Coinbase, Circle and Robinhood Fall 40–56% From Highs

Coinbase, Circle and Robinhood shares are trading 40% to 56% below their highs, even as the S&P 500 holds near record levels, according to BeInCrypto. The divergence illustrates what research commentary publisher The Kobeissi Letter describes as a stealth bear market, with substantial losses beneath a resilient headline index.

Figures cited in the report put Coinbase 56% below its peak, Circle down 44% and Robinhood down 40%. These are declines from their respective highs, rather than losses in a single trading session, an important distinction when assessing the scale and timing of the selloff.

The weakness extends beyond crypto-linked businesses. BeInCrypto reported that Kobeissi identified 20 technology stocks in bear-market territory, suggesting the three companies belong to a wider group struggling despite the benchmark’s strength. That contrast makes the index alone an incomplete guide to conditions across individual shares.

Market concentration helps explain the disconnect. According to Kobeissi figures cited in the coverage, 10 stocks accounted for 70% of the S&P 500’s gains since March 30. When a small group supplies most of an advance, the benchmark can remain strong without signaling a similarly broad recovery among its constituents.

Bitcoin has meanwhile repeatedly slipped below $80,000, leaving the digital-asset market without a sustained move above that threshold, BeInCrypto reported. Its difficulty holding the level adds another point of weakness alongside the equity declines, although the parallel moves do not establish a single cause for all three companies’ losses.

The businesses also have different financial exposures. Circle issues USD Coin and earns most of its revenue from interest on reserves, according to the report. Its earnings drivers therefore differ from those of a trading platform, making it important to distinguish a shared crypto-market backdrop from the factors affecting each company individually.

Robinhood’s results underline the difference between business activity and profitability. The coverage reported record third-quarter revenue of $1.4 billion alongside a 16% year-over-year decline in diluted earnings per share. That combination shows why a revenue milestone, by itself, does not provide a complete picture of financial performance.

Coinbase’s next earnings release offers a more immediate test of operating conditions. BeInCrypto said the company was scheduled to report third-quarter results after Thursday’s market close, with analysts anticipating a loss. The release will provide company-level evidence against which to assess the stock’s substantial retreat from its high.

The outlook remains conditional rather than settled. BeInCrypto reported that Kobeissi sees scope for a sharp rally if energy and interest-rate pressures ease, while emphasizing the importance of broader participation. Whether gains spread beyond the small group supporting the index will help determine if headline market resilience begins to reflect a wider recovery.