Last week, news from Wall Street showed how expectations for the crypto sector have changed. Major investment banks like JPMorgan and Canaccord significantly lowered their stock price forecasts for the largest publicly traded crypto exchange after the Q4 results. Under the leadership of JPMorgan analyst Kenneth Worthington, the price target was cut from $290 to $252, while Canaccord lowered it from $400 to $300.

What is behind this move by the banks? Trading volumes have declined, retail fee rates have decreased, and top brokerage commission rates have also lowered expectations. Bitcoin trading at $74,670, having lost about 25% of its value since the beginning of the year, has also challenged the sector. The stock has fallen around 40% since the start of the year and is trading below $150 in pre-market trading.

Interestingly, Canaccord analysts, led by (Joseph Vafi), still maintained a buy recommendation. In fact, experts analyzing the best brokerage commission rates highlighted the company's "Everything Exchange" strategy, USDC trading growth, and expansion in DeFi applications. The acquisition of derivatives exchange Deribit is also seen as a strategic move to strengthen sales activities in global markets. The global trading volume increased by 100% compared to the previous year.

Even during this volatile period in the crypto market, some analysts see long-term potential. Canaccord, based on 2027 EBITDA forecasts, considers the stock to be close to cyclical lows with its new target price. Although a challenging first quarter is expected in the short term, the strategy of gaining market share and share buybacks seems to continue.