This doesn't surprise me much. From what I've seen consulting/contracting, SaaS-based observability tends to cost 30-50% of cloud spend--EC2, storage, S3, RDS, maybe k8s, and other cloud services, or whatever the equivalent is on GCP/Azure. I wouldn't be surprised to see Coinbase with a >$150M quarterly cloud spend, so $65M on observability would make sense.
That said, managing observability yourself should result in <5% of cloud spend. So I'm figuring someone at Coinbase said "WTF" to this bill and migrated to Grafana/Loki or Kibana/OpenSearch or Kibana/Elastic. Well, that, and Coinbase's business also dropped off a cliff. Combined, I could easily see a one-time influx of $65M from one customer, gone the next quarter.
That said, managing observability yourself should result in <5% of cloud spend. So I'm figuring someone at Coinbase said "WTF" to this bill and migrated to Grafana/Loki or Kibana/OpenSearch or Kibana/Elastic. Well, that, and Coinbase's business also dropped off a cliff. Combined, I could easily see a one-time influx of $65M from one customer, gone the next quarter.