Though Coinbase’s trading volumes have continued to drop, analysts said the crypto exchange’s third quarter results signal its other business segments could carry the company in future quarters.

The low volatility and broader “macro backdrop” contributed to Coinbase’s spot market trading volumes declining 24% quarter over quarter, the company said in its Thursday shareholder letter. Total transaction revenue was $289 million, down 12% from the prior three-month period — a fate analysts had expected.

Its adjusted EBITDA — earnings before interest, taxes, depreciation and amortization — was $181 million. That figure was down slightly from $194 million in the prior…

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