Coinbase, Circle underperform Big Tech as crypto stock slump deepens
Crypto-related stocks are underperforming both tech and the broader market. Coinbase and Circle are down 69% and 72% from their highs, worse than major tech names that have fallen 48%–57%, while the S&P 500 is only 3.5% off its peak. The slump is tied to broader risk-off sentiment in tech, weak crypto markets, and uncertainty over US crypto regulation. Bitcoin has dropped below $60,000, more than 54% below its October peak, and Ether has fallen to around $1,500, about 69% below last year’s high. Coinbase also posted weak first-quarter results, missing earnings and revenue expectations. Separately, 21Shares cut its 2026 outlook, saying institutional adoption is improving in stablecoins, tokenization, and prediction markets, but Bitcoin’s four-year cycle still appears to be driving prices.
