The XYO ecosystem just took another major step onto the institutional stage.
Both $XL1 and $XYO are now listed by Crypto.com — bringing institutional-grade
custody and deep liquidity to the two tokens at the heart of everything XYO builds.
Powers the network’s operations, incentivizing nodes to securely gather and validate real-world location and geospatial data.
$XL1
The utility token of the XYO Layer One blockchain — powering transactions, gas fees, and core network infrastructure.
Custody & Liquidity
Crypto.com will provide institutional-grade custody and liquidity solutions for both tokens through
Crypto.com Custody — a regulated infrastructure that includes cold storage with enhanced security,
transparent audit trails, and streamlined compliance processes. Institutional clients gain immediate
access to Crypto.com’s deep liquidity pool for fast, reliable, and cost-efficient conversions.
Trusted by millions of users worldwide, Crypto.com is an industry leader in regulatory compliance,
security, and privacy — giving builders and enterprises confidence in the foundation they’re building on.
$20B
Crypto.com valuation after recent institutional round
$400M
Funding raised with Citadel Securities participation
2018
Year XYO began building its proof infrastructure
Traditional Finance Meets DePIN
The timing is significant. Crypto.com recently achieved a $20 billion valuation during
an institutional funding round of $400 million with Citadel Securities. The move has been widely
seen as evidence of the growing interest in digital assets from traditional finance institutions —
and XYO is now positioned squarely alongside those players.
A Relationship Built Over Years
For XYO, this partnership builds on a relationship that goes back years.
“We’ve had a great relationship with Crypto.com since listing XYO on their exchange, and expanding
into custody for XL1 and XYO together is a natural next step. As we build out infrastructure for AI,
robotics, and decentralized machine intelligence, having our digital assets XYO and XL1 backed by
enterprise-grade security is essential. Working with one of the most trusted names in the industry
positions XYO alongside the institutional players shaping what comes next, and gives builders and
enterprises confidence in the foundation they’re building on.”
— Markus Levin, Co-Founder, XYO
The Foundation Ahead
XYO has been building since 2018, delivering the proof infrastructure that powers geospatial,
robotics, AI, and decentralized compute applications — operating one of the largest consumer
DePIN networks in production. Institutional-grade custody for XYO and XL1 strengthens that
foundation and signals where the network is headed next.
With Crypto.com Custody now safeguarding both tokens, institutions have a secure and compliant
way to hold and manage the assets behind verifiable real-world data at scale.
Get Involved
Eligible institutions and high-net-worth clients can submit a custody inquiry, or learn more about the XYO and XL1 tokens.
Coinbase (NASDAQ: COIN), Bybit, Circle (NYSE: CRCL), and Gemini lead the names on CNBC and Statista’s 2026 ranking of 500 global Fintechs. Coinbase, listed as decentralized, returned after appearing in an earlier edition.
Bybit is based in Dubai, while Circle and Gemini are in New York. Statista’s ranking covers eight market groups and includes companies of different sizes.
According to McKinsey, the fintech industry generated $650 billion in sales in 2025, up 21% from 2024. The $15 trillion financial services industry as a whole grew by 6%. Public listings also began to rebound, with 31 major fintech initial public offerings (IPOs) in 2025. To McKinsey, those agreements have “returned to prominence.”
Fintech companies represented about 12% of the total value of the world’s 100 biggest IPOs. Listed Fintechs reached a record combined value of $850 billion, helped by Adyen (AMS: ADYEN), Nu Holdings (NYSE: NU), and Robinhood (NASDAQ: HOOD).
At the same time, software suppliers spread throughout banking systems, challenger banks obtained financial licenses, and big institutions began to employ blockchain more frequently.
Digital asset companies turn blockchain tools into services for banks and businesses
The digital asset category in the Fintech 500 covers companies that make crypto services usable, but leaves out individual coins and blockchain protocols.
Crypto demand has risen and fallen, but companies building the working parts of the market have kept attracting customers. Companies that create and manage tokens for other businesses also earned several places.
The Singapore group includes Amber Group, ChainUp, Crypto.com, Triple-A, and previous winner StraitsX. US entries include Bakkt (NYSE: BKKT) in Atlanta; previous winners BitGo in Sioux Falls and Blockdaemon in Los Angeles; Digital Ascension Group in Dallas; Everstake and Securitize in Miami; Payward in Cheyenne; and Zero Hash in Chicago.
San Francisco contributes previous winners CoinTracker and VGS, plus Phantom. New York adds previous winners Fireblocks and Turnkey, alongside Gauntlet, Lukka, NYDIG, Paxos, and Zebec. Galaxy Digital (NASDAQ: GLXY), another earlier winner, is also based there. Fort Worth is home to previous winner Consensys.
Canada has Blockstream in Montreal and previous winner, Figment, in Toronto. London has BVNK, Copper, and TIMVERO. Previous winner Finery Markets is in Limassol, Cyprus. Hong Kong includes HashKey Group and previous winner OSL Group (HKEX: 0863). The remaining names are Kem in Abu Dhabi, previous winner Ledger in Paris, and Wavebridge in Seoul. Blockchain services from these companies now support payments, recordkeeping, asset storage, issuance, and other commercial uses as crypto becomes part of formal finance.
AI and stablecoins force Fintechs to rebuild products and controls
McKinsey expects four trends to shape the next fintech era, though its report detailed two major ones here. Artificial intelligence comes first. “Fintechs are deploying AI to build products in weeks that once took years, to serve customer segments that were previously not economically viable, and to compress cost structures so that legacy operating models cannot compete on price. Early-adopter incumbents are seeing real returns,” said McKinsey.
McKinsey said, “With instant, near-free settlement, the promise of stablecoins for cross-border payments and remittances is clear. However, of the $35 trillion reported annual stablecoin transaction volume, only about 1 percent, or $390 billion, represents true end user payments, such as paying suppliers or sending remittances.”
Trading, arbitrage, and crypto-only transfers make up the rest. Industry forecasts place the stablecoin market between $2 trillion and $4 trillion by 2030. Reaching that range would require an average annual growth of about 40%.
Other tokenized assets on blockchains could grow faster as banks and companies use them for settlement, custody, payments, ownership records, and issuance.
McKinsey predicts that, “A range of industry estimates suggests that by 2030, the market value of stablecoins will be between $2 trillion and $4 trillion, implying a compounded annual growth rate of about 40 percent, with a broader range of on-chain tokenized assets potentially even higher.”
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After a collapse wiped out more than 60% of its value in one day, BMX, the ecosystem token of BitMart exchange, has made a slight recovery.
However, traders across Chinese and Vietnamese crypto channels are saying that withdrawals from the exchange are running slowly.
How far did BMX crash, and how much has it recovered?
BMX currently changes hands near $0.163, according to CoinMarketCap, which is a rise of over 44% in less than 24 hours after it traded as low as $0.107.
BMX token staged a small recovery after its July 24 crash. Source: CoinMarketCap
That recovery follows the July 24 sell-off, which was flagged by various observers, including X user Lu Ge with the account @lugeweb3 (撸哥整顿币圈), who pegged the single-day loss at 63% and told followers with money on the platform to pay attention.
Per Cryptopolitan’s calculations, the token dropped by over 65% within hours.
Lu Ge gave two possibilities that may be responsible for the crash, stating that it could be either that the platform was hacked or someone connected to it dumped supply.
Despite its partial recovery, BMX is still below its June 2024 record of $0.6203 by nearly 74% per CoinMarketCap data and carries a market capitalization of $52.8 million as of the time of publication.
What are users reporting about withdrawals on BitMart?
The price story is now tangled with a second thread, which is withdrawals from the exchange.
X user The KOL 加密无畏 (@cryptobraveHQ) wrote on the platform on July 25 that after BMX cratered, community members began reporting that withdrawal reviews were taking far longer than usual, including one case where a several-hundred-dollar USDT withdrawal requested in the morning still had not landed.
Other reports confirmed the same thing, with some suspecting that it is a suspected anomaly in the platform’s withdrawal process rather than a confirmed outage.
X account, @BTCs_, stated that a 5 USDT withdrawal took more than three hours to clear, calling it something he had never seen. Another user, @solotop999, posted that an untouched Bitmart account he tried to empty returned an on-chain withdrawal freeze message.
Lu Ge followed up, asking users to test their own withdrawals and report back, and noted a wave of near-identical promotional posts from marketing accounts, which he read as a bad sign rather than a reassuring one.
What has BitMart said about the development?
BitMart has not released any official statement about the token crash or the withdrawal challenges some of its users claim to be experiencing.
For now, Bitmart still shows meaningful scale. CoinMarketCap lists about $1.29 billion in 24-hour spot volume for the exchange and reported reserves near $158 million. On July 17, the company published an H1 2026 report describing asset-management growth of roughly 256% and expansion into payments, prediction markets, and US operations.
That report predates this week’s events and does not address the token drop or the withdrawal complaints.
The European Union has sanctioned HTX, widening a Russia crackdown that has already affected counterparties beyond the exchange.
The bloc placed Huobi Global S.A., the entity behind HTX, under a transaction ban in its 21st sanctions package adopted July 23. From Aug. 23, EU operators will be prohibited from transacting with the exchange, though the restrictions stop short of freezing its assets.
The move follows Britain’s May action against Huobi Global, which triggered tighter scrutiny of HTX-related transfers at other major crypto exchanges.
The EU is now taking that pressure further, introducing a mechanism that could eventually restrict crypto services across entire countries that host platforms used to evade Russia sanctions.
UK sanctions pushed scrutiny onto counterparties
Britain’s May designation showed how restrictions on HTX could quickly spread to businesses and customers outside the exchange.
After the UK targeted Huobi Global on May 26, OKX warned customers who had previously conducted arbitrage between its platform and HTX that continuing to transfer funds between the two exchanges could trigger additional scrutiny of their accounts.
The warning came after British authorities designated Huobi Global alongside a group of crypto platforms and entities accused of supporting Russian sanctions evasion.
UK authorities said they had reasonable grounds to suspect Huobi Global provided financial services to entities linked to Russia’s financial system, including the A7 cross-border payments network.
Britain also said a major global crypto exchange had channeled more than $1.5 billion toward Kremlin-linked entities. Blockchain intelligence firm TRM Labs identified that exchange as HTX.
The UK action subjected Huobi Global to an asset freeze and restrictions on making funds or economic resources available to the company.
HTX sought to distance the exchange from the entity named by Britain by saying:
“The listed entity Huobi Global S.A. is distinct from the online HTX exchange.”
However, the British authorities subsequently made clear that they considered HTX covered by the designation. The UK sanctions notice lists HTX and HTX Exchange among the names associated with Huobi Global.
In response, Justin Sun, an adviser to HTX, said the exchange “believes in full compliance with all applicable laws and cooperation with law-enforcement agencies worldwide.”
HTX shifts on-chain infrastructure after UK designation
HTX remained operational after the British sanctions while rapidly rotating the wallets supporting its exchange activity.
Blockchain analysis company TRM Labssaid in a July 21 report that HTX had changed hot wallets and funding addresses across Tron, Ethereum, BNB Smart Chain and Solana in the weeks following the designation.
Some addresses remained active for only hours before being replaced.
HTX Wallet Rotation (Source: TRM Labs)
That turnover left screening systems built around fixed address lists struggling to keep pace with the exchange’s changing infrastructure.
A wallet attributed to HTX could be retired while another began processing deposits and withdrawals before compliance providers had identified its connection to the exchange, TRM said.
The firm found that static blocklists could therefore become outdated within hours.
TRM said firms screening for sanctions exposure increasingly need to track transaction patterns, funding relationships and other on-chain behavior that can connect newly activated wallets to an already identified platform.
Its latest assessment of the EU package also warned that exposure can extend beyond direct transactions with a designated address. Funds moving one or two transaction hops from sanctioned platforms can still trigger compliance concerns as firms investigate their origin and destination.
Blockchain investigator ZachXBTsaid the UK action had already made those signals less useful in some investigations because of the volume of addresses carrying exposure to HTX.
He described the resulting on-chain “tainting” as catastrophic, arguing that HTX differs from previously sanctioned crypto businesses such as Huione, Blender and Hydra because the exchange also serves a substantial retail user base in Asia.
“Basically now I’ve had to ignore the sanctions category when tracing cases by exposure since ‘risk’ itself has become meaningless.”
He also criticized compliance tools for failing to adequately distinguish activity that occurred before a sanctions designation from transactions that followed it.
The criticism highlights another difficulty created by wider screening. Connections to HTX can trigger additional review without establishing that the underlying transaction was illicit or occurred after sanctions took effect.
EU takes crackdown one step further with third-country power
The EU’s latest package is nevertheless extending the regulatory perimeter beyond individual exchanges and their changing wallets.
For the first time, the bloc has created a mechanism allowing it to prohibit transactions involving crypto providers across an entire third country when services there are used to help Russia evade sanctions.
The EU described the measure as a deterrent to countries hosting platforms that facilitate circumvention. It could allow Brussels to prohibit transactions between EU operators and crypto providers used by Russia within the affected jurisdiction.
The package extends transaction restrictions to 14 crypto-related service platforms based in Georgia, Panama, the United Arab Emirates, the Marshall Islands, Kyrgyzstan and Belarus.
Several have already faced action from other Western governments, including EXMO, BitPapa and Rapira.
The EU also added four designations tied to the A7 cross-border payments network, citing its new connections to Africa. TRM identified A7 Nigeria and A7 Africa among entities covered by the latest measures.
CryptoSlate previously reported that A7 had expanded into Lagos and Harare after claiming to have processed more than $90 billion during 2025. The network is linked to sanctioned Moldovan politician Ilan Shor and Promsvyazbank, the Russian state-owned lender tied to the country’s defense sector.
A7 also operates A7A5, a ruble-backed stablecoin that has become a major settlement vehicle within the network.
The expansion follows a broader pattern in which crypto activity has moved after individual platforms were targeted.
Following the multinational crackdown on Garantex in 2025, TRM said transaction flows shifted toward successor infrastructure and the A7 network absorbed part of that activity.
The EU’s latest approach gives it the option of following those flows beyond the next individual exchange.
A country hosting platforms used to bypass Russia sanctions could now expose crypto providers across the jurisdiction to restrictions on transactions with EU operators, even as regulators continue targeting individual firms.
BKX Services Inc. and David Namdar have filed a class action lawsuit against BitMEX.
The plaintiffs accuse the exchange of market manipulation and misappropriating nearly 623 BTC due to forced liquidations.
Lawsuit Questions BitMEX’s Liquidation Practices
Filed on the same day the exchange announced it would shut down, the two claim that BitMEX’s internal trading team accessed customers’ private information and continued trading while servers were down and users were unable to access the platform.
BitMEX has faced accusations over its liquidation practices and internal trading advantages in the past, with the latest lawsuit reviving these allegations.
According to the complaint, the exchange offered its customers leveraged trading of up to 100 times their collateral but allegedly liquidated their positions before all assets had been used up. This resulted in users losing their positions while the remaining BTC collateral was worth more than the losses incurred.
Instead of refunding the excess BTC to traders, BitMEX allegedly redirected the funds to its insurance pool, which, according to the plaintiffs, made it possible for the platform to financially benefit from forced liquidations.
“BitMEX deliberately developed a system that profited from the liquidations,” read the filing.
The filing also cites an old 2020 case where Brett Messieh and other traders sued the platform for similar offenses. Here, the group accused the company of rigging trading conditions in its favor, resulting in financial losses for users. But the court threw out the case for a lack of evidence.
Traders Lost Almost 623 BTC
Namdar says they lost more than 316.85 BTC in the process, while BKX says its losses were around 305.81 BTC. As a result, the two are looking to recover their seized crypto and damages. Furthermore, the proposed lawsuit seeks to represent U.S. customers who traded BTC perpetual swap products in transactions dating back to July 23, 2018.
Earlier on Thursday, BitMEX owner HDR Global Trading said it will shut down the exchange after a strategic review, with the decision expected to take effect on September 23. The platform has already suspended new account registrations, with traders now only allowed to close existing positions.
Following the announcement, BitMEX co-founder Arthur Hayes thanked his partners, employees, and customers for their support over the years. “It was an amazing ride,” he wrote, adding that he was proud the exchange was shutting down “responsibly on our own terms.”
A regulated trading platform has launched a new online hub where individuals can follow how money is moving in markets related to this fall’s midterm elections, providing one of the most extensive public views yet into what real-money dealers expect to happen on Election Day.
This week, Kalshi, a federally approved financial exchange, debuted its Midterms Hub, giving anybody with an internet connection a real-time glimpse of where traders are placing bets on US Senate, House, and governor races around the nation.
The software was developed, according to the business, for voters, media, campaign workers, and researchers who want the most recent information on close elections.
The hub gathers various election-related data in one location.
VoteHub allows users to view polling averages, which makes it simple to compare the results of opinion polls with what prediction markets anticipate.
Additionally, it shows the most recent Federal Election Commission campaign finance data, such as the amount of money each candidate has raised and the percentage of contributions under $200, which helps demonstrate whether support is mostly provided by larger or smaller grassroots donors.
Users can also access curated political news and view 2020 and 2024 presidential election results by state and congressional district.
The odds fluctuate in real time whenever a survey is released, a candidate makes news, or a debate ends, since the markets are open 24/7.
The firm claims that the candidate supported by Kalshi merchants has won nine out of ten elections since 2024, including three months prior to the election.
This was tested by The Washington Post, which examined hundreds of 2026 primary contests on the site and found that about 75% of them were won by candidates with odds between 70% and 80%.
Kalshi CEO Tarek Mansour, who attended MIT and formerly worked as a trader at Citadel and an analyst at Goldman Sachs, believes these marketplaces are more difficult to influence with partisan spin than traditional polls or comments.
Mansour said prediction markets offer a clearer view of election expectations by reflecting financially backed forecasts rather than political rhetoric, making the Midterms Hub a useful source of insight.
According to the company, about 75% of people who visit Kalshi do not make any trades. Instead, they use the platform to see how election contracts are currently priced.
Midterm trading nears $200 million
The rollout comes after a court ruling in 2024 that made it lawful for Americans to bet on federal elections.
Earlier this year, in May, Kalshi unveiled the American Power Index, also known as KPOW, which he described as a political power index akin to the S&P 500.
The indicator combines who now controls the government with what traders predict will happen next. It is displayed as a single figure on a scale of positive 50 for Democrats and positive 50 for Republicans.
Kalshi alone has already made over $30 million from contracts related to the party’s control of the House and Senate following November.
The total amount bet on midterm results has increased to over $200 million, including rival website Polymarket.
In honor of the hub’s debut, Kalshi organized an event in Washington, D.C., where Democratic strategist Stephanie Cutter moderated a conversation between Mansour and Republican pollster Kristen Soltis Anderson and former White House Director of Digital Strategy Rob Flaherty.
Platform moves into drug trial betting
The company is also moving into a new area that is letting users bet on the outcomes of drug trials and Food and Drug Administration rulings.
Kalshi partnered with AppliedXL, a firm that tracks pharmaceutical data, to verify what official documents will determine each trade’s outcome.
Three rules regulate the pilot:
Trading is restricted to late-stage trials only.
To avoid the impact of trade on recruiting, markets open only after patient enrollment has ended.
Additionally, the platform analyzes employment records to prevent anyone with inside information, such as trial investigators, from participating.
Medical researchers and healthcare professionals have fought back. According to Stat News, several experts are concerned about the long-term effects of allowing public trading in this type of market.
Malaysian authorities have revoked the business license of Network School, a technology community founded by former Coinbase CTO Balaji Srinivasan.
The decision followed scrutiny over alleged links to Israeli participants. However, local officials said they cancelled the license over business and premises violations.
The Iskandar Puteri City Council ordered NS0 Malaysia Sdn Bhd to stop all operations at Forest City from July 22. Officials said the company operated from two premises. One site did not have the required business license.
Meanwhile, inspectors found that the company carried out activities beyond those approved under its existing license. Authorities also found problems with its advertising signboard.
Network School is not shutting down; that’s fake news.
We received two notices. The first tells us to change the text of a sign. The second says that our coworking site, which was created by joining two adjacent units, evidently has a valid license on the left hand side but not…
The case began after pro-Palestinian activists raised concerns about possible Israeli participation at Network School.
Online posts alleged that Israeli entrepreneurs had entered Malaysia using passports issued by other countries. The claims also raised questions about the school’s admission process and its interest in Israel, politics and military technology.
However, Malaysian immigration officials later inspected 266 foreign residents from 40 countries.
They said everyone checked had valid travel documents. Authorities did not publicly confirm that any participant had entered Malaysia illegally as an Israeli national.
Malaysia does not recognise Israel and generally does not allow entry using Israeli passports. However, Israeli dual nationals may enter using valid passports from other countries if they meet Malaysian immigration rules.
Prime Minister Anwar Ibrahim said authorities would expel any Israeli national found breaking local laws.
Breaking News: The state of Johor has shut down @balajis‘ Network School.
The only remaining Network School entity will be in Singapore, where it is incorporated.
Congratulations, Singapore now you can have Balaji, the Network State, and the Network School. https://t.co/cKR15y2kws
Network School opened in Forest City, Johor, in 2024.
Despite its name, Malaysia’s Higher Education Ministry said it was not a registered university or private education provider. Officials described it as a residential and co-working community for technology founders, investors and startup workers.
The project became known for promoting Srinivasan’s “network state” idea. The concept involves online communities building physical settlements and developing their own economic and governance systems.
The school offered accommodation, meals, workspaces, startup programmes and fitness activities. It attracted people from the crypto, technology and investment sectors.
I am pleased to announce that a memorandum of understanding has been signed between the Republic of Kazakhstan and Network School. Our new campus will become a haven for global techno-optimism, with expedited visas, streamlined redomiciliation, and active recruitment of talent. pic.twitter.com/R20i8UAYoc
Srinivasan denied the claims about Israeli links before the license was cancelled.
He said anonymous social media accounts had spread false allegations. He also warned that the investigation could damage Malaysia’s reputation among international technology investors.
According to Srinivasan, Network School had invested more than 100 million Malaysian ringgit in Forest City. He said the company had planned a further 500 million ringgit expansion.
The company placed those plans on hold during the investigation.
Srinivasan joined Coinbase in 2018 after the crypto exchange acquired Earn.com, where he served as chief executive.
Coinbase appointed him as its first CTO. His role focused on technology strategy, crypto advocacy and recruitment. He left the company in May 2019.
Malaysia and Israel’s Diplomatic Roadblocks
Malaysia has a long-standing policy of refusing formal diplomatic relations with Israel and strongly supporting Palestinian statehood. Israeli passport holders are generally barred from entering without special permission, and Malaysian passports have historically excluded travel to Israel.
Malaysia warns any Israelis found in the country will be immediately deported —— Malaysian Prime Minister Anwar Ibrahim said on Wednesday that authorities are investigating allegations that an Israeli national may have been involved in the activities of a private residential… pic.twitter.com/PyL28Ye5b4
In 2024, 22 Malaysian civil-society organisations urged the government to block a consortium’s proposed privatisation of Malaysia Airports because one consortium member, Global Infrastructure Partners, was being acquired by BlackRock.
Campaigners alleged that BlackRock had significant Israeli connections and investments.
The government did not cancel the airport transaction solely on that basis. Global Infrastructure Partners later said BlackRock would not participate in the deal.
Bitcoin (BTC) continues to trade in a consolidation phase, a little above the $60,000 level. The market is approaching 165 days of testing that crucial price zone despite a rally above $80,000 in May that ultimately failed to sustain momentum, according to analyst Darkfost.
The analyst pointed to a lack of fresh liquidity entering the crypto market as one of the main reasons behind Bitcoin’s inability to establish a stronger uptrend.
Stablecoin Drain
Fresh demand has struggled to materialize for both Bitcoin and the broader crypto market, the analysis said. Exchange stablecoin reserves have reflected that trend since the beginning of the year, which essentially shows a near-continuous decline as outflows consistently outpaced inflows.
Over the past 30 days, Binance recorded approximately $1.55 billion in stablecoin outflows – a significant reduction in reserves over a relatively short period. Bybit also saw a further $786 million leave its stablecoin reserves during the same timeframe. In total, the two exchanges recorded nearly $2.3 billion in stablecoin outflows over the past month.
Darkfost explained that the falling reserves indicate that incoming liquidity and investor demand are continuing to contract. The analyst added that market participants appear to be withdrawing stablecoins from exchanges rather than deploying them into crypto assets, while some may be exiting the market entirely.
According to the analysis, such a “pessimistic” market positioning continues to limit the liquidity available to Bitcoin, which then ends up preventing the asset from making a meaningful breakout above its long-running consolidation range around the $60,000 level.
Accumulation Opportunity
Some market analysts, such as Doctor Profit, believe that the ongoing market conditions present a gradual accumulation opportunity. The analyst recently said that investors waiting for Bitcoin’s traditional four-year cycle bottom could end up missing the market’s next move.
Meanwhile, market trader Daan Crypto Trades said the crypto asset is on track to close another weekly candle above its 200-week moving average (200MA), a level often watched as an important long-term support indicator. However, the trader said a stronger move higher is still needed to retrace the previous decline and reclaim the 200-week exponential moving average (200EMA). Until that happens, Bitcoin is expected to remain stuck in its “choppy” trading range around the current level.
With the cryptocurrency exchange scheduled to report data on July 30, traders on prediction market platforms are wagering that Coinbase’s trading volume in the second quarter fell significantly below projections.
Part of the reason the bets are getting attention is that the platforms that handle them have expanded significantly in the last 12 months.
In April 2026, the total trade volume on Kalshi and Polymarket reached $24 billion, almost five times more than it had been less than a year before.
Traders on Kalshi believe that Coinbase’s trading activity was impacted by the roughly 12% drop in Bitcoin’s price during the second quarter.
It is anticipated that the exchange will announce a third consecutive quarterly decline in volume.
There is a good chance that the total would fall below $200 billion, which would be the lowest amount the corporation has reported since the third quarter of 2024.
The prices of Kalshi’s contracts spell out just how cautious sentiment has become. Traders put a 41% probability on Coinbase’s quarterly volume clearing $160 billion.
According to FactSet, the likelihood of it exceeding $170 billion is merely 25%, which is already below Wall Street’s consensus forecast of $168.5 billion.
However, there is a 99% chance that volume will remain above $150 billion, so bettors are not pricing in a complete collapse. Kalshi determines how these contracts settle using information from the investing research site Fiscal.ai.
The stock of Coinbase hasn’t fared any better. Since Bitcoin peaked in October 2025, shares have dropped more than 55%.
This decline is consistent with the general pressure that has built up throughout the cryptocurrency markets during that time.
World Cup drives a surge in new users
The growing use of prediction markets to price in financial results is happening alongside a sharp growth period for both of the industry’s leading platforms.
According to CBS Sports, their best picks for prediction markets 2026 include Kalshi at number one, while Polymarket at number two, with DraftKings and FanDuel Predicts following after.
Both have added large numbers of users in recent months, helped in part by high-profile events that brought them in front of audiences who had never used prediction markets before.
The amount traded in a single contract on which nation will win the title exceeded $1.2 billion, setting a record for any one market on the platform.
The total amount spent on Kalshi during the World Cup was $12 billion. In addition to promoting Luka Modric, José Mourinho, Lionel Messi, Timothée Chalamet, and J Balvin, the platform partnered with OpenAI to show current contract odds within ChatGPT.
The strategy, according to Tarek Mansour, CEO and co-founder of Kalshi, is “where the news is at.”
Now that the World Cup is over, the platform’s problem is how to retain those new users when nothing of a similar magnitude is scheduled.
Political volume and the regulatory divide
In the world of political betting, Polymarket is still in the lead.
The site generates about $507 million in weekly political bets, accounting for an estimated 93% of all political prediction market transactions.
In contrast, Kalshi registers a weekly political volume of roughly $16.8 million. Politics accounts for 32% of Polymarket’s total activity, but only 4% of Kalshi’s.
Within Polymarket, the business is divided between two very different operations.
Its offshore platform generated $9 billion in volume during April 2026. The US-regulated version of the platform brought in $1.3 billion in the same period.
For traders who wish to use prediction markets to hedge positions around outcomes from established firms like Coinbase, that separation has significant ramifications.
The CFTC is currently looking investigating Polymarket for potential insider trading in contracts related to geopolitical events.
Institutional traders have a legally valid way to take positions on company earnings and volume expectations in real time thanks to Kalshi, a local, licensed business.
The outcome could also serve as another test of whether prediction markets are becoming a reliable barometer for corporate earnings expectations.
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The 10-year-old cryptocurrency exchange, with a reported user base of tens of millions, announced a strategic $400 million investment from Citadel Securities.
The statement from the company stated that its valuation after the funding round was $20 billion.
The company’s co-founder and CEO, Kris Marszalek, expressed his gratitude for working with Citadel Securities, hoping to continue to work with the entity on future projects to drive the crypto industry into a new era of institutional adoption.
“The size of the opportunity in front of us is staggering, as crypto increasingly becomes the rails for finance. Having built the right regulatory and tech infrastructure over the last decade, Crypto.com is now perfectly positioned to capture this new wave of growth across all asset classes,” he added.
Meanwhile, Citadel Securities’ President, Jim Esposito, noted that Crypto.com had developed a “foundation to support the continued institutionalization of the digital asset market.”
He believes the convergence of traditional financial organizations and cryptocurrency infrastructure is presenting an “exciting evolution” that has the potential to “further improve market efficiency.”
The funding is expected to enhance the crypto exchange’s expansion into all asset classes, including tokenized securities and derivatives. The company hopes to bridge the gap between cryptocurrencies and traditional markets to create a more efficient 24/7 financial ecosystem.
Crypto.com’s native token reacted with an immediate surge that drove it higher by almost 25%. It traded at around $0.056 before it rocketed to $0.07, where it was immediately halted and now sits above $0.06.
Nevertheless, CRO remains down by over 93% since its all-time high at $0.89, marked nearly five years ago.
