Shares of Coinbase, Gemini, and Bullish have fallen by approximately 40% to 55% over the past three months.

PANews reported on February 2nd, citing Bloomberg, that major cryptocurrency exchanges including Coinbase, Gemini, and Bullish are facing pressure from a sharp decline in trading volume. Their share prices have fallen by 40% to 55% over the past three months. The root of this pressure lies in the fact that most exchanges' core revenue is highly dependent on transaction fees. When trading activity shrinks, their profitability declines rapidly. Since its all-time high last October, Bitcoin's price has fallen by more than 35%. This decline has been accompanied by widespread market turmoil, with investors withdrawing from broader equity risk assets.