MONNESS downgraded the $Coin rating from Buy to Neutral While recent milestones in the crypto space, such as the Stablecoin Act, Circle's IPO, and the CLARITY Act, are positive, the company wants to see more real-world adoption and trading volume growth, especially on Base, before it becomes more bullish. The current valuation relies too heavily on market sentiment and assumes a significant increase in crypto trading volume, which the company believes is uncertain later in the current cycle.