Coinbase Just Crushed Q3

Welcome back to The Warmup.

It’s Friday, it’s Halloween, and Powell’s got markets riding a Six Flags coaster. Everyone’s more scared than the kids trick or treating tonight.

Here’s what we’re watching:

• Market Snapshot

• Coinbase Crushes Q3 Earnings With a 45% Beat

• BTC Swing Setup

• Consensys Files for IPO

Market: Bitcoin’s reclaim of $110K is leading the charge, with ETH and SOL following. Equities and gold are steady, the dollar’s flat, and volatility’s cooling

Coinbase Crushes Q3 Earnings With a 45% Beat

What’s going on:

Coinbase just dropped a monster Q3 report, beating Wall Street’s earnings estimates by 45%.

The company posted $1.5 EPS, crushing expectations of $1.05, and reported $1.86B in total revenue, up 25% quarter-over-quarter.

Transaction revenue hit $1B, while subscriptions and services brought in another $747M, including $355M from stablecoin revenue alone.

Trading activity picked up sharply too. Global spot volumes jumped 38% and U.S. volumes rose 29% from the previous quarter. The exchange also recorded a $433M net income and $801M in adjusted EBITDA for the period.

Following its Deribit acquisition, Coinbase and its new derivatives arm handled over $840B in notional trading volume in Q3. The company also grew its Bitcoin holdings by $299M, and now sits on $31B in total assets against $15B in liabilities.

What it means:

Coinbase has firmly re-established itself as crypto’s public-market heavyweight.

This was the company’s first earnings release since joining the S&P 500, and it couldn’t have been timed better. A strong quarter signals both operational strength and growing investor confidence as crypto edges further into mainstream finance.

CEO Brian Armstrong celebrated “a strong Q3” and pointed to progress on Coinbase’s ‘Everything Exchange’ vision, which now covers 90% of the total crypto market cap in one platform.

The takeaway: Coinbase isn’t just surviving the cycle. It’s thriving and positioning itself as the Wall Street gateway to crypto’s next leg up.

BTC Swing Setup

What’s going on:

Bitcoin is maintaining a strong uptrend structure, with higher lows forming along an ascending trendline on the 4H chart.

After facing rejection from the $106K–$107K resistance area, price is pulling back toward a key confluence zone aligned with the trendline and previous support.

The broader daily structure remains bullish, suggesting this correction could be a healthy retest before continuation.

Key levels we’re watching:

• Entry zone: $100,000–$108,000 → ideal DCA accumulation range

• Support: $106,000–$108,000 → key demand zone aligning with rising trendline

• Resistance: $116,400 → local highs

• Breakout target: $126,000+ if buyers regain control above $117K

• Breakdown risk: Clean break below $100K would invalidate the setup

Directional Bias: Cautiously bullish

Momentum on the daily chart supports a higher-low structure.

What we’re waiting for:

• Spot or low-leverage long entries within $100K–$108K

• Confirmation of support on 4H retest near trendline

• Volume pickup or reversal signal near $108K–$110K

• Stop-loss adjustment as trend structure evolves

BTC’s structure suggests healthy consolidation before the next leg up.

Short-term volatility might shake out weak hands, but staying above key support keeps the bullish structure intact.

Consensys Files for IPO

What’s going on:

Ethereum’s biggest company is heading to Wall Street.

Consensys, the team behind MetaMask, is preparing for an IPO with JPMorgan and Goldman Sachs leading the deal.

The company has been tightening operations all year, cutting costs, expanding MetaMask’s features, and turning it from a simple Ethereum wallet into a full financial platform.

At its last valuation in 2022, Consensys was worth about $7B. MetaMask alone has reached 30M to 35M monthly active users during peak cycles, putting it among the largest consumer apps in crypto.

The timing is interesting.

The IPO news came just one day after MetaMask launched “MetaMask Rewards,” a cashback-style program that lets users earn yield and incentives by swapping, bridging, or staking through in-app partners.

What it means:

The timing isn’t random. Reward programs drive usage and boost revenue, which helps Consensys look stronger to investors while laying the groundwork for a future MASK token.

We’re also seeing momentum with recent crypto IPOs like Bullish and Circle. It shows clearer regulation and strong demand from traditional markets to own crypto-native assets.

But Consensys now faces a tricky balance. Shareholders want profits, users want a token, and regulators want clarity.

If they can pull it off, they’ll set the playbook for every crypto company aiming to IPO and launch a token at the same time.

• Standard Chartered sees tokenized real-world assets reaching $2T by 2028

• Strategy's Q3 profit drops to $2.8B as BTC rally fades

• Ethereum devs officially target Dec 3 for Fusaka upgrade

Markets reward patience, not excitement.

Right now, the smartest move is to stay heavy in majors while everyone else chases noise.

Until retail gets fresh liquidity or a market structure bill opens the door for institutions, it’s not alt season.

Keep stacking BTC, ETH, and SOL. Boring is how you win big later.

— The Warmup Team

Always do your own research. This newsletter is supplemental material to help educate readers as they make their own decisions. Projects mentioned here are provided to give a potential early-mover advantage.