Earnings reports from Coinbase, Robinhood, and Circle show that new business lines struggle to escape crypto market cyclicality. According to CoinDesk, despite expansion into diversified services such as stablecoins, prediction markets, and banking by Coinbase and Robinhood, and Circle's bet on stablecoin circulation, their latest earnings reports show that core trading or reserve revenues still face pressure from crypto market volatility and falling interest rates. Notably, Circle's latest quarterly reserve revenue fell 8% year-over-year, and the company announced a 5% workforce reduction.