In the third quarter of 2023, retail trading volume on the Gemini cryptocurrency exchange fell by 14% from the previous quarter, reaching $600 million. This marks the lowest level since the same quarter in 2023. Conversely, institutional trading activity surged by 26% to $3.9 billion, contributing to an overall increase in total trading volume by 18%, totaling $4.5 billion. Despite this growth in institutional trading, the company's total revenue dropped by 19% year-over-year to $40.9 million, while its net loss decreased significantly by 63% to $58.6 million.