Coinbase reported an unexpected quarterly loss as retail and institutional trading activity slowed amid weaker crypto market volatility. The company posted lower transaction revenue, its core income source, while subscription and services revenue offered partial support. Executives cited reduced trading volumes and cautious investor sentiment as key factors. Despite the loss, Coinbase emphasized cost discipline and expansion of non-trading products, including staking and custody services. Shares reacted negatively in after-hours trading as investors assessed the impact of the trading slowdown on near-term growth prospects.