Amid the ongoing crypto correction, led by Bitcoin (BTC), Coinbase Global Inc. (NASDAQ: COIN), the largest cryptocurrency exchange in the United States by registered users and daily average traded volume, has been forming a possible reversal pattern. Having risen to a local top around $272 last month, COIN shares have been trapped in a falling trend in the past two weeks.
According to the latest market data, COIN shares have slipped over 20 percent in the past two weeks to trade at about $218 on Friday during the pre-market session.
From a technical standpoint, COIN shares on the weekly time frame have formed a possible double top coupled with a bearish divergence on the Relative Strength Index (RSI). A further drop in the Bitcoin price could trigger a larger capitulation of COIN shares in the near term.
Coinbase Reports Mixed Q2 Earnings
On Thursday coinbase 
coinbase [email protected] Centralised Exchange 
Global reported its second-quarter earnings results. According to the report, the crypto exchange registered a total revenue of about $1.45 billion versus an estimate of $1.4 billion expected by analysts surveyed by FactSet.
However, the crypto exchange reported an adjusted EBITDA of about $596 million compared to $607.7 million estimates by Wall Street analysts.
Investors Worried?
Before Coinbase reported its quarterly results on Thursday, Cathie Wood’s Ark Investment offloaded 69,069 COIN shares, worth about $14.8 million.
Notably, the company sold COIN shares despite the ongoing adoption of digital assets by institutional investors. Furthermore, Coinbase has played a crucial role in the approval and listing of spot Ether and Bitcoin ETFs in the United States, especially through providing liquidity and custody.
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