为什么尽管比特币和以太币上涨，Coinbase 股价却暴跌

尽管截至周二中午，该加密货币交易所的股价仍上涨超过 4%，达到近 222 美元

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

Coinbase 股价周二在盘前交易中上涨，追随加密货币价格和大盘的上涨。

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.

该加密货币交易所股价在盘前交易中上涨 4.1%，周一收盘上涨 0.4%。 Coinbase 股价今年下跌约 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.

鉴于该公司大部分收入来自交易费用，Coinbase 的股价往往会跟随数字资产的表现。今年第一季度，交易额占收入的67%。周一交易量为 7.883 亿美元，而 3 月 4 日交易量近 32 亿美元。

"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.

彭博资讯 (Bloomberg Intelligence) 高级股票分析师保罗·古尔伯格 (Paul Gulberg) 表示：“成交量已经大幅回落，价格也从第一季度的峰值有所回升。因此，Coinbase 在第二季度的盈利能力将下降。” ，告诉《财富》杂志。

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.

过去 30 天，比特币、以太币和 Solana 分别下跌约 11%、9% 和 18%，且自 3 月中旬以来均未能获得上涨势头。一个关键原因是 1 月份 SEC 批准的 11 只现货比特币交易所交易基金表现滞后。

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.

从那时起，基础资产比特币的价格随着大量资金进出这些产品而起伏不定。根据 CoinGlass 的数据，最新一波 ETF 净流出从 6 月 10 日开始，除一笔外，每天都在持续，总计约 13 亿美元。这是自该产品推出以来最长的一次资金外流。

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.

由于 Coinbase 与比特币的联系，资金外流不仅影响了 Coinbase，而且该公司还是 11 只 ETF 中的 8 只 ETF 的托管人，并收取 0.2% 的费用。资金外流意味着他们持有的比特币减少，因此产生的收入减少。

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 还持有价值超过 2.07 亿美元的比特币，使其成为拥有第六大风险敞口的上市公司。持有比特币最多的公司 MicroStrategy 的股价自 6 月 12 日以来下跌了约 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，古尔伯格认为，Coinbase 最近股价下跌的更大因素是“市场情绪”，因为该公司的大部分股票都由散户持有。

"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.

“当数字资产领域出现大量噪音和活动时，人们就会涌入比特币和 Coinbase。反之亦然：当情绪消退并放缓时，人们就会涌出 Coinbase，”他说。

This story was originally featured on Fortune.com

这个故事最初发表在 Fortune.com 上