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Benchmark has lowered its second-quarter performance expectations for Coinbase ahead of the earnings report next week, citing weak trading activity in the cryptocurrency market, but still maintains a "Buy" rating and a target price of $270. Based on Coinbase's stock price of about $172 on Wednesday, this target price corresponds to an upside potential of approximately 57%.Benchmark analyst Mark Palmer has revised Coinbase's second-quarter revenue expectation from $1.51 billion to $1.38 billion and has lowered the full-year revenue expectation for 2026 from $6.33 billion to $6 billion. The trading volume on centralized exchanges in the second quarter has decreased by about 28%, and the total market capitalization of the cryptocurrency market has dropped by about 13%. The firm expects Coinbase's trading revenue to decline by more than 5%.However, the market showed initial signs of stabilization in June, with spot trading volume exceeding $1 trillion for the first time since March, which may somewhat alleviate the weak performance in the second quarter.Benchmark believes that if the CLARITY Act is ultimately passed, it could become a more significant catalyst for the stock price than quarterly performance, with Coinbase potentially being one of the main beneficiaries of the act. Trump has previously agreed to the relevant ethical provisions, removing a key obstacle to the advancement of the bill.

According to The Wall Street Journal, Coinbase Chief Legal Officer Paul Grewal stated that Coinbase has reached a settlement with the U.S. Securities and Exchange Commission regarding a Freedom of Information Act lawsuit, with the SEC agreeing to pay $150,000 and amend its record-keeping policies. The lawsuit revealed that the SEC lost nearly a year’s worth of communications from former Chairman Gary Gensler and other senior officials during the peak enforcement period in the cryptocurrency industry.Coinbase had previously requested documents from the SEC regarding how it applies securities laws to digital assets, but the request was denied, leading to a lawsuit that received court support. The SEC claimed that some text messages were lost due to an automatic data deletion process. Grewal pointed out that the SEC has imposed billions of dollars in fines on financial institutions for similar record-keeping issues.In February of this year, Coinbase also reached a settlement with the Federal Deposit Insurance Corporation regarding another Freedom of Information Act lawsuit. Coinbase stated that this lawsuit revealed that the FDIC had instructed nearly twenty banks to suspend cryptocurrency-related activities since 2022, which subsequently led to congressional hearings and resulted in a court ruling that the FDIC violated federal law.Grewal stated that both lawsuits revolve around government transparency and due process, emphasizing that the American public has the right to know whether regulatory agencies are restricting legitimate cryptocurrency businesses from accessing banking services through non-public means.

According to Onchain Lens monitoring, the Hyperliquid whale address starting with 0x8177b deposited 100,000 wstHYPE and 103,000 stHYPE into HyperLend as collateral, and borrowed a total of 2 million USDC in two transactions (500,000 and 1.5 million), and then transferred the borrowed 2 million USDC to Coinbase.

According to Onchain Lens monitoring, a newly created wallet withdrew 74,900 HYPE from Galaxy Digital, worth approximately 4.39 million USD, and transferred it to Coinbase, suspected to be for sale.

According to Bitcoin Magazine, the head of Coinbase Canada stated that the company is pushing to expand its business footprint in Canada, aiming to create a comprehensive exchange covering crypto assets, tokenized stocks, and prediction markets.The plan intends to leverage blockchain technology to provide a more efficient, round-the-clock trading experience, and Coinbase is currently coordinating with Canadian regulators regarding the launch of related products.

According to monitoring by Onchain Lens, the Morgan Stanley Bitcoin Trust ETF withdrew 106.04 bitcoins from Coinbase Prime, worth approximately 7.01 million dollars.

According to Onchain Lens monitoring, BlackRock has increased its holdings again, withdrawing 1789.65 BTC from Coinbase Prime to its IBIT ETF wallet, valued at approximately 119 million dollars.

According to a report by Reuters, the Chief Minister of Johor, Malaysia, stated on Tuesday that the Johor state government has noted and fully supports the decision made at the special meeting of the municipal hall: to revoke the business license of NS0 Malaysia Sdn. Bhd. (Network School) located in Forest City, and to order it to cease all activities starting from July 22, 2026.He stated that this decision was made in accordance with due process and relevant legal provisions, and was ultimately decided after a comprehensive review of the law enforcement inspection report, investigation results, and the statements submitted by the company.Network School had previously attracted widespread attention due to allegations on social media. Some netizens claimed that the project accepted participants from Israel, while Malaysia has not established diplomatic relations with Israel.

Coinbase International Exchange has launched S&P 500 index perpetual contracts, supporting 24/7 uninterrupted trading. Currently available to select non-U.S. qualified users, the service is provided by Coinbase Bermuda Ltd, which holds a Class F license from the Bermuda Monetary Authority.

Coinbase CEO Brian Armstrong posted on X in response to the recent controversy sparked by his profile picture change and the voices from the Base community feeling insufficiently supported. Armstrong made it clear that his personal X account should not be viewed as investment advice or a signal source for individual tokens; he simply shares content online that he finds interesting or funny, and he may not be aware of whether the content relates to a specific token or project. His posts and profile picture do not constitute endorsement or commitment.Armstrong pointed out that Base is committed to building financial services infrastructure, covering tokenized stocks, lending protocols, stablecoin payments, and even meme coin trading. He supports economic freedom and user freedom to trade, but treating his X account as a trading signal is a risk users must bear, which also goes against his own wishes. Regarding support from the Base team or Coinbase, Armstrong stated that many tokens cannot be listed on centralized exchanges due to compliance and regulatory reasons, "If you hope Jesse or I can help pump or call certain tokens, we will not do that."The ways Coinbase has committed to support include hosting offline Base Batches events, providing funding to promising developers, investing in quality projects through Coinbase Ventures and the Base ecosystem fund, and regularly integrating promising Base DeFi protocols into Coinbase products. Currently, the post has over 1.05 million views.

Base co-founder Jesse Pollak stated that Robinhood Chain has made some progress in tokenized stocks within the Ethereum virtual machine environment, while Base is relatively lagging in this direction.He expressed dissatisfaction with this but mentioned that Base is close to resolving this issue together with Coinbase.

According to Yu Jin monitoring, the hacker who emptied the Bonk treasury of 4.426 trillion BONK through a governance proposal has completed the liquidation, and the last 400 billion BONK (1.17 million USD) has also been deposited into Coinbase.As of now, all 4.426 trillion BONK that he extracted from the Bonk treasury 13 days ago has been transferred to CEX. Due to his selling over the past few days, the price of BONK has dropped by 40%. When he first obtained these BONK, they were worth 21.2 million USD, and after selling while the price was falling, the total cash amount should be around 13.58 million USD.

According to on-chain analyst Onchain Lens (@OnchainLens), Bitvavo has withdrawn 3,890,000 LINK from Coinbase Prime to a new wallet, valued at approximately $32,590,000 at current prices.

According to Coinglass data, the Coinbase Bitcoin premium index has been in the negative premium range for two consecutive months (from May 19 to July 19, a total of 62 days), with the latest value at -0.0633%.Previously, this index was in negative premium for 40 consecutive days from January 16 to February 24 this year, setting the record for the longest "negative streak" since the launch of this indicator, surpassing the approximately 30 days of continuous negative premium during the "1011 crash."

According to Ember monitoring, the Bonk treasury attacker transferred 400 billion BONK to Coinbase again about 5 hours ago, worth approximately 1.11 million USD. Of the 44.26 trillion BONK transferred due to the governance attack, 24.26 trillion have already been transferred to CEX. Since the attack, the price of BONK has dropped by 41%.

According to The Defiant, Coinbase CEO Brian Armstrong has changed his X platform avatar to a newly purchased CryptoPunk, after which the meme coin BRIAN, driven by the change in his avatar, significantly retraced. In the past 24 hours, the market capitalization of this token has dropped by about 86%, falling to approximately $1.5 million; during the same period, its trading volume in about 30 Uniswap liquidity pools was approximately $13.2 million, with total liquidity around $561,000.The report pointed out that Brian Armstrong had changed his X avatar to the "Coinbase Man" image corresponding to BRIAN on July 16, and posted "New profile photo - who dis," which the market initially interpreted as a signal of interest in the token, driving BRIAN to rise rapidly. The report emphasized that BRIAN is a community-created token, and Brian Armstrong is not the issuer and has not claimed any official association with it.

According to on-chain analyst Yu Jin's monitoring, through governance proposals, the Bonk treasury has been drained of $21.2 million. The address of BONK has transferred 40 billion BONK (worth $1.19 million) to Coinbase again.Since the first transfer early this morning, the price of BONK has dropped another 7%.

In response to the recent community controversy surrounding Base, crypto KOL Rune questioned on the X platform, stating that Cobie's goal in taking over the Base App is to promote on-chain transactions, but the current management of Base is continuously undermining user trust, leading users to believe that "trusting anything related to Base for more than 24 hours is a mistake." Under this culture, it is difficult to attract new users.In response, Cobie stated that he took over the Base App and related Coinbase trading products a few days ago, but he is not responsible for the Base chain. He acknowledged that Coinbase has long had a distance from users, especially native crypto users, and that Base and Coinbase have overdrawn a lot of user trust due to some avoidable mistakes. He hopes to listen more to the voices of on-chain users in the future and create products that users truly want to use.Subsequently, Rune responded again, stating that Coinbase's biggest problem is not just the alienation from users, but the long-term neglect and even harm to its own users. He indicated that currently over 10,000 Base users have suffered about 99% asset loss due to trusting the Base/Coinbase management, and the management's attitude towards related events has further exacerbated community dissatisfaction.Rune believes that Base has the infrastructure to become the best Layer2 in the crypto industry, but what is truly lacking is a leadership willing to take responsibility for users. He expressed hope that Cobie could change this situation, but emphasized that the current issues with Base are not just about damaged trust, but that community trust has almost completely eroded.

According to on-chain analyst @ai_9684xtpa, the Ondo team associated address (0xEA5...5e1) received 150 million ONDO from the Ondo team's multi-signature address on June 23, and 26.05 million ONDO, worth 9.79 million USD, was deposited to Coinbase 11 hours ago.This operation is consistent with the previous "receive coins, hold for a period, transfer to exchange" operational path, and the purpose is unknown.