Mizuho analyst Dan Dolev said he believes that crypto may be done after the recent woes for now bankrupt crypto exchange FTX.
"What FTX taught you is that one day you could be worth the world and the second day you could be worth nothing and I think consumers are going to be very very scared," Dolev said.
He said that any market share gains that Coinbase (COIN) may see due to the demise of FTX are "very minimal'' in the greater scheme of things.
"I wouldn't get over excited about them because the overall volumes are coming down," Dolev said. "They are making like $600 million in revenue and $1.2 billion in losses. It's a very bad business right now."
Dolev's comment are similar to Barclays analyst Benjamin Budish, who on Tuesday wrote that he expected Coinbase's revenue to see "minimal potential upside" from the implosion of rival FTX.
Earlier this month famed short seller Jim Chanos said Coinbase has a business model problem -- it doesn't work.