Crypto trading volumes have dropped by 30% in the first quarter of 2026, prompting analysts to revise forecasts downward amid profitability concerns. Barclays downgraded Coinbase, citing a decline in global crypto trading activity to levels not seen since 2023. The bank highlighted that Coinbase's March trading volume was the lowest since September 2024, with no improvement in April. Oppenheimer also adjusted its forecasts, noting softer crypto prices and lower trading activity due to economic uncertainty. The firm cut its Coinbase volume estimate to $211 billion for the quarter, down from $244 billion. Despite efforts to diversify revenue streams, the core business of crypto trading is slowing, with analysts preemptively lowering estimates ahead of earnings reports.