Barclays put Q2 trading volume at around $152 billion. Clear Street is a bit more optimistic — they’re modeling $160 billion in trading volume and adjusted EBITDA near $301 million. Adjusted EBITDA overall is expected to come in about 3% under consensus, with revenue probably landing at the lower end of management’s own guidance range. The logic there is basically that if trading picks up and regulatory clarity arrives, Coinbase probably has room to run. Barclays projects Coinbase’s Q2 trading volume at around $152 billion, below the broader consensus estimate of $178 billion, with Clear Street offering a slightly higher estimate of $160 billion.