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Bitcoin and cryptocurrency exchange Coinbase are beating Nasdaq in terms of revenue in 2024, the latest data shows.
<a data-ct-non-breakable="null" href="https://x.com/Jamie1Coutts/status/1868944414309265477" rel="null" target="null" text="null" title="null">Figures</a> uploaded to X on Dec. 17 by Jamie Coutts, chief crypto analyst at investment firm Real Vision, show 12-month exchange revenue nearing $6 billion.
<h2 id="wild-data-shows-2024-crypto-trading-explosion">“Wild” data shows 2024 crypto trading explosion</h2>
Crypto markets’ Q4 transformation has led to the sector vying with Wall Street for supremacy when it comes to 2024 performance.
Coinbase, in particular, stands out, with its exchange revenue currently ranked fifth in the world.
At $5.75 billion over the past 12 months, Coinbase revenue is outpacing that of both the Nasdaq and CBOE, the data confirms.
“This is wild,” Coutts wrote while prefacing the numbers.&nbsp;
<blockquote>
 “Crypto is eating TradFi's lunch.”
</blockquote>
<figure>
 <img alt="Crypto 'eating TradFi's lunch' as $5.75B Coinbase revenue beats Nasdaq" src="https://s3.cointelegraph.com/uploads/2024-12/0193d44a-a910-701a-870c-fb57bb57bb01" title="">
 <figcaption style="text-align: center;">
 Global exchange data. Source: Jamie Coutts/X
 </figcaption>
</figure>
Coinbase has thus generated 11% of global exchange revenue — more than double that of the combined decentralized exchange (DEX) sector, which nonetheless continues to expand rapidly.
“CEX and DEXs are growing 2.5-4x faster than TradFi,” Coutts summarized.
Going forward, 2025 should bring stiff competition from the traditional finance sector, while DeFi protocols may end up beating the returns of major cryptocurrencies such as Bitcoin and Ether (<a data-ct-non-breakable="null" href="https://cointelegraph.com/ethereum-price" rel="null" target="null" text="null" title="null">ETH</a>).
“Obviously, the comparisons aren’t perfectly like-for-like (ie Fees = Revenues), but the point is this sector has been beaten down by regulatory neglect and/or punishment and is primed for a re-rating higher,” Coutts concluded.
Coinbase stock has doubled over the past three months, making it one of the few assets to top Bitcoin’s (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="https://cointelegraph.com/bitcoin-price">BTC</a>) own gains, data from <a data-ct-non-breakable="null" href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA.." rel="null" target="null" text="null" title="null">Cointelegraph Markets Pro</a> and <a data-ct-non-breakable="null" href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" rel="null" target="null" text="null" title="null">TradingView</a> shows
<figure>
 <img alt="Coinbase, Markets, Market Analysis, Bitcoin ETF" src="https://s3.cointelegraph.com/uploads/2024-12/0193d45d-a6c7-7afe-9560-797f2edf1342" title="">
 <figcaption style="text-align: center;">
 Macro asset comparison chart. Source: Cointelegraph/TradingView
 </figcaption>
</figure>
<h2 id="us-bitcoin-etfs-beat-gold">US Bitcoin ETFs beat gold</h2>
As Cointelegraph continues to report, the incoming Trump administration has made various promises when it comes to supporting and even embracing crypto.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-price-round-number-bulls-106k" rel="null" target="null" text="null" title="null">Bitcoin price eyes ’round number’ next as bulls run past $106K</a>
Last week, President-elect Donald Trump <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/btc-price-base-case-140k-5-things-bitcoin-this-week" rel="null" target="null" text="null" title="null">reiterated a desire</a> not to cede ground to countries such as China on the issue, while subsequent reports of a strategic Bitcoin reserve caused renewed buzz over the weekend.
<figure>
 <img alt="Crypto 'eating TradFi's lunch' as $5.75B Coinbase revenue beats Nasdaq" src="https://s3.cointelegraph.com/uploads/2024-12/0193d44b-4e0c-79fd-a584-c2532d80afd6" title="">
 <figcaption style="text-align: center;">
 US spot Bitcoin ETF netflows (screenshot). Source: Farside Investors
 </figcaption>
</figure>
Institutional interest in BTC continues with Dec. 16 seeing net inflows of more than $600 million to the US spot Bitcoin exchange-traded funds (ETFs).
Daily net inflows have been positive since Nov. 27, data from UK-based investment firm <a data-ct-non-breakable="null" href="https://farside.co.uk/bitcoin-etf-flow-all-data/" rel="null" target="null" text="null" title="null">Farside Investors</a> confirms.
Vetle Lunde, head of research at crypto analytics firm K33 Research, <a data-ct-non-breakable="null" href="https://x.com/VetleLunde/status/1868945665235308620" rel="null" target="null" text="null" title="null">reported</a> that the US ETFs had flipped the country’s gold equivalents in terms of assets under management as of Dec. 16.
<figure>
 <img alt="Crypto 'eating TradFi's lunch' as $5.75B Coinbase revenue beats Nasdaq" src="https://s3.cointelegraph.com/uploads/2024-12/0193d44b-eac6-719b-931d-c0a9732a3661" title="">
 <figcaption style="text-align: center;">
 US Bitcoin vs. gold ETF comparison. Source: Vetle Lunde/X
 </figcaption>
</figure>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Crypto 'eating TradFi's lunch' as $5.75B Coinbase revenue beats Nasdaq

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