Coinbase reported its third-quarter earnings, missing revenue expectations but showing a strong EBITDA due to cost reductions. Despite these results, the company's stock experienced a significant decline, falling 15.34% to $179.25, marking its steepest daily drop in two years. The stock was down 14% for the day, with pre-market trading showing a 2.2% decline. Analysts noted that institutional interest in Coinbase is strengthening, particularly as the company expands its role in indices. The backdrop of rising Bitcoin prices, nearing record highs ahead of the U.S. presidential election, adds to the market's volatility, prompting mixed reactions among traders regarding Coinbase's future performance.