Coinbase's Q1 earnings report's 'crash' and Deribit's acquisition's 'highlights' are like a crypto version of 'Game of Thrones': there is the trading slump of 'winter is coming' and the strategic expansion of 'Mother of Dragons'. In the short term, market volatility and consolidation risks are making Coinbase a bit 'shaky'; in the long term, the 'three-horse-drawn carriage' of USDC, Deribit, and service business may let it laugh last.

For investors, Coinbase now resembles a 'high Beta stock': it soars when the market heats up and it stagnates when the market cools down. To 'buy the dip', one must consider if their heart is strong enough. For the industry, Coinbase's layout of stablecoins and derivatives could be an important piece of the 'healthy currency' puzzle, but it still has a few hurdles to overcome before 'achieving the desired outcome'.

Final remark: Coinbase's recent operations feel like buying a 'global dream' for $2.9 billion, but it first has to endure Q2's 'trading winter'. Wall Street analysts, please unify your statements, so shareholders don't get dizzy on this 'roller coaster'!