Key Takeaways Trading revenue is becoming a smaller part of exchanges’ business. More rewards and incentives could emerge as exchanges compete to grow newer products and reduce their reliance on trading activity. A potential return of the bull market could revive trading revenues while intensifying competition over fees and users. As the bear market persisted during the second quarter of this year, three of the largest listed crypto exchanges — Coinbase, Bullish, and Gemini — recorded a drop in trading revenue quarter-on-quarter. At the same time, Coinbase and Gemini are focusing more on relatively new products they want to grow, …