Data: In March, Coinbase's spot trading volume was only $49.4 billion, a year-on-year decrease of 46%

ChainCatcher news, Coinbase will announce its first-quarter earnings after the market closes on Thursday. According to data from The Block, Coinbase's average daily spot trading volume continues to decline. In March, Coinbase's spot trading volume was only $49.4 billion, a 46% decrease from $91.8 billion in the same period last year.

TD Cowen analysts pointed out that the regulatory crackdown on crypto banks in the U.S. may have contributed to this situation.

Additionally, despite a decline in annual revenue, Coinbase's interest income from USDC in the last quarter was $146 million, more than a 100% increase from the previous quarter. This income helps boost the exchange's revenue for this quarter.

However, with the collapse of Silicon Valley Bank, the circulating supply of USDC has decreased, and the banking issues surrounding the stablecoin itself may affect Coinbase's future profits.

Mizuho has lowered its stock price target for Coinbase from $30 to $27 due to the sluggish trading volume and the sharp decline in USDC's market capitalization, which may pressure its trading and interest income. According to TradingView data, the current trading price of the exchange's stock is $49.13. (The Block)