Coinbase (COIN) is struggling alongside Bitcoin's underperformance in 2026 as retail interest fades and competition intensifies. LikeFolio's Landon Swan highlights weakening engagement, margin pressure from lower fees, and a growing disconnect between COIN and crypto prices, while noting the company’s push into AI and cost cuts as it tries to navigate a prolonged downturn alongside rivals like Block (XYZ) and PayPal (PYPL).