Besides @brian_armstrong selling off his shares 🤣, here are 5 things to watch regarding Coinbase: 1️⃣ Progress of the Clarity Act: If it progresses smoothly, the legal path for stablecoins (USDC) will be clearer, the risk of SEC litigation will decrease, institutional funds will be more willing to enter the market, and valuations may converge with traditional brokerages. If it continues to stall, compliance uncertainty will remain, and the market will naturally discount it. 2️⃣ Revenue Structure: Focus on whether subscription and service revenue (custodian fees, USDC interest sharing, membership fees, etc.) accounts for more than half. 3️⃣ Cost Control: Cash burn rate and operating expenses. 4️⃣ Has the Custody Fee Rate Been Swept Away?: See if the average custody fee rate has declined and whether institutional assets have been lost. Another detail: In the past four years, Coin's Q4 earnings reports have generally seen more declines than gains. Even when BTC is high, if the performance or guidance falls short of expectations, the stock price still suffers 🤣