Woofun AI reports that William Blair has reduced its 2026 revenue estimate for Coinbase by 12% and its 2027 estimate by 13%, while cutting adjusted EBITDA projections for both years by 34%. The firm retains its "Outperform" rating, expecting total trading volume to fall approximately 44% to $669 billion this year before rising over 32% in 2027. William Blair anticipates earnings will bottom in the second half of 2026 and recover in 2027.

Coinbase and Circle shares increased by 3% to 4% on Wednesday. Coinbase has declined nearly 30% year-to-date, while Bitcoin has dropped about 26% over the same period; Circle has declined about 20% since January. Technical analyst John Bollinger identified a "W" double-bottom pattern on Bitcoin's daily chart, which could signal a trend reversal if confirmed. Glassnode data shows the long-term holder capitulation indicator has receded from its cycle peak reached two weeks ago.