Solana's Vision - Solana aims to host every asset and market on a single, globally distributed state machine, synchronized at the speed of light [2] - Solana envisions the emergence of internet capital markets [2] Market Scope - Solana targets a wide array of financial instruments, including stocks, bonds, lending, money markets, foreign exchange, commodities, derivatives, private equity, venture capital, hedge funds, real estate investment trusts, asset-backed securities, municipal bonds, treasury securities, corporate bonds, convertible bonds, preferred stocks, common stocks, options, futures, swaps, credit default swaps, mortgage-backed securities, collateralized debt obligations, exchange-traded funds, mutual funds, index funds, closed-end funds, unit investment trusts, American depositary receipts, global depositary receipts, warrants, rights offerings, initial public offerings, secondary offerings, private placements, repurchase agreements, commercial paper, certificates of deposit, banker's acceptances, Eurodollars, currency forwards, interest rate swaps, equity swaps, total return swaps, structured products, contingent convertible bonds, green bonds, Sukuk, catastrophe bonds, inflation-protected securities, zero-coupon bonds, and floating rate notes [1]

I'd like to start with you s on the notion of cryptocurrencies. If we talk about the status of what we're, you know, kind of looking at these days, we know that the fund business has now gotten much more into the ability for investors to park their money in cryptocurrencies, but in ETF format. You run one specific product tied to a specific cryptocurrency, and that's XRP.maybe take us through just what was the impetus behind launching an XRPbased ETF for a guy who's basically run commodity related funds for ...

curve futures open interest just broke ath at $477m. spot liquidity providers are dead. massive rotation into structured products and sophisticated derivatives playing out. simple pairs trading is for rookies now.basic spot yields getting murdered by complex strategies ...

spot markets are for boomers now• derivatives volume crushing spot• settlement layer is the real game• cross chain flows eating cefi's lunchliterally watching the market evolve in real time ...

daily eth production: 2,008daily etf demand: 231,00050.3b in derivatives open interest29.7% of supply stakedotc desks running dry8yr low exchange balances1b in shorts liquidate at 3.8kgame recognize game ...

Product Launch - Kraken Derivatives US, a CFTC-regulated crypto derivatives platform, has been launched, integrated directly into Kraken Pro [1] - Clients in Vermont, West Virginia, North Dakota, Mississippi, and Washington D C can now access CME-listed Bitcoin, Ethereum, and Solana futures [2] - The platform is built on infrastructure acquired from NinjaTrader and optimized for Kraken's core platform [3] Market Structure - Real-time collateral portability between spot and futures is enabled [3] - Transparent and compliant access via DCM/FCM rails is provided [3] - Integrated risk management, order routing, and position monitoring are available [3] - Institutional-grade liquidity on contracts for BTC, ETH, and SOL is offered [3] Future Plans - Futures on additional asset classes, including commodities, FX, equity indices, and bonds, are on the roadmap [4] - The goal is to build a single system that works across trading modalities: spot, margin, and derivatives [3]

Strategic Acquisition - Coinbase acquires Opyn's leadership team [1] Business Development - The acquisition aims to expand Coinbase's onchain derivatives offerings [1]

It amazes me that even in 2025 most CT participants still have not internalized the very basic principle that 99% of the time derivatives are worthless compared to the originalLook for shiny new toys or *novel* iterations on interesting ideas.Simple reskins are only interesting to morons ...

Core Insights - Coinbase Global's long-term growth strategy heavily relies on technology and development spending, which is crucial for innovation, platform scalability, and maintaining a competitive edge in the digital asset space [1][4] - In Q1 2025, technology and development expenses accounted for 17% of total revenues, supporting upgrades to core systems and enhancing platform resilience [2][8] - The focus on technology and development allows Coinbase to adapt to industry trends such as decentralized finance (DeFi), staking, derivatives, and NFTs, broadening revenue sources beyond transaction fees [3][4] Competitive Landscape - Robinhood Markets also emphasizes technology and development expenses for long-term growth, enhancing platform stability and user experience in the fintech and digital asset landscape [5] - Interactive Brokers Group, Inc. relies on technology and development to maintain a high-speed, low-cost trading platform, supporting global expansion and sophisticated tool introduction [6] Financial Performance - Coinbase's shares have increased by 42.3% year to date, outperforming the industry [7] - EPS estimates for COIN for 2025 and 2026 have risen by 22.8% and 2.7%, indicating an improved outlook [8][10] - The Zacks Consensus Estimate for COIN's second and third-quarter 2025 EPS has increased by 10.3% and 7.1%, respectively, over the past 30 days [10] Valuation Metrics - COIN currently trades at a price-to-earnings ratio of 57.1, significantly above the industry average of 15.8, but carries a Value Score of F [9]

Market Trend Analysis - The market is seeing a trend of associating new tokens with "USELESS" coin, indicating a potential hype cycle around this concept [1][2] - Derivatives and knockoffs of "USELESS" coin are emerging, suggesting a high level of market attention and speculative interest [1][2] Investment Opportunity - The report suggests that the continued interest in "USELESS" derivatives indicates that many investors have missed out on the initial "USELESS" coin pump [2] - The author believes "USELESS" coin has significant upside potential, regardless of short-term price fluctuations or market volatility [2][3] Risk Assessment - The report highlights the speculative nature of the market, with investors chasing "USELESS" derivatives and knockoffs [2] - The trend of associating new coins with "USELESS" could be a sign of a bubble or unsustainable hype [1][2]