Coinbase reported monthly transacting users fell from the prior period, dropping to 7.4 million from 8.8 million in the second quarter, though up from 6.1 million a year earlier. Trading volume fell to $327 billion from $462 billion in the previous quarter and it disappointed the street on quarterly revenue.
In my view, in the long term, we won't need exchanges like coinbase because people will be mostly getting their salary in bitcoin so there won't be a need for them.
Imagine for example a person living today in Europe. If you work in some countries in Europe you get paid in Euro. The main way to get USD is not by working but by going to a currency exchange and exchanging your Euro for USD.
When Bitcoin takes over and getting paid in Bitcoin is more mainstream, then there won't be a need to have crypto exchanges. You already have your money in the form you want to, and you can spend it directly anywhere in the world, or save it.
I see the whole concept of having crypto exchanges as somewhat copying what normal currency exchanges have been doing for ages. But eventually we won't need them anymore.