor in Coinbase's recent stock drop is "sentiment," with so many of the firm's shares held by retail traders.

然而，古爾伯格認為，Coinbase 最近股價下跌的更大因素是“市場情緒”，因為該公司的大部分股票都由散戶持有。

"When you get a lot of noise and activity in the digital asset space, people rush into Bitcoin and Coinbase. And vice versa: When the sentiment dies and slows down, people rush out of Coinbase," he said.

「當數位資產領域出現大量噪音和活動時，人們就會湧入比特幣和 Coinbase。反之亦然：當情緒消退並放緩時，人們就會湧出 Coinbase，」他說。

This story was originally featured on Fortune.com

這個故事最初發表在 Fortune.com 上