Coinbase shares are down about 13% over 2 weeks alongside tumbling Bitcoin

Shares on the cryptocurrency exchange are making similar gains, despite gains rising well over 4% to around $222 by midday Tuesday.

When Coinbase shares fall, it’s usually a big reflection on digital assets, given how much of the company’s revenue comes from trading fees. Transactions accounted for 67% of revenue in the first quarter of the year. Trading volume was $788.3 million on Monday, reaching almost $3.2 billion on March 4.

“Volume has receded slightly and price has rebounded slightly from its peak in the first quarter. For this reason [Coinbase] “Profitability will be lower in the second quarter,” Paul Gulberg, senior equity analyst at Bloomberg Intelligence, told Fortune.

‘Too much noise and activity’

Over the past 30 days, Bitcoin, Ether, and Solana are down approximately 11%, 9%, and 18% respectively, and each has failed to gain momentum since mid-March. A key reason for this is the lagging performance of the 11 spot Bitcoin exchange-traded funds the SEC approved in January. Since then, the price of the underlying asset, Bitcoin, has fallen and flowed, with large sums flowing in and out of these products. The latest round of net outflows from ETFs began on June 10 and continued every day except one, totaling nearly $1.3 billion, according to CoinGlass data. This is the longest release period since the products were launched.

The outflows are not only affecting Coinbase due to its ties to Bitcoin, the company is the custodian of eight of 11 ETFs and charges a 0.2% fee on them. Outflows mean they hold less Bitcoin and therefore generate less income.

Additionally, Coinbase holds over $207 million worth of Bitcoin, making it the sixth largest publicly traded company. Shares of MicroStrategy, the company that holds the most Bitcoin, have lost nearly 8% since June 12.

But Gulberg thinks the biggest factor in Coinbase’s recent stock decline is “emotions,” as most of the company’s shares are held by retail investors: “When there’s a lot of noise and activity in the digital asset space, people flock to Bitcoin and Coinbase. Just vice versa: When sentiment dies down and slows down, people rush out of Coinbase.”

This story first appeared on Fortune.com