Barclays Forecasts Dip in Crypto Trading Volumes

Barclays forecasts a more subdued year for the cryptocurrency market in 2026, anticipating a downturn in trading volumes and a decline in investor enthusiasm. The bank's analysis highlights a challenging environment for digital asset exchanges, citing unclear catalysts for renewed activity and a slow adoption rate for tokenized assets.

Retail-focused exchanges, which previously benefited from bull market surges, are now facing diminished trading interest. Barclays analysts observed a sharp cooling in spot market trading volumes, a critical revenue source for firms like Coinbase and Robinhood. Without significant market drivers, these volumes are expected to remain muted throughout 2026.

While regulatory developments, such as the pending CLARITY Act, could provide much-needed clarity on asset classification and regulatory oversight, their immediate impact on earnings is uncertain. Despite growth initiatives and acquisitions, Coinbase faces headwinds from shrinking spot volumes and rising operational costs, leading Barclays to revise its price target downwards.