In a remarkable turn of events, the latest data reveals that Bitcoin and cryptocurrency exchange Coinbase is outperforming Nasdaq in terms of revenue for 2024. The figures uploaded to X by Jamie Coutts, chief crypto analyst at investment firm Real Vision, show that 12-month exchange revenue is nearing $6 billion.
Wild Data: Crypto Trading Explosion in Q4
The crypto market’s transformation in Q4 has led to a new era of competition between the sector and Wall Street for supremacy. Coinbase stands out from the crowd, with its exchange revenue currently ranked fifth in the world at $5.75 billion over the past 12 months. This is not only surpassing Nasdaq but also CBOE, as confirmed by the data.
This Is Wild
According to Coutts, "This is wild." The data demonstrates that crypto is eating away at TradFi’s (Traditional Finance) market share. Crypto markets are growing at an exponential rate, with Coinbase generating 11% of global exchange revenue – more than double that of the combined decentralized exchange (DEX) sector.
Comparison with Traditional Finance
CEX and DEXs are growing between 2.5 to 4 times faster than TradFi. Coutts summarized: "Crypto is eating TradFi’s lunch." Going forward, 2025 should bring stiff competition from the traditional finance sector, while DeFi protocols may end up beating the returns of major cryptocurrencies such as Bitcoin and Ether.
Regulatory Neglect and Punishment
Coutts concluded that the crypto sector has been beaten down by regulatory neglect and punishment but is primed for a re-rating higher. "Obviously, the comparisons aren’t perfectly like-for-like (ie Fees = Revenues)," Coutts noted. However, the point remains clear: this sector has immense potential.
Coinbase Stock on the Rise
Coinbase stock has doubled over the past three months, making it one of the few assets to top Bitcoin’s gains. Data from Cointelegraph Markets Pro and TradingView shows that Coinbase is a standout performer in the crypto market.
US Bitcoin ETFs Outperform Gold
In related news, US Bitcoin ETFs have seen net inflows of more than $600 million on Dec. 16. This is a significant development, as institutional interest in BTC continues to grow. The data from Farside Investors confirms that daily net inflows have been positive since Nov. 27.
US Spot Bitcoin ETF Netflows
Vetle Lunde, head of research at crypto analytics firm K33 Research, reported that the US ETFs had flipped the country’s gold equivalents in terms of assets under management as of Dec. 16. This is a remarkable achievement and highlights the growing interest in BTC.
Important Note: Investing and Trading Involves Risk
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. It is essential to be aware of the risks involved before investing or trading in cryptocurrencies.
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