Summary by Futu AI
Coinbase reported strong financial results for Q3 2024, with total revenue increasing 79% year-over-year to $1.2 billion and net income reaching $75.5 million. Transaction revenue grew 98% to $572.5 million, while subscription and services revenue rose 66% to $556.1 million, driven by higher stablecoin revenue and blockchain rewards. Monthly Transacting Users increased 16% to 7.8 million.The company continued to diversify revenue streams and drive crypto utility through new products including derivatives, international expansion, custody services and deeper USDC integration. Trading Volume surged 143% to $185 billion, reflecting increased market share in the U.S. and improved crypto market sentiment. Operating expenses increased 37% to $1.04 billion as the company invested in growth initiatives.Looking ahead, Coinbase remains focused on driving revenue growth across market environments while advancing regulatory clarity. The board authorized a new $1 billion share repurchase program, demonstrating confidence in the company's financial position. Management expects Q4 technology/development and general/administrative expenses to remain stable, while sales/marketing costs may increase due to higher USDC rewards and brand spending.
Today, after hitting the high near 24,000 in the early session and entering bearish positions, the index fell sharply by nearly over 600 points, immediately recouping yesterday's losses significantly.
Moreover, today it broke the new high again, reaching a maximum of 24,076, but by the end of the market, it fell back by about 70 points, producing a bearish candle. The current trend has not yet been broken, but from the previous low until now, it has risen close to 6,000 points. It is believed that those with positions can continue to hold until there is a clear trend reversal for profit-taking. Those without positions can wait for a pullback to get in. Actually, it is hoped for a quick pullback, as it allows for entry and also provides a healthy breath.
Currently, the outlook remains the same as before. It is believed that even if there is a pullback, it shouldn't be too deep. However, if Futures fail to stabilize and close below 22,350, there may still be room for decline. The chance of Futures falling below 21,400 in the short term should be low, so it is considered that if a significant pullback occurs, it presents a good opportunity to incrementally go long. Recently, there has been a consistent approach to not hold positions overnight, only focusing on immediate trades, as there is no high chasing and no casual short selling.
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