Mizuho Securities remains bearish on cryptocurrency exchange Coinbase Global (NASDAQ:COIN), reiterating its Underperfom rating, as retail investors continue to shy away from crypto despite bitcoin’s (BTC-USD) rally this month.

Bitcoin (BTC-USD) has gained ~36% in the last one month, with the top crypto crossing $23K on renewed risk appetite.

But Mizuho’s proprietary survey point to more muted retail participation this month than many bulls are hoping for. “With take rates 50-100x higher than institutional, retail transaction revenue accounted for 83% of COIN’s revenue in 2021,” analyst Dan Dolev noted.

“Our survey, coupled with disappointing market share data and potential signs of take rate pressure in Q4, may all mean that more headwinds are brewing for 2023 revenue,” he warned.

Dolev said Coinbase’s (COIN) market share remains unchanged despite the recent rally, which points to retail fatigue. Mizuho’s price target for Coinbase (COIN) is $30 (~44% potential downside to its last close).

The exchange will publish its Q4 results after market close on February 21.

Wall Street analysts on average rate Coinbase (COIN) Hold, while SA Quant is bearish on the stock as it is at high risk of performing badly.