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Over the past eight quarters, total quarterly trading volume has grown from $28 billion, to the current "depressed" level of $217 billion.

Adjusted Q2 EBITDA of negative $151 million provides a better picture of business health than the headline net loss figure which includes $377 million in non-cash crypto impairments.

Coinbase has a net cash position near $2.5 billion, over $6 billion in near money assets and no debt principial due until 2026.

Though no single altcoin represents more than 10% of volume or transaction revenues, combined these assets accounted for 47% of revenues in Q2.

There is no real indication of a policy pivot by the Fed. Outside of modest reversal in energy prices, last week's September CPI showed entrenched price growth worsening.