Shares of Coinbase (COIN) fell nearly 3% in post-market trading after it reported a significant drop in revenue in the first quarter of the year, missing analyst estimates, as markets cooled amid economic uncertainty in the U.S.

The crypto exchange said it recorded $2 billion in revenue, down from $2.27 billion in the fourth quarter and lower than Street estimates of $2.1 billion. The company also reported earnings per share of $0.24, missing the average analyst estimate of $1.93, according to FactSet data.

Trading volume fell 10% to $393.1 billion quarter over quarter and transaction revenue came in at $1.3 billion, about 19% lower than in the fourth quarter.

“Q1 saw increased average Crypto Asset Volatility with BTC reaching a new all-time high price in January. However, crypto prices dropped alongside broader market declines driven by tariff policy and macroeconomic uncertainty,” Coinbase wrote in a letter to shareholders.

Analysts at J.P. Morgan, Barclays, and Compass Point had all slashed their forecasts before the earnings report as crypto trading volume slowed sharply since January amid uncertainties about the future of the U.S. economy.

Trading platform Robinhood (HOOD), whose retail-focused clientele is often compared to Coinbase’s trader base, in April reported a 13% drop in transaction-based revenue.

Coinbase’s $2.9 billion acquisition of derivatives exchange Deribit, however, positions it as the new leader in global crypto options trading, overtaking Binance and other rivals. The move sets the stage for a new chapter in derivatives markets — one that investors will be watching closely.

Read more: Coinbase's $2.9B Deribit Deal a 'Legitimate Threat' for Peers, Wall Street Analysts Say

UPDATE (May 8, 20:43 UTC): Adds additional paragraph at the end and share price decline.

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