performance

Coinbase released its Q4 and full-year financial report for 2025. Despite the overall downturn in the crypto market, Coinbase achieved several historical highs, with trading volume and market share doubling, although Q4 revenue slightly missed expectations and recorded a net loss.In Q4, Coinbase reported a net loss of $667 million, with a loss per share of $2.49, far exceeding analyst expectations. Total revenue was $1.78 billion, a decrease of 5% quarter-over-quarter and approximately 22% year-over-year, falling short of market expectations of $1.83 billion to $1.85 billion. Adjusted earnings per share were $0.66, with adjusted net income of $178 million and adjusted EBITDA of $566 million.Q4 was challenging for Coinbase, but the full-year performance was strong, with total trading volume reaching $5.2 trillion, a year-over-year increase of 156%. The crypto trading market share doubled to approximately 6.4%, and subscription and service revenue grew by 23% to about $2.8 billion. The number of Coinbase One paid subscribers approached 1 million, and platform assets and USDC balances reached all-time highs.Coinbase stated that it is advancing its "Everything Exchange" strategy, which includes the expansion of derivatives and stablecoin payments. Despite short-term pressures from the bear market, Coinbase still views 2025 as a strong year and remains optimistic about product innovation and market recovery in 2026.

According to official news, LayerZero has announced the launch of the Layer 1 blockchain network Zero. It is reported that LayerZero positions Zero as a ------ multi-core world computer, indicating that the network fundamentally changes the current blockchain paradigm limited by single-threaded, homogeneous architectures.By utilizing zero-knowledge proof technology, the Zero network can support two different categories of validators: lightweight block validators that can run on low-end consumer hardware, and optional high-performance block producers. The system achieves a practical scalability roadmap of 2 million transactions per second for each Zone by addressing four major bottlenecks. The solutions include QMDB for state storage, FAFO for parallel computing scheduling, Jolt Pro for real-time zero-knowledge proof generation, and SVID for high-throughput networks.

JPMorgan has lowered Coinbase's target price from $399 to $290, citing factors such as a decline in cryptocurrency market trading volume, weakening asset prices, and a slowdown in USDC growth. However, the firm maintains an "Overweight" rating on Coinbase.Analysts expect Coinbase's adjusted EBITDA for the quarter to drop to approximately $734 million, a significant decline from the previous quarter, primarily impacted by reduced spot trading volume and weakened stablecoin-related revenue. JPMorgan anticipates spot trading volume for the quarter to be around $263 billion, with stablecoin-related revenue of about $312 million. Although the acquisition of the derivatives exchange Deribit by Coinbase brings additional revenue contributions, the overall market downturn continues to exert pressure on performance.In addition to JPMorgan, institutions such as Barclays and Compass Point also hold a more cautious stance, believing that retail trading, blockchain rewards, and subscription and service revenue may fall short of expectations, and continue to be highly dependent on the overall trend of the cryptocurrency market.

According to Gate market data, the S&P 500 index opened up 9.13 points on February 10 (Tuesday), an increase of 0.13%, at 6,973.92 points; the Nasdaq Composite index opened up 22.64 points, an increase of 0.1%, at 23,261.31 points; the Dow Jones index opened up 247.25 points, an increase of 0.49%, at 50,383.12 points.

As global macro uncertainties persist, major risk assets experienced phase fluctuations at the beginning of February. In terms of stock indices, the Dow Jones Industrial Average recently broke through the 50,000 point mark, while the S&P 500 and NASDAQ showed volatile movements, with increased index fluctuations, and market attention on the short-term trends of core indices continues to rise.Against the backdrop of expanding demand for index trading, Gate's index contracts have performed particularly well. According to CoinGlass data, in the past 4 hours, the top three in terms of open interest growth all came from the Gate platform, with US30 (Dow Jones Industrial Average) seeing an open interest increase of 1233.34% in 4 hours; NAS100 (NASDAQ 100 Index) recorded a growth of 814.95% during the same period; and SPX500 (S&P 500 Index) increased by 188.29%. The data indicates that funds are accelerating towards mainstream index contracts, with short-term trading sentiment significantly heating up.Currently, Gate contracts comprehensively cover traditional financial assets including stocks (48 types), metals (11 types), forex (3 types), commodities (2 types), and indices (13 types), supporting 24/7 continuous trading with a maximum leverage of 100 times. Gate is continuously building a multi-asset contract system that covers mainstream TradFi assets, creating the industry's most comprehensive trading area for index and traditional financial asset contracts.

CryptoQuant released a report indicating that on-chain data signals show the current market downturn is deepening, performing worse than the early stages of the 2022 bear market, with BTC prices potentially dropping towards $60,000.The next major support zone for BTC is between $60,000 and $70,000, and there is widespread structural weakness in the crypto market. Institutional demand has sharply reversed, with U.S. spot BTC exchange-traded funds shifting from net buying last year to net selling, while retail participation remains sluggish, with Coinbase premiums consistently negative since mid-October. Liquidity conditions are also tightening.Additionally, long-term demand growth has significantly collapsed, with annual spot demand for BTC dropping from 1.1 million BTC to 77,000 BTC over the past four months, a decline of 93%.

Matrixport released a chart today stating that although Bitcoin has dropped about 14% since the beginning of the year, crypto-related stocks overall have still outperformed BTC. However, within the sector, individual stock returns have shown significant divergence.Specifically, brokerage and trading platforms (such as Robinhood and Coinbase) have seen double-digit pullbacks; while some Bitcoin mining companies, after shifting their focus to AI data centers, have recorded double-digit gains year-to-date despite last week's pullback. This divergence indicates a change in the market's pricing approach. In the past, the market tended to treat crypto assets as a whole that moved "up and down together"; now, it is beginning to assess based on different companies' business models and primary business directions.As a result, the correlation between related stocks and Bitcoin has decreased, opening up Alpha space at the individual stock level. The noticeable dispersion of year-to-date (YTD) returns in the table is a direct reflection of this change.

Yi Lihua posted on platform X, stating that as a bull in this cycle, he remains optimistic about the performance of the new bull market, expecting ETH to reach over $10,000 and BTC to exceed $200,000.Yi Lihua mentioned that recent adjustments to positions were made solely to control risk, and his expectations for the future bull market have not changed. Regarding the liquidity shortage and manipulation issues caused by the 1011 incident, Yi Lihua believes that the long-term trend of cryptocurrencies remains unchanged. If calculated based on investment returns over the next three years, we are currently in a spot buying phase. Although volatility may lead to investors exiting the market, a larger rebound often follows.

Nomura Holdings' stock price fell by 5.3% to 1,338 yen during the morning session on the 2nd. This followed the company's disclosure of its financial report, which indicated losses in its cryptocurrency business, leading to a negative market reaction.Reports indicate that Laser Digital Holdings, Nomura's Swiss subsidiary engaged in cryptocurrency trading, recorded losses in the quarter due to market volatility, although the specific amount has not been disclosed. Analysts estimate that the losses could exceed 10 billion yen. Nomura's CFO stated that they have reduced risk exposure through stricter position management but still believe that the cryptocurrency business has growth potential in the medium to long term.The financial report showed that Nomura Holdings' consolidated net profit for the third quarter was 91.6 billion yen, below the market expectation of 95.1 billion yen. Additionally, the company announced a stock repurchase plan of up to 60 billion yen, accounting for approximately 3.2% of the issued shares.

SoSoValue's high-performance Layer 1 network ValueChain and its core trading sub-chain SoDEX have officially announced the full launch of the mainnet (open to the global public, no invitation code required).The full launch of SoDEX marks the completion of the SoSoValue ecosystem's closed loop from "data investment research (SoSoValue)" to "on-chain trading (SoDEX)" and then to "asset allocation (SSI)" financial infrastructure. The platform token $SOSO also receives a significant upgrade, officially becoming the native Gas and governance token of the ValueChain mainnet.The core competitiveness of SoDEX lies in its high-performance architecture based on Layer 1 ValueChain. According to official sources, SoDEX's current tested performance has reached 100,000 TPS, achieving architectural breakthroughs in the decentralized trading field:L1 native matching: SoDEX innovatively distributes the matching engine across different validating nodes on Layer 1. This makes it one of the few trading systems in the industry that can fully implement matching logic on-chain, achieving the extreme speed of centralized exchanges (CEX) while ensuring absolute transparency and security of assets through L1 consensus.One-stop purchase of high-quality assets across the chain: Leveraging the multi-subchain composite architecture of L1, SoDEX connects independent high-performance Spot (spot) and Perps (contract) trading sub-chains, unified under the EVM account system. This means users can trade crypto-native assets and real-world assets (RWA) such as gold and silver in a one-stop manner without switching accounts, greatly enhancing capital efficiency and the convenience of asset allocation.Institutional-level cross-chain security: The system reuses the Mirror Protocol infrastructure of the SoSoValue Indexes Protocol, adopting a combination of third-party custody and Bridge solutions, significantly enhancing the security of multi-asset cross-chain transactions.During the SoDEX testnet period, it attracted over 400,000 user registrations, with an average daily on-chain order volume reaching 3.9 million.According to official sources, this Public Launch will simultaneously launch the SoPoints points system and directly inject 150 million $SOSO as an early ecosystem incentive pool. This plan aims to reward genuine trading behavior and liquidity contributions, emphasizing verifiable on-chain actions as the basis for incentives, allowing every investor an equal opportunity to enjoy the benefits of decentralized finance.

Coinglass data shows that the return rate of Bitcoin in 2026 is -10.17%, marking the fifth lowest record since 2013, below the average return rate of 2.81% and the median return rate of 0.29%; the return rate of Ethereum in 2026 is -17.52%, marking the third lowest record since 2017, far below the average return rate of 16.81% and the median return rate of 15.9%.

According to Jinshi reports, U.S. stocks closed on Wednesday with the Dow Jones Industrial Average initially up 0.03%, the S&P 500 slightly down, and the Nasdaq up 0.17%. Intel (INTC.O) rose 11%, Nvidia (NVDA.O) increased by over 1%, and Micron Technology (MU.O) gained 6%. The Nasdaq Golden Dragon China Index closed up 0.3%, with Alibaba (BABA.N) rising 1.7%.

According to Jinshi News, Federal Reserve Chairman Powell stated that good progress has been made on interest rates, and that they are currently in a favorable position to observe economic performance, emphasizing that they will let the data speak.

According to Jin Ten, Federal Reserve Chairman Powell stated that, overall, the economy is performing stronger than the predictions made in December.

Bloomberg ETF analyst Eric Balchunas posted on social media, "Seeing some panic among Bitcoin holders (and the schadenfreude from bears) seems quite shortsighted to me. Since 2022, Bitcoin is up 429%, gold is up 177%, silver is up 350%, and QQQ is up 140%. In other words, Bitcoin's performance in 2023 and 2024 has left other assets far behind (but many seem to have forgotten this). Even if other assets later have 'the best year ever,' and Bitcoin is in a slump, they still haven't caught up to Bitcoin's performance. In my view, what is really happening is that the narrative of 'institutionalization' has been priced in by the market too early and too quickly, and this pricing was completed before it actually materialized. Therefore, Bitcoin needs a period of consolidation for reality to catch up with the previous price increases."

According to CoinGecko data, after its launch, the SKR price quickly surged from an opening low of around $0.006, with a maximum increase of over 10 times (reaching the $0.06+ range), and is currently stabilizing around $0.036--$0.044. The global 24-hour trading volume has exceeded $250M, with the Bybit SKR/USDT trading pair making a significant contribution (accounting for about 13%+, with a volume of over $31M), ranking among the top in CEX.Bybit, with its deep liquidity and low slippage advantages, provides an efficient price discovery environment for newly launched assets. The SKR Token Splash event launched simultaneously (with a total prize pool of 9,000,000 SKR, Spot 6M + Alpha 3M, double reward model) further stimulates trading participation, with over 5,500 participants currently involved. Bybit Alpha has also launched the SKR-USDC liquidity pool, and strong trading demand has rapidly amplified on-chain transaction volume, driving the SKR-USDC liquidity pool yield to soar as high as 980%, making it one of the most popular liquidity opportunities recently.Starting in 2025, Bybit will continue to deepen its layout in the Solana ecosystem, including incubating Byreal DEX (Solana's native decentralized exchange), launching Bybit Alpha (an on-chain gasless trend capture tool that supports high-yield staking), and supporting Solana asset trading through Spot/Perps full-chain services. The simultaneous launch of "Full House" once again highlights Bybit's first-mover and in-depth advantages in the Solana new coin track.

According to a well-known on-chain analyst Ai Yi, the era of mindless speculation and getting rich quick through ICOs and meme coins seems to be over. Losses are forcing investors in the crypto space to start conducting research, and project teams also need to present real value.When comparing the 24-hour and 7-day price fluctuations of 10 recently launched Alpha and spot tokens, and combining it with Rootdata's "project transparency" metric, it is found that the drawdown of spot tokens is slightly better than that of Alpha, and the rebound strength is also stronger; the level of information disclosure for spot tokens (average 74.7%) is significantly higher than that of Alpha (62.7%).Overall, spot tokens with high levels of public disclosure perform better than Alpha, thus making it more difficult for certain project teams to exploit information asymmetry to profit from retail investors.

According to a well-known on-chain analyst, Ai Yi, the era of blindly gambling for wealth through ICOs and meme coins seems to be over. Losses are forcing investors in the crypto space to start doing research, and project teams need to present real value.When comparing the 24-hour and 7-day price fluctuations of 10 recently launched Alpha and spot tokens, and combining it with Rootdata's "Project Transparency" metric, it is found that the drawdown of spot tokens is slightly better than that of Alpha, and the rebound strength is also stronger; the level of project information disclosure for spot tokens (average 74.7%) is significantly higher than that of Alpha (62.7%).Overall, spot tokens with higher levels of public disclosure outperform Alpha, thus making it more difficult for certain project teams to exploit information asymmetry to harvest retail investors.