Coinbase executives for months have said they are seeking to diversify so they can make money no matter what happens in crypto trading. But for now, the company is highly dependent on traders, and specifically trading in bitcoin, crypto’s largest token.

That is one message from a report put out last week by crypto data provider Coin Metrics. Despite increasing the number of currency pairs tradable on the platform from a little more than 100 in 2021 to more than 600 now, bitcoin and ether, the second-largest token, have consistently amounted to about half of the activity.