Coinbase's Active Customers Drop 80% in Crypto Slump, Study Says

Buy and hodl—that’s been the mantra of cryptocurrency investors since a devotee first made the typo in a Bitcoin forum in 2013. But recently all that holding, plus diminished interest as cryptocurrency prices have crashed, has been bad news for exchanges.

Coinbase Inc., one of the world’s largest crypto exchanges, has taken an even bigger hit than the broader market, according to data collected by fintech-focused venture firm Tribe Capital. Tribe said it found the number of monthly U.S. customers buying and selling on the platform in September declined about 80 percent from December, when the price of Bitcoin reached its all-time high of nearly $20,000. Over that same period, Bitcoin fell about 60 percent. A representative for Coinbase declined to comment.