Coinbase (COIN) reported worse than expected second-quarter results on Thursday, sending its shares down 7% in post-market trading.

The crypto exchange posted total revenue of $1.5 billion, up from $1.45 billion in the same quarter last year but slightly lower than FactSet estimates of $1.59 billion.

Adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) came in at $512 million, down from $596 million a year ago.

The results show Coinbase’s continued sensitivity to crypto market cycles. Even though bitcoin (BTC) and ether (ETH) rallied to new yearly highs during the second quarter, transaction volume fell from a quarter-to-quarter basis, Coinbase said in a press release. As a result, transaction revenue was $764 million, a 39% drop from the first quarter.

Coinbase’s report follows an upbeat performance from rival Robinhood (HOOD), which reported its own quarterly results on Wednesday. HOOD, which is up 160% year-to-date, beat expectations as the company saw $28.3 billion in crypto trading volume in the second quarter.

Coinbase, meanwhile, continues to lean into its dual identity as both a retail trading hub and institutional crypto infrastructure provider. The company has launched custody services for spot bitcoin ETFs, expanded its staking offerings and made further progress with its Base layer-2 network, though these businesses remain secondary to trading revenue.

“In Q2, Coinbase made significant strides in bringing the financial system onchain by expanding access to trading through innovative derivative products, listing more spot assets, and expanding our offerings in markets globally,” the company said in its earnings release.

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