Mizuho analyst Dan Dolev wonders if recent trading patterns point to "potential crypto fatigue." $COIN volumes appear to surge during sell-offs, but "fail to impress during the brief rallies," Dolev tells investors in a research note.

The analyst says that analyzing Coinbase volume trends in May and June highlights a potential decline in appetite for crypto trading versus the last two years, as volumes on days when bitcoin declined "dramatically exceeded" volumes on days when bitcoin increased.

He keeps a Neutral rating on Coinbase shares with a $45 price target.