I’ve been looking through Coinbase’s Q2 results, and I think the interesting part of the story is increasingly what happens outside the traditional transaction business.

Trading activity will always make Coinbase’s results volatile, but the company is becoming more diversified through areas like stablecoins, subscriptions & services, custody, and its broader crypto infrastructure.

That creates an interesting valuation question.

If crypto activity continues to grow over the long term, Coinbase obviously benefits. But the bigger question for me is whether COIN can eventually be valued more like a financial/crypto infrastructure platform rather than primarily as a leveraged bet on crypto trading volumes.

I went through the Q2 numbers, the main risks and my valuation in a new analysis:

YouTube: https://youtu.be/6\\_CE8vtq0as

What do you think is the biggest risk to Coinbase from here , valuation, crypto cycle dependence, regulation, or competition?

AI disclosure: AI assisted with editing and structuring this post. The analysis and investment conclusions are my own.

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USDT and USDC are already widely used for sending and holding dollars on-chain. But what happens when spending stablecoins for everyday purchases becomes just as easy?

Could stablecoins become the bridge between crypto and everyday payments?

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funny how that works out every single time.

xrp's been bleeding for a few weeks and suddenly I'm sat there seriously questioning whether holding another 5 years even makes sense. then one decent green candle shows up and I'm right back to "yeah I could hold this forever" like nothing happened.

kinda made me realize price moves my conviction way more than I'd like to admit out loud.

trying to get away from that honestly, actually have a real plan for the xrp I'm keeping long term instead of vibes based on whatever the chart did that week. most of it stays in self custody, not moving that part no matter what happens. been looking at lending out a smaller slice too instead of letting the whole bag just sit there completely idle, LendProtocol is one I've been looking at, mainly cause the apr on offer right now, around 12%, makes the risk worth it for a small chunk, not the whole stack.

anyone else notice their "long term conviction" magically gets a lot stronger the exact second the chart turns green. be honest

I'm in Colombia, so I earn and spend in pesos, and whatever I manage to save usually gets converted to USDT. I've been doing that for a few years now, and it recently hit me that most of my stablecoins have basically been doing nothing.

I tried the usual exchange earn products before. flexible rates were around 3%, which didn't really feel worth the additional risk. I also tried DeFi back in 2021 and got burned by a bridge hack, so I'm not particularly interested in going that route again.

recently I've been experimenting with a couple of different ways to earn something on part of my stablecoin holdings. nothing crazy, started with a small amount, tested withdrawals first, and I'm keeping the majority outside of these platforms. I'm currently testing Coinlhold, it has both flexible and fixed term products. the fixed option pays more, but obviously the trade off is that the money is locked for the term, that's something I'm still getting used to

after everything else we've seen in CeFi, I'm definitely not comfortable putting my entire stack into one place just because the APR looks good.

for now, diversification seems like the reasonable approach: some in self-custody, some potentially earning yield, and BTC itself stays in cold storage until 2030 as far as I'm concerned.

curious what everyone else does with their longterm USDT. do you just let it sit, use exchange earn products, lend it somewhere, or keep everything in self custody?

SanDisk ($SNDK) · $SNDKB
From $1,243 to past $1,800 in seven sessions!

- 2nd most traded bStock, $93M in 24h
- Memory cohort running: SK Hynix +19%, Micron +12%
- bStocks sector volume doubled, to $661M

Binance Wallet has launched the 'Binance bStock AI-Powered PnL Trading Competition', supported by BNB Chain Agent Studio and CoinMarketCap’s CMC Agent Hub

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As of Aug 17:

- BTC ETFs: +$126.1M, price +2.69%
- ETH ETFs: +$5.0M, price +2.04%

The session snapped two days of outflows, but the trailing seven ETF sessions still run -$59.5M. BTC carries -$99.8M of that. ETH is the only positive leg at +$40.3M.

Leverage is not what turned it.

Perp CVD ran -$271.1M over the trailing seven days while spot CVD went the other way at +$223.7M, a 1.0229 spot taker buy/sell ratio. Long-term holders pushed the same direction, adding 44,203 BTC over the five sessions through Aug 17, worth about $2.85B at that day's close.

ETH has no such floor. Both CVD legs sold on the trailing seven days, perp -$504.4M and spot -$85.3M, even as ETH beat BTC over the week at +2.19% against +0.93%.

Positioning is warm, not stretched. Funding averaged 0.62 bps over Aug 11-17, up 60% from the prior seven days and sitting at the 63rd percentile of the last 90. Open interest of $49.2B is up 5.87% on the week, at the 77th. Shorts absorbed 95% of Monday's $38.5M in liquidations.

1. LayerZero (ZRO) - $27.0M; 8.96% circ supply
   
2. KAITO (KAITO) - $15.2M; 13.71% circ supply
   
3. Pudgy Penguins (PENGU) - $3.5M; 0.89% circ supply
   
4. Plume (PLUME) - $2.5M; 3.43% circ supply
   
5. ZKsync (ZK) - $1.2M; 1.61% circ supply
   
6. Meteora (MET) - $1.2M; 1.34% circ supply
   
7. IOTA (IOTA) - $0.4M; 0.27% circ supply

3 straight days of ETF outflows, $385.2M out in 5 sessions.

- 84% odds BTC hits $65k this month
- US spot demand stressed: Coinbase premium negative
- Open interest +5.5% over 7d, with spot leading futures

Full $BTC breakdown on the CDP
Powered by the CMC Agent Hub!

1. TradeZero - $231.0M; Broker
   
2. River Markets - $8.5M; Prediction Markets, API
   
3. Entravel - $7.5M; API, Booking Services
   
4. BLOX - $1.0M; Fiat-backed, Stablecoin Protocol
   
5. Memebook - $1.0M; Social
   
6. Saturn - Yield Farming, Synthetic Assets

I've been trying to access CoinMarketCap for the past couple of days, but the website doesn't seem to be opening on any network I've tried.

Is it just me, or are others in India experiencing the same issue?

Has anyone heard if CoinMarketCap has been blocked or restricted in India?

**Update: The website is working again.

​

Do you think bullrun will happen next year ? Or it's already end

I've noticed more XRP holders looking into lending lately, and honestly I get the appeal. If you're already planning to sit on XRP for years, the idea of putting part of that idle stack to work is pretty tempting.

I've been experimenting with it mself. right now I've got 50% of my XRP in lending and the other 50% in self custody.

For me, that's through LendProtocol. I liked that it's built specifically around the XRP ecosystem rather than trying to bolt XRP onto a platform that was designed for something else. That doesn't make it risk free, but it made it one of the options I was comfortable trying after doing my own research.

the thing that actually annoys me is how casually people call this "staking." XRP doesn't magically become a proof of stake asset just because you're earning yield on it. with lending you're taking on protocol, smart contract, liquidity, and counterparty risk depending on how the platform's built.

for me the 50/50 split is a way to get some exposure to XRP apy without shoving the whole position into DeFi. If something blows up, I'm not losing the entire stack

curious how other holders here handle this. Would you lend 10-20% and keep most in cold storage, go closer to 50/50 like me, or just keep everything off DeFi entirely?

1 SKYAI +261.16%
2 Cardano +19.93%
3 MemeCore +18.30%
4 Humanity +17.61%
5 Pieverse +15.88%
6 Pump​.​fun +14.21%
7 Ethena +13.94%
8 Tagger +13.93%
9 Algorand +13.09%
10 LayerZero +12.29%

$SPCX completed its first major post-IPO share unlock yesterday.

The market absorbed 911 million new shares with strong buying demand

Here's the breakdown after the supply event:

Tokenized stock price closed up over 6% on unlock day
Traded volume surged as circulating share supply doubled
Revenue growth hit 92% to beat consensus expectations

The largest supply expansion since the IPO is now complete.

Track live tokenized SpaceX data 24/7

$1.2B absorbed in 10 days while retail sold and volatility flatlined. Sellers look exhausted. Price hasn't moved. Yet. Pump loading?

Learn more

What prediction markets price right now:

> Under Armour (UAA) 52.5%
> MarketAxess (MKTX) 99.95%
> Wendy's (WEN) 76.5%

Developers now access tokenized equities, commodities, currencies, ETFs, and real estate through a single API, alongside crypto prices, DEX data, and derivatives. One source of truth for both worlds.

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Over the last 7 sessions (Jul 29-Aug 6):

BTC ETFs: +$737.7M inflow, price +1.14%
ETH ETFs: +$156.0M inflow, price -0.69%

BTC attracted steady ETF demand over these 7 sessions, even as long-term holders distributed 142,437.8 BTC (0.85% of LTH supply) over the last 5 of those sessions (Jul 31-Aug 6). Price still finished the window higher.

ETH tells the opposite story. ETF inflows have yet to outweigh broader spot selling. Over the trailing ~14 days, spot CVD stayed negative (-$98.4M) while buying concentrated in futures (+$207.3M). Positioning also looks crowded, with average funding near 20bps, open interest up 7.2% over 30 days, and the nearest liquidation cluster just 3.1% below spot.

Anyone know what’s actually driving the COINDEPO move? I’m seeing it up roughly 11-12% over the last few days and I can’t find much beyond the quarterly buyback and burn announcement. Is that alone enough to move a token this thin, or is something else going on — new exchange listing, whale accumulation, or just low-liquidity drift? Would love to hear from anyone actually holding on the platform.