According to the data in Coinbase's latest Q3 2024 shareholder letter, the total trading volume was $18.5 billion, down 18% from Q2 (from $22.6 billion to $18.5 billion); institutional investors' trading volume was $15.1 billion, accounting for 81.6% of the total trading volume, continuing to dominate; retail investors' trading volume was $3.4 billion, accounting for 18.4%. From the perspective of the structure of crypto asset transactions: Bitcoin's trading share rose to 37%, up 2 percentage points from the previous month; Ethereum remained at 15%; USDT's trading share rebounded from 10% to 15%; other crypto assets fell to 33%. In addition, Solana's share of trading revenue has reached 11%, showing that its importance as an emerging public chain is increasing. Although the overall trading volume has declined month-on-month, the increase in the proportion of Bitcoin transactions reflects that Bitcoin is still the main crypto asset favored by institutional investors after the approval of the ETF.