Various external forces were already weighing heavily on Coinbase ' s performance before the FTX bombshell exploded. Its third quarter Shareholder letter dated 3 November (just as FTX ' s issues were coming to light) cited " macroeconomic factors", a move away from US-enabled exchanges by crypto traders, and an increase in ' hodl ' ing (holding on for dear life) behaviour as headwinds against its performance. Coinbase ' s revenues fell 53.4% year-over-year and EBITDA slipped from $618m in profit to losses of $116m.