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]

Digital asset exchange market share analysis: May 2025@Binance maintains derivatives leadership with $2.30T volume and 35.9% market dominance (+0.62% MoM).Key movers:@Gate: +69.9% volume growth, +1.20% market share to 4.13%@HTX: +40.4% volume expansion https://t.co/9Zou2JoJ2v ...