Bitcoin is “so back,” and so is CoinbaseCOIN

. After a sluggish two years, the crypto exchange has skyrocketed by 353% in the past year — all thanks to a rebound in the crypto market. The crypto exchange’s $1.64B in revenue handily exceeded the $1.34B expected by analysts, and the company even turned a profit for the second quarter in a row.

• The surge in Bitcoin is the main driver behind this rise, with trading volume hitting an all-time high during the market rally in March.
• Coinbase’s net revenue more than doubled year-over-year, thanks in part to subscription and services revenue, which shot up by 36% in the quarter — a key segment crucial for Coinbase to reduce its reliance on volatile crypto prices.

Signs of trouble? Bitcoin has a history of ebbing and flowing through boom and bust. That’s why a slowdown in April could be an omen of things to come. This week, the 10 biggest Bitcoin spot ETFs saw their largest outflows ever — marking the worst week for Bitcoin since Aug. 2023. And “higher-for-longer” interest rate policies have weighed down the asset, dissipating hopes for a post-halving bull run.