Goldman Sachs: Crypto Downturn Means Coinbase Is Toast. (Narrator: It Wasn't.)

Goldman Sachs took a walk on the crypto bear thesis in early 2026, convinced that weak trading volumes at the start of the year meant Coinbase was permanently damaged goods. They slapped an 'Underweight' rating on the stock, betting that the fundamental deterioration would be obvious to everyone else. Problem: they mistook a temporary seasonal lull for an industry death spiral. By May, crypto trading volume had rebounded sharply, Bitcoin was running, and options flow looked spicy. COIN rallied past their price targets. The decline they were so sure about? It's become the 'buy the dip' moment traders have been talking about for weeks. Turns out, analyzing crypto volume without understanding market cycles is a losing game.