Coinbase Global released its second-quarter earnings report today amid diminishing profit expectations as cryptocurrency traders reduce their activity recently.

Coinbase earnings beat expectations, with revenue of $1.45 billion compared to expectations of $1.39 billion.

After the market closed on Thursday, Coinbase was expected to post earnings of 94 cents per share for the second quarter on revenue of $1.37 billion, according to analyst estimates compiled by FactSet.

Throughout the second quarter, prices of Bitcoin and other cryptocurrencies remained relatively stable, mostly ranging between $60,000 and $70,000. This stabilization differed from the rising prices observed in the first quarter and likely contributed to the decrease in trading activity.

Mizuho analyst Dan Dolev noted that average daily trading volumes on Coinbase decreased sequentially in each month of the second quarter, with total volume estimated to be down 30% compared to the first quarter.

*This is not investment advice.