Cryptocurrency exchanges Coinbase, Gemini, and Bullish have seen their stock prices fall by approximately 40% to 55% over the past three months as trading volumes decline, according to Bloomberg. Analysts have lowered their performance expectations amid this downturn. Coinbase's Q4 trading volume is projected to drop around 40% year-over-year to approximately $264 billion, with further weakening in January. Gemini's profitability timeline may be pushed from 2027 to 2028, while Bullish reported a 28% year-over-year decrease in January trading volume.