Crypto lost its footing in late 2025. Retail and institutional investors trimmed positions, Bitcoin (BTCUSD) and Ethereum (ETHUSD) exchange-traded funds (ETFs) saw outflows in December, and capital rushed instead into equities, which logged record inflows. But the tone has started to change. JPMorgan (JPM) points to easing selling pressure, with ETF flows and futures positioning showing early signs of bottoming out as 2026 begins. Layer in a crypto-friendly administration — still early in its term — and the policy backdrop looks increasingly supportive.
That shift frames the Coinbase (COIN) story. Shares are still about 45% below their July peak, reflecting the broader fourth-quarter pullback. Yet beneath the surface, the company has been moving faster, not slower. Coinbase runs one of the world’s largest crypto platforms, and COIN stock naturally swings with market sentiment. Still, Coinbase's ambitions are widening. At a Dec. 17 product event, the firm laid out plans to add stock and ETF trading and launch prediction markets, nudging closer to its goal of becoming an “everything exchange.”
