It's an interesting and complicated question, but it seems like the coinbase business model should be pretty dramatically affected by the massive sell-off. First, as prices go lower, the average value of a transaction is (probably) declining, so the money they make on fees is (probably) going down as well. Second, as the market looks worse and worse, the number of people casually entering or trading is likely declining too. The have a lot of correlated risk with the decline.