There was a lot to take away from Coinbase’s grim earnings report from Tuesday night. So let’s get right into it.

The Numbers: Coinbase put up a net loss of $1.1 billion—its widest quarterly loss since at least 2019. Quarterly revenue ($803 million) was the lowest it’s been since late 2020, and yet quarterly operating expenses ($1.85 billion) were the highest they’ve been since at least 2019. Trading volume ($217 million) and assets on its platform ($96 billion) are back down to where they were before the 2021 crypto trading surge.