# Barclays: Global crypto trading activity has declined to a level not seen since the.

*business · news · 2026-04-11 · CoinDesk*

## Key points

- Barclays downgraded Coinbase, citing crypto trading activity at its lowest since late 2023.
- Coinbase's March trading volume was the lowest since September 2024, with April showing no improvement.
- Oppenheimer cut its Coinbase volume estimate for Q1 2026 to $211 billion, down from $244 billion.
- Stablecoin market cap and USDC transfer volume rose modestly, but regulatory uncertainty persists.
- Barclays doubts Coinbase's diversification strategy will offset declining trading revenue in the near term.

**Companies:** Coinbase, Oppenheimer, Barclays, Circle, Bullish
**Countries:** United States

[Read the full story on CoinDesk](https://www.coindesk.com/markets/2026/04/11/the-crypto-honeymoon-is-over-for-now-as-analysts-warn-of-a-major-first-quarter-profit-squeeze)

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