Stealth Bear Market Hits Crypto Stocks as Coinbase, Circle, Robinhood Fall 40-56%

In late October 2026, Coinbase, Circle and Robinhood shares were 56%, 44% and 40% below their highs, respectively, as The Kobeissi Letter described a stealth bear market in crypto-linked equities while the S&P 500 sat near a record. It said 10 stocks drove 70% of the index’s gains since March 30, hiding losses elsewhere, and listed 20 technology stocks in bear-market territory. Coinbase was set to report third-quarter results after the close on Thursday, with revenue expected near $1.2 billion, a 36% year-over-year decline, and analysts forecasting a loss. Circle issues USD Coin and earns most revenue from interest on reserves; its shares fell about 11% intraday in September after a Senate vote stalled the CLARITY Act crypto market-structure bill.