据 Decrypt，最新联邦选举委员会（FEC）文件显示，加密交易所 Cryptocom 在今年 1 月向支持特朗普 的超级政治行动委员会 MAGA Inc. 再次捐赠了 500 万美元，使其在过去一年中对该 PAC 的总捐款达到 3500 万美元。在最新捐款后的几周内，Cryptocom 连续获得了美国多个监管机构的有利决策。上周，美 国商品期货交易委员会（CFTC）介入了 Cryptocom 与内华达州关于体育预测市场的诉讼，并提交了支 持该公司的动议；此外，美国财政部下属机构也于本周一有条件地批准了 Cryptocom 的国家信托银行牌 照申请。 来源：市场资讯 （来源：吴说） ...

Core Viewpoint - Robinhood's cryptocurrency business head, Johann Kerbrat, indicates that investor interest is shifting from major assets like Bitcoin and Ethereum to a broader range of cryptocurrencies as the market correction continues, with many users viewing the current trend as a "buy the dip" opportunity [1] Group 1 - Users are diversifying their investments across more cryptocurrencies [1] - Trading activity on the platform remains stable despite market fluctuations [1] - The staking feature, launched in December last year, has seen strong growth [1] Group 2 - Some users are beginning to explore DeFi applications [1]

Edwin Wong, Head of Risk Control at KuCoin, joins us at Consensus Hong Kong 2026 to break down the exchange's multi-billion dollar shift from listing speed to a trust-first global infrastructure. Backed by a $2 billion investment in custodial architecture and quadruple crown security certifications, KuCoin is redefining exchange operations through MiCA compliance and 36 consecutive months of proven reserves to end the era of platform uncertainty. ...

Group 1: Market Sentiment and Trading Activity - Whales have adopted a bullish stance on Coinbase Global, with 37% of trades reflecting bullish expectations and 34% bearish [1] - A total of 35 trades were detected, comprising 16 puts amounting to $2,478,336 and 19 calls totaling $1,353,282 [1] - The average open interest for options stands at 1847.28, with total volume reaching 7,608.00 [3] Group 2: Price Projections and Expert Opinions - Big players are targeting a price window for Coinbase Global between $5.0 and $400.0 over the past quarter [2] - Experts have set an average target price of $252.2 for Coinbase Global based on recent ratings [5] - Trading volume is reported at 4,920,233, with the stock price currently at $164.55, reflecting a 0.3% increase [6]

Core Viewpoint - Coinbase's recent quarterly report shows no positive aspects from a fundamental perspective, with declining trading volumes and income under pressure, indicating a highly sensitive business to digital asset prices and retail sentiment [1][16] Group 1: Market Reaction - Despite the disappointing earnings report, Coinbase's stock price rose unexpectedly, as some investors chose to buy at lower prices, indicating that the "failed report" did not trigger new panic [2][22] - The key issue is that when bad news no longer drives prices down, market focus shifts from whether fundamentals will worsen to whether the worst-case scenario has already been fully priced in [2][6] Group 2: Pre-report Dynamics - The decline in Coinbase's stock price occurred prior to the earnings report, as the volatility of Bitcoin and major crypto assets decreased, leading to reduced retail trading activity and lowered profit expectations for crypto exchanges [4][6] - The "weakness" presented in the earnings report was not a sudden event but rather a process that had been repeatedly discussed and priced in [6][7] Group 3: Market Sentiment and Positioning - The rebound in Coinbase's stock is not due to an improvement in fundamentals but rather a reflection of a market that has already priced in the worst expectations [16][22] - The current market sentiment indicates that the most aggressive pessimistic pricing phase may have passed, with Coinbase entering a bottoming phase characterized by a tug-of-war for new catalysts [17][19] Group 4: Trading Behavior - The recent rebound is driven by a change in funding logic, where the market has shifted from trend trading to position-based speculation, with a significant reduction in overall market positions and a defensive sentiment [10][12] - The remaining selling pressure decreases significantly after large-scale liquidation, allowing for a potential price stabilization as some investors perceive an improved risk-reward ratio [11][12] Group 5: Conclusion - The rebound does not signify a fundamental improvement but rather a calm confirmation of reality, where the market acknowledges that the pressures have been absorbed and traded repeatedly [21][22] - This phenomenon is not unique to Coinbase, as similar patterns can be observed in other high-volatility, cyclical industries, indicating a shift from one-sided sentiment to rational pricing [19][22]

Core Insights - Coinbase Global, Inc. reported a revenue of $1.78 billion for the quarter ended December 2025, reflecting a 21.6% decline year-over-year and a slight miss of 0.55% against the Zacks Consensus Estimate of $1.79 billion [1] - The earnings per share (EPS) was $0.66, significantly lower than the $3.39 reported in the same quarter last year, and also fell short of the consensus estimate of $0.92 by 28.26% [1] Financial Performance Metrics - Trading Volume reached $296.00 billion, exceeding the six-analyst average estimate of $279.23 billion [4] - Monthly Transacting Users (MTUs) were reported at 9.2 million, slightly below the average estimate of 9.37 million [4] - Institutional Trading Volume was $237.00 billion, surpassing the average estimate of $228.36 billion [4] - Consumer Trading Volume stood at $59.00 billion, above the five-analyst average estimate of $54.33 billion [4] - Total Subscription and Services Net Revenue was $727.4 million, marginally below the average estimate of $735.15 million, but showed a year-over-year increase of 13.5% [4] - Other Revenue was $71.09 million, slightly below the average estimate of $73.98 million, representing a 4.7% decline year-over-year [4] - Transaction Revenue was $982.7 million, falling short of the $1.03 billion estimate, marking a 36.8% decrease year-over-year [4] - Overall Net Revenue was $1.71 billion, below the $1.79 billion estimate, reflecting a 22.2% decline year-over-year [4] - Subscription and Services Revenue from Blockchain was $151.6 million, below the average estimate of $173.31 million, indicating a 29.5% year-over-year decline [4] - Other Subscription and Services Revenue was $151.7 million, exceeding the average estimate of $136.59 million, with a year-over-year increase of 66% [4] - Interest and Finance Fee Income from Subscription and Services was $59.9 million, slightly below the average estimate of $61.61 million, representing an 8.8% decline year-over-year [4] - Stablecoin Revenue was $364.1 million, surpassing the average estimate of $355.44 million, with a year-over-year increase of 61.2% [4] Stock Performance - Coinbase Global's shares have declined by 40.1% over the past month, contrasting with a minor decline of 0.3% in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 4 (Sell), suggesting potential underperformance relative to the broader market in the near term [3]

据 Axios 披露，加密货币交易平台 Backpack Exchange 正在以 10 亿美元投前估值洽谈新一轮融资。知 情人士称，该公司计划融资 5000 万美元，但最终融资规模可能进一步扩大。Backpack Exchange 由前 FTX 与 Alameda 团队成员创立。 （来源：吴说） ...

吴说获悉，韩国第二大加密交易所 Bithumb 发布公告，就 2 月 6 日发生的误发奖励事故再次致歉，并公 布补偿方案及改进措施。Bithumb 表示已向监管机构报告并配合调查。针对此次事故造成的损失， Bithumb 承诺全额赔偿，目前预估损失约 10 亿韩元。补偿方案包括：对事故期间低价卖出的用户进行 110% 赔偿（全额差价 + 10% 额外补偿）；对该时间段所有在线用户发放 2 万韩元补偿；所有用户 7 天 内交易手续费全免；设立 1000 亿韩元规模的"客户保护基金"以应对未来突发事故。此外，Bithumb 将 升级内部控制系统，加强资产验证及多重审批流程。 （来源：吴说） ...

Core Insights - A recent industry survey indicates that UK banks are currently intercepting or delaying approximately 40% of payments directed to cryptocurrency trading platforms [1] - 80% of surveyed exchanges reported a significant increase in customer payment issues over the past year [1] - One exchange noted that nearly £1 billion in transactions were rejected due to bank interceptions in the UK over the past year [1] - 70% of exchanges believe that the banking environment in the UK is becoming "more hostile," which is negatively impacting their investment, expansion, and hiring intentions in the UK [1]

Core Insights - Interactive Brokers (IBKR.US) reported better-than-expected earnings for Q4 2025, driven by strong customer trading volume and interest income, showcasing operational resilience in a volatile market environment [1][2] Financial Performance - Total net revenue reached $1.64 billion, in line with market consensus, and up from $1.61 billion in the previous quarter and $1.39 billion year-over-year [1] - Adjusted earnings per share (EPS) were $0.65, exceeding the market expectation of $0.59, and significantly higher than $0.57 in Q3 and $0.35 in the same quarter last year [1] Operational Metrics - Daily Average Revenue Trades (DARTs) increased by 30% year-over-year to 4.04 million, also higher than 3.62 million in Q3 [2] - Commission income rose by 22% to $582 million, driven by increased customer trading volume, with options, futures, and stock trading volumes growing by 27%, 22%, and 16% respectively [2] - Net interest income remained stable at $966 million, nearly unchanged from Q3 ($967 million) and significantly up from $807 million year-over-year [2] Customer Growth - Total customer accounts grew to 4.4 million, up from 4.13 million in the previous quarter and 3.34 million year-over-year [2] Cost Management - Execution, clearing, and distribution expenses for Q4 were $91 million, a 21% decrease year-over-year and slightly lower than the previous quarter [3] Strategic Initiatives - The company is expanding its cryptocurrency and prediction market product offerings, recently allowing customers to fund their brokerage accounts using USDC stablecoin, enhancing transaction speed and flexibility [3] - As of the beginning of December, customer accounts reached 4.399 million, a 32% year-over-year increase, with daily average revenue trades at 3.384 million, up 4% year-over-year but down 21% from November [3]