Coinbase is an atypical "tech" company to analyze because they're kind of like a bank: much of their asset sheet is driven by customer deposits. Apparently $738m of customer funds were withdrawn from Coinbase in the last 3 months. This is in comparison to an inflow of $2.35bn (!) in 21Q1.

As for expenses, there is a usual culprit in the $352m of stock-based comp. There's a large impairment expense of $229m, which is caused by their crypto asset holdings. Together, those make up $600m, and don't involve the transfer of money.

> Under GAAP, we are required to record impairment charges on our crypto assets held when the price falls below its cost basis.

FWIW they went from $17.6bn cash on hand to $16.1bn cash on hand.