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Even with gains through midday Tuesday of better than 4%, to nearly $222, shares in the cryptocurrency exchange Coinbase<\/a> are down about 13% since June 12, when they closed around $255. Over that same span, Bitcoin prices have dropped about 9% to about $62,000.<\/p>\n The equally weighted S&P 500\u2014the version of the index that makes no distinction between the market cap of the companies<\/a>\u2014has grown a modest 0.27% this month, but nonetheless it highlights how the exchange is underperforming compared to the wider market.<\/p>\n But it\u2019s also important to note that Coinbase is still in the midst of major comeback. The crypto market has rallied massively since the end of last year, and Coinbase, the world\u2019s second-largest<\/a> exchange, has enjoyed something of a renaissance thanks to soaring transaction revenue. Despite the recent dip in share price, Coinbase stock has skyrocketed year to date alongside Bitcoin\u2014it\u2019s up better than 40%, with the original cryptocurrency making similar gains<\/a>.<\/p>\n When Coinbase stock slumps it\u2019s often a reflection of digital assets writ large given how much of the company\u2019s revenue comes from trading fees. In the first quarter of the year, transactions made up 67% of revenue<\/a>. On Monday, trading volume<\/a> was $788.3 million, whereas on March 4 it was almost $3.2 billion.<\/p>\n \u201cVolume has pulled back quite a bit, and the price has come back from the peak in the first quarter somewhat. So [Coinbase] is going to get lower profitability in the second quarter,\u201d Paul Gulberg, a senior equity analyst at\u00a0Bloomberg\u00a0Intelligence, told Fortune<\/em>.<\/p>\n Over the last 30 days, Bitcoin, Ether, and Solana are down about 11%, 9%, and 18%, respectively, and each has failed to gain momentum since mid-March. A key reason is the lagging performance of the 11 spot Bitcoin exchange-traded funds, which the SEC approved in January. Since then, the price of the underlying asset, Bitcoin, has ebbed and flowed with the large sums moving in and out of the products. The latest string of net outflows from the ETFs began on June 10, and they\u2019ve continued every day, except for one, totaling around $1.3 billion, according to CoinGlass data<\/a>. It\u2019s the longest stretch of outflows since the products debuted.<\/p>\n Not only do the outflows affect Coinbase because of their ties to Bitcoin, the company is the custodian for eight of the 11 ETFs<\/a>, for which it receives a 0.2% fee. Outflows means they\u2019re holding less Bitcoin, ergo generating less revenue.<\/p>\n\n\u2018A lot of noise and activity\u2019<\/h2>\n