Market Share Climbs for a Third Straight Quarter

Coinbase disclosed the milestone in its second-quarter 2026 earnings release yesterday, calling it the third consecutive quarter of market-share gains for what the company now brands its “Everything Exchange.” Crypto trading volume market share rose to 10.3%, up from 9.1% in the first quarter and well above the 8.6% record the company had reported just two quarters earlier.

The gain came despite a broadly weaker market, given that the sector’s total capitalization declined 11% quarter over quarter and industry-wide spot trading volumes fell 25%. Coinbase processed $146.4 billion in crypto spot trading volume during the quarter and reached an all-time high in crypto derivatives trading volume market share for the third straight quarter as well.

CEO Brian Armstrong took to X and stated that the results were a validation of the exchange’s diversification push, telling shareholders the company stores more crypto than any other platform and remains the leading stablecoin platform globally.

Management struck a similar tone elsewhere in the release, arguing that the future of finance is moving onchain and that Coinbase is best positioned among exchanges to power that shift.

The Numbers Behind the Miss

The market-share record came alongside a rockier headline number as Coinbase reported total revenue of $1.2 billion, below the roughly $1.35 billion Wall Street had expected, and posted a net loss of $359 million, or $1.36 per share. Transaction revenue fell 21% quarter over quarter to $599 million as softer trading activity across the industry weighed on Coinbase’s largest legacy revenue line.

Even with the miss, the crypto giant extended its streak of positive adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) to 14 consecutive quarters, posting $207.8 million in adjusted EBITDA for the period. That consistency has become a talking point for the company as it tries to convince investors that its business model has matured beyond boom-bust trading cycles.

Diversification Away From Bitcoin

The clearest evidence of that shift shows up in Coinbase’s revenue mix. Subscription and services revenue, which includes staking, custody and stablecoin-related income, hit a record $555 million in the quarter, or 48% of net revenue, up from just 29% at the end of 2024 and a mere $6 million back in the second quarter of 2020.

Bitcoin-related transactions now make up just 12% of Coinbase’s total revenue, down from more than half historically, while revenue excluding bitcoin spot trading has climbed to 88% of the total. Average USDC held across Coinbase’s products reached an all-time high of $20 billion during the quarter, and stablecoin transaction volume on Coinbase’s Base network rose sevenfold year over year, part of a broader stablecoin market that has processed more than $37 trillion in transaction volume so far in 2026.

Prediction markets emerged as a standout growth line as well, with revenue from contracts more than doubling, up 106% quarter over quarter and crossing $100 million in annualized revenue for the first time.

What’s Next

Coinbase is leaning further into that diversification with the planned launch of US500, a perpetual-style index product tracking the largest publicly traded American companies, aimed at giving U.S. traders exposure to equities markets through Coinbase’s derivatives infrastructure. Armstrong has described it as part of a broader move to bring “every asset on earth,” from stocks to real estate, onto crypto rails.

Whether that strategy can offset a softer bitcoin trading environment will be the key question heading into the third quarter.

• Bybit’s new simulator previews both Dual Asset settlement outcomes clearly.
• Redesigned interface reduces steps needed to compare terms and place orders.
• VIP-tier products with enhanced APR rates open to all users every Friday.

Bybit said on Friday that it had upgraded its Dual Asset product with a new investment simulator, a simplified interface and broader access to products carrying VIP-tier annual percentage rates.

The Dubai-based company, which describes itself as the world’s second-largest cryptocurrency exchange by trading volume, said the changes are intended to make the short-term structured investment product easier to understand and use.

Bybit Dual Asset is a non-principal-protected product that allows users to set a target price for buying or selling cryptocurrency.

Investors earn APR rewards on their principal at settlement, regardless of whether the selected target price is reached.

A simulator for settlement outcomes

The main addition is a simulator that lets users preview potential outcomes before placing an order. Traders can choose a token from a searchable list, enter their investment amount and select from the available durations.

The tool displays the two possible settlement scenarios side by side in a single illustration, giving users a clearer view of the product’s possible outcomes.

A “Match My Assets” filter also highlights coins based on a user’s existing holdings.

Bybit said this feature is designed to make product selection more efficient. Users can reach the simulator by switching on “Beginner Mode” under “Choose Product Plan”.

The company has also redesigned the wider Dual Asset interface. The updated layout reduces the number of steps needed to compare product terms and place an order.

VIP products open to all on Fridays

Bybit is also expanding access to Dual Asset products previously limited to VIP customers. Every Friday, all users will be able to access selected VIP-exclusive products with enhanced APR rates without holding a VIP membership.

The weekly access window extends the higher-rate offering to a broader section of the exchange’s user base while retaining the existing product structure.

Bybit said users can earn a competitive yield when a target trade is executed, settling at the preset price while also receiving APR rewards.

The product may also allow users to buy at a lower price or sell at a higher price than through a direct trade when the target price is reached.

When the target is not triggered, users receive their principal back together with the APR rewards accrued during the investment period.

The company noted, however, that the product remains non-principal-protected and that terms, eligibility requirements and potential restrictions apply.

Key Takeaways:

• Aviva Investors introduced the first tokenized fund share class on the XRP Ledger.
• The Central Bank of Ireland approved the regulated tokenized structure.
• The launch widens institutional presence of blockchain-based money market funds.

Aviva Investors has officially taken the plunge into the tokenized asset market with the launch of its US Dollar Liquidity Fund, in partnership with Ripple, on the blockchain.

This new product is a combination of a regulated money market fund and tokenization on the XRP Ledger (XRPL), which will be a significant milestone in this type of traditional investment products entering blockchain infrastructure.

Aviva Brings Its First Tokenized Fund to XRPL

Aviva Investors unveiled its first tokenized investment product – a tokenized share class in its US Dollar Liquidity Fund. The new share class trades on the XRP Ledger, but will have the same objective, liquidity, risk profile, and regulatory protections as the traditional share class.

The USD Liquidity Fund was started in 2020 to offer the highest quality of short-term debt securities in the U.S. dollar and then offer the lowest level of investment risk combined with daily investment liquidity.

New investors who are already eligible to join the fund’s currently established tokenized share class with compatible digital wallets will be able to sign up to the tokenized fund class, but will still have the underlying assets being protected by The Bank of New York Mellon.

Regulatory Approval Marks Industry Milestone

The tokenized share class received approval from the Central Bank of Ireland, which Aviva described as a regulatory first for this type of fund structure.

The launch also involves several institutional partners. Ripple provides the blockchain infrastructure through XRPL, Komainu serves as the regulated digital asset custodian, and Licuido supplies the tokenization platform that converts traditional fund shares into blockchain-based digital assets.

Aviva said the structure has been designed to operate entirely within existing regulatory frameworks, allowing tokenization without changing how the underlying portfolio is managed.

Ripple Expands Institutional Tokenization Strategy

The launch marks the ability of blockchain-native infrastructure to enable regulated financial products and not speculations on crypto assets, Ripple said.

The key factors that led to the choice of the XRP Ledger were its speed of settlement, low fees, and suitability for institutions. Ripple says XRPL has generated over 4 billion transactions since its launch in 2012, near 8 million active wallets and been maintained by over 130 independent validators.

The company thinks regulated tokenized funds have the potential to make the fund issuance, transfers and administration more efficient, while also retaining investor protections in traditional finance.

Tokenization Continues Moving Into Mainstream Finance

Aviva Investors and Ripple’s strategic partnership announced earlier this year to explore fund tokenization will be followed by the launch.

Read More: Ripple Shifts to Digital Assets Custody

Traditional Asset Managers Accelerate Blockchain Adoption

Increasingly, asset management firms have been interested in tokenizing real-world assets, including money market funds, government-backed securities and private credit. From the financial institution perspective, tokenization may involve modernization of funds distribution, lowering settlement friction, enhanced operational efficiency and more than that without betraying on investment strategy.

Aviva Investors is deploying their first production offering in this emerging segment of the markets with the tokenized USD Liquidity Fund. The product is a testament to the fact that regulated and institutional-grade investment funds can be issued on public blockchain infrastructure, while maintaining full compliance with financial laws, which could open the door to mainstreaming tokenized investment funds in global asset managers, says Ripple.

Read More: Ripple Unveils $13T-Scale Treasury System With Native Onchain Crypto Integration

TLDR

• ETH price stalled below the $2,000 resistance after rising from nearly $1,520.
• The TD Sequential indicator flipped to a sell signal after calling Ethereum’s July rebound.
• Ethereum traded below the 20-period and 50-period EMAs on the four-hour chart.
• Support remained near $1,878, with the 200-period EMA around $1,844 as the next level.
• Ethereum open interest fell from about $13.47 billion to nearly $13.31 billion.

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Ethereum’s rebound is losing strength after the ETH price failed to break above the $2,000 level. The asset rose from about $1,520 in early July to nearly $1,980 last week. That move marked its highest level in several months.

The rally has slowed as traders watch a bearish signal from the TD Sequential indicator. The same tool flashed a buy signal near the July low before Ethereum recovered. It has shifted to a sell signal as ETH trades below key short-term levels.

TD Sequential Turns Bearish After ETH Rally

Market analyst Ali Martinez said the TD Sequential has tracked recent Ethereum reversals closely. The indicator showed a buy setup when ETH fell near $1,520. Ethereum then gained sharply and moved toward the $2,000 resistance zone.

Source: X

Martinez said the indicator has now produced a sell signal. The signal suggests that the recent upward move may be losing momentum. Ethereum has failed to hold above $1,900, which has kept buyers under pressure.

ETH Price Holds Near Immediate Support

The ETH price traded near $1,883 on the four-hour chart after falling below its 20-period and 50-period exponential moving averages. The 20-period EMA stood near $1,904.89, while the 50-period EMA was close to $1,900.10.

Ethereum remained slightly above the 100-period EMA at $1,878.53. This level now acts as support. A break below it could open the way toward the 200-period EMA near $1,844.60.

Source: TradingView

The MACD showed weaker momentum. The MACD line stayed below the signal line, while the histogram moved deeper into negative territory. Buyers need to reclaim the $1,900 to $1,905 range to improve the short-term structure.

Analysts Warn of Another Rejection

Crypto Lens said Ethereum has remained between $1,860 and $1,955 as selling pressure limits the recovery. The analyst expects ETH price to test $2,000 before another decline begins. The projected downside range sits between $1,400 and $900.

ETHEREUM stuck at $1860-$1955 range for a reason.

The real $ETH Bull Trap is just getting started.

ETH will first rally into the $1,900–$2,000 resistance zone.

Then the real capitulation begins.

My roadmap:

1. Rally to 1,900–2,000
2. 7–10 days of distribution
3. Final bottom… pic.twitter.com/4hreCqO5YO

— Crypto Lens (@crypto_lens_) July 28, 2026

Crypto Rover focused on the ETH/BTC pair. Ethereum has formed lower highs and lower lows against Bitcoin during the past year. The pair recovered from about 0.025 in June to 0.03, but it still trades below previous peaks.

Rover expects another rejection that could push the pair below 0.0235. That move would place Ethereum at a fresh multi-year low against Bitcoin and show continued weakness relative to the market leader.

I’m sorry, bulls.$ETH vs $BTC keeps forming lower highs, and the latest rally is already losing momentum.

The same thing happened last time before ETH/BTC fell to a new low. pic.twitter.com/Si09I1gfIN

— Crypto Rover (@cryptorover) July 30, 2026

Open Interest Falls as Liquidations Rise

Ethereum open interest fell from about $13.47 billion to nearly $13.31 billion during the past day. The decline showed that traders reduced leveraged positions as ETH moved toward $1,880. Open interest later recovered slightly, but activity remained cautious.

Source: TradingView

Liquidation data showed losses on both sides of the market. Long liquidations reached about $3.8 million during the price decline. Short liquidations also rose during brief rebounds, with one cluster near $4 million.

Source: TradingView

The data shows that Ethereum remains in a fragile range. Support near $1,878 and resistance above $1,900 now shape the next move. A break from either level could guide the ETH price direction in the coming sessions.

Evernorth Holdings, an XRP fund preparing for a Nasdaq listing, has disclosed its executive compensation structure, tying management pay to aggressive business growth. 

According to a fresh Amendment No. 5 to its Form S-4, filed with the SEC, the company’s key executives received contracts ahead of the listing that include target bonuses equal to 50% of their salaries and multimillion-dollar equity packages.

The company is finalizing a merger with Armada Acquisition Corp. II, a SPAC platform backed by Arrington Capital, and plans to trade under the ticker XRPN, seeking to become the world’s largest publicly traded XRP treasury.

To motivate the team during this stage, Chief Legal Officer Jessica Jonas received a base salary of $400,000 and an Restricted Stock Units (RSU) package worth $4.5 million. Chief Growth Officer Sagar Shah and Chief Operating Officer Megumi Nakamura were each granted $300,000 in fixed annual compensation and $2.8 million in equity awards.

$38 million paper loss, but bonuses hold

This generous compensation structure comes as the broader crypto market continues to place significant pressure on Evernorth’s own balance sheet. The company currently holds a substantial reserve of 473 million XRP tokens. 

Although the project raised more than $1 billion in gross proceeds through its financing rounds, the recent decline in the token’s price forced the company to recognize a $38.4 million impairment loss on its digital assets.

As a result, the current value of the fund’s cryptocurrency reserves was adjusted to $640 million at the end of July.

Nevertheless, the company’s institutional backing remains solid. In addition to its sponsors at Arrington Capital, the XRPN project is directly supported by Ripple, Japanese financial giant SBI Holdings, Pantera Capital and crypto exchange Kraken.

For traditional investors, the listing could become a major regulated gateway into the XRP ecosystem, while the documents filed with the SEC indicate that the fund’s management appears prepared to take a long-term approach despite the current unrealized losses.

We’re thrilled to announce that BNKR is available for trading on Kraken!

Funding and trading

BNKR trading is live as of July 29, 2026.

Make sure to deposit your tokens into networks supported by Kraken. Deposits made using other networks will be lost.

Here’s some more information about this asset:

Bankr (BNKR)

Bankr (BNKR) is the financial OS for the agent economy onchain — a full suite of agentic infrastructure that lets agents trade, transact, and fund themselves. The Bankr stack includes a non-custodial AI agent that executes swaps, limit orders, and token launches from natural-language commands, accessible on X and the Bankr Console. Per Bankr, BNKR launched in December 2024 as a 100% fair launch — full supply seeded into a Uniswap V3 pool on Base, unlocked from day one. BNKR has a total supply of 96,972,442,200 tokens, minting permanently disabled, following a 3.04% burn in October 2025. BNKR is the native token of Bankr, powering the agentic economy onchain.

Please note:  

• Trading via Kraken App and Instant Buy will be available once the liquidity conditions are met (when a sufficient number of buyers and sellers have entered the market for their orders to be efficiently matched).
• Geographic restrictions may apply

Will Kraken make more assets available?

Yes! But our policy is to never reveal any details until shortly before launch – including which assets we are considering. All of Kraken’s available tokens can be found here, and all future tokens will be announced on our Listings Roadmap and social media profiles. Our client engagement specialists cannot answer any questions about which assets we may be making available in the future.

TLDRs;

• Plug Power surged nearly 8% as Bloom Energy’s strong AI-related results sparked a broad fuel-cell stock rally.
• Bloom posted record revenue, positive cash flow, and improved margins, highlighting a widening performance gap with Plug.
• Plug has recovered only part of its recent losses and still trades below its level from late July.
• Investors are now focused on Plug’s liquidity, upcoming quarterly results, and potential data-center power contracts.

Plug Power shares rallied sharply on Thursday, gaining nearly 8% as renewed enthusiasm for AI-related power infrastructure lifted fuel-cell companies across U.S. markets. The move followed a blockbuster quarterly report from Bloom Energy, whose record revenue growth and cash generation reinforced investor optimism that artificial intelligence is creating a significant new market for onsite power systems.

The advance snapped a six-session losing streak for Plug Power and briefly pushed the stock above the psychologically important $2 level. While the rally provided relief for shareholders after a difficult stretch, analysts noted that much of the sector’s excitement was driven by Bloom Energy’s operational performance rather than any major financial breakthrough from Plug itself.

AI power demand ignites sector

Bloom Energy emerged as the clear leader of the day after reporting second-quarter revenue of $1.065 billion, up more than 165% from a year earlier. The company also generated positive operating cash flow of $226.4 million and reported a gross margin above 33%, reinforcing the view that demand for AI-related electricity infrastructure is accelerating.

Plug Power Inc., PLUG

Bloom’s management said the company is increasingly becoming a preferred provider of onsite power solutions for data centers running artificial intelligence workloads. The results prompted Mizuho to upgrade the stock to “Outperform” and set a $242 price target, citing Bloom’s speed-to-power advantage and substantial financing capacity.

The strength spilled over to the broader fuel-cell group. FuelCell Energy surged more than 28%, Ballard Power rose nearly 9%, and Plug Power gained 7.9% to around $2.05 during afternoon trading. Even with those gains, the performance gap within the sector remained significant, with Bloom outperforming Plug by more than 17 percentage points.

Plug rebounds after six losses

For Plug investors, the rally marked a notable change in momentum. The stock had fallen from $2.27 on July 21 to $1.90 on July 29, a decline of more than 16% over six consecutive sessions. Thursday’s rebound recovered only about 40% of that drop, leaving the shares still roughly 10% below their level from late July.

That arithmetic matters because it shows the stock has not yet fully reversed its recent weakness. The market appears willing to reprice Plug higher when sentiment toward hydrogen and fuel-cell technology improves, but investors are still waiting for clearer evidence that the company can translate industry interest into sustainable financial results.

Bloom and Plug financial gap

The contrast between the two companies is becoming increasingly difficult for investors to ignore. Bloom’s quarterly revenue was roughly 6.5 times larger than Plug’s most recent quarterly revenue of $163.5 million. Bloom also reported positive operating margins and strong cash generation, while Plug continued to post negative margins and significant cash outflows.

Plug has made progress compared with last year. First-quarter revenue increased 22%, gross margin improved substantially from deeply negative levels, and the adjusted loss narrowed. Chief executive Jose Luis Crespo has said the company remains on track to achieve positive EBITDAS in the fourth quarter, though that target is non-GAAP and forward-looking.

The market is effectively rewarding Bloom for already demonstrating profitability and cash generation, while treating Plug as a turnaround story that still requires execution.

Aave Plans 50 Asset Removals as Multichain Costs Rise

Aave is pruning its sprawling multichain lending business, targeting low-activity markets that create more technical and financial risk than revenue.

A governance proposal recommends removing 50 individual asset reserves and 21 matured Pendle principal tokens across 11 deployments. It also calls for the full wind-down of Aave markets on Sonic, Scroll, Aptos, zkSync, Metis, and Soneium.

Together, the changes cover $98.1 million in supplied assets and $15.6 million in outstanding debt. Many affected reserves are already frozen or have sharply reduced deposit and borrowing limits.

Smaller Markets Face Orderly Shutdown

The six network deployments contain 25 reserves with $12.8 million of deposits and $4.1 million of debt, spread across Sonic ($7.6M), Scroll ($2.2M), Aptos ($1.7M), zkSync ($0.8M), Metis ($0.3M), and Soneium ($0.2M). The remaining removals account for $85.3 million in supply and $11.5 million in borrowings.

Under the plan, Aave would freeze the relevant reserves and cut supply and borrowing caps to nominal levels. For markets with active loans, higher reserve factors and interest rates would encourage borrowers to repay and depositors to withdraw.

The proposal said each listed asset carries fixed costs. Those include oracle maintenance, risk monitoring, and reliable liquidation infrastructure. On the six smaller networks, revenue has fallen below the cost of supporting the deployments.

Aave founder Stani Kulechov said the move follows “a comprehensive review” and will reduce the protocol’s “economic and technical risk surface.”

When asked how often Aave conducts such assessments, he replied: “It’s a continuous review.”

Kulechov Says Move Is Not a Verdict on L2s

Kulechov cautioned against treating the exits as criticism of the affected blockchains.

“The recent low adoption asset and network wind-downs on Aave should not be interpreted as a view on any L1 or L2,” he said.

Instead, Aave plans to direct resources toward established markets and new areas such as securities finance. Kulechov also said layer-2 networks remain important to Ethereum’s user experience. He pointed to their potential role in consumer-facing products, while highlighting Avalanche’s work with tokenized real-world assets.

The overhaul follows Aave’s adoption of broader risk and technical listing frameworks. Those standards require continuous monitoring and allow the protocol to reconsider assets or entire deployments when activity, liquidity or infrastructure no longer meets its requirements.

Aave remains the largest decentralized lending protocol by total value locked. It holds about $14.5 billion across 23 blockchains, according to DefiLlama.

The retreat shows that being everywhere is no longer Aave’s priority. The protocol is choosing concentration over expansion as it prepares for its next phase of growth.