Bitcoin sees retail dip-buying after Coinbase Q4 2025

Coinbase says retail users are buying BTC and ETH dips

Coinbase CEO Brian Armstrong said the exchange’s internal data shows more retail customers are buying declines in Bitcoin  BTC +0.00% (BTC) and Ethereum  ETH +0.00% (ETH). The comment surfaced around the company’s latest quarterly update and points to continued retail responsiveness to price volatility in the two largest crypto assets.

The pattern matters because BTC and ETH remain Coinbase’s deepest retail markets by liquidity and engagement. If individual investors are stepping in on selloffs, it may cushion intraday drawdowns and stabilize order books, at least episodically.

Why this matters now for BTC, ETH, and Coinbase (COIN)

On February 13, 2026, during Coinbase’s Q4 2025 earnings discussion, the company reported a surprise net loss of $666.7 million and revenue of $1.78 billion, as reported by MarketWatch. Management nevertheless highlighted persistent retail participation on pullbacks in major tokens.

“Those who are in the market, they are buying the dip,” said Alesia Haas, chief financial officer, during the call. That framing supports Armstrong’s remark that individual users continue to engage on price weakness in BTC and ETH.

For BTC and ETH, more consistent dip-buying could add near-term liquidity during drawdowns, but its market impact likely depends on breadth and ticket sizes relative to institutional flow. For Coinbase, the degree to which this activity translates into fee revenue depends on how many retail users are transacting and how frequently they trade.

At the time of this writing, Coinbase (COIN) last closed at $164.32, up 16.46% on February 13, with after-hours indications around $166.00, based on data from Yahoo Finance. These levels offer context to the post-earnings reaction but do not imply a forward view.

What data and analysts suggest about sustainability and risks

MTUs, volume per user, and breadth of Coinbase retail activity

Analyst Dan Dolev at Mizuho has cautioned about retail fatigue, declining Monthly Transacting Users (MTUs) and lower average trading volume per user, signaling a narrower active base, according to Benzinga. If MTUs, Coinbase’s metric for users who transact in a given month, are falling while remaining users trade less per capita, any observed dip-buying may be concentrated rather than broad-based.

This concentration could limit the durability of the effect on both market depth and transaction-fee revenue. Put differently, retail orders may help at the margin on selloffs, but thinner participation can cap how much support those flows provide.

Regulation and non-trading revenues that could influence sustainability

According to CoinDesk, William Blair viewed recent pullbacks as potential opportunities given long-term tailwinds tied to USDC fundamentals and recurring non-trading revenue. The firm also sees Coinbase gaining share in U.S. spot trading and building a derivatives footprint, both of which could partially offset softer retail volumes.

Even bullish views come with caveats: outlooks increasingly hinge on greater regulatory clarity, continued growth in staking, subscriptions, and stablecoin-related income, and steadier institutional demand, CoinDesk reported. Without those supports, dip-buying alone may not sustain higher activity or materially change earnings trajectories.