Crypto Exchanges Buckle as Stock Losses Mount Amid Exodus (1)

Crypto’s latest downturn looks different on the surface. There are no spectacular scandals, no bankrupt exchange, no regulatory crackdown. Yet for the industry’s biggest trading platforms, the damage is starting to look uncomfortably familiar.

Bitcoin is down more than 35% since an October crash from record highs. But for exchanges like Coinbase Global Inc., Gemini Space Station Inc. and Bullish, the hit has been far steeper. Trading volumes — the core engine of their business — are plunging, dragging share prices down 40% to almost 60% over the past three months and forcing analysts to slash expectations. Coinbase, ...