Daily News 19

Category: Coins

Digital assets, cryptocurrencies, blockchain, and currency news.

  • Robinhood Chain Revenue Plunges 83% From Peak as Trading Volume Hits Records

    Robinhood Chain Revenue Plunges 83% From Peak as Trading Volume Hits Records

    Robinhood Chain Gas Revenue Drops 82.6% as Blockspace Costs Normalize

    Robinhood Chain generated $943,728 in gas revenue on September 10, an 82.6% decline from the record $5.44 million recorded on September 4, according to DefiLlama data. Despite the sharp revenue contraction, trading activity on the network remained resilient, with decentralized exchange volume holding nearly steady at $1.87 billion on September 10 versus $1.89 billion at the peak.

    Trading Activity Decouples From Fee Revenue

    The seven-day DEX volume through September 10 reached $12.34 billion, a 26.5% increase from the prior week’s $9.76 billion. The period included a record single-day volume of $2.06 billion on September 8, and Friday’s incomplete session had already surpassed that at $2.42 billion. The revenue drop circulated on X after analyst Stacy Muur highlighted an 87% decline on Friday morning; DefiLlama’s series places the fall from the September 4 peak through September 10 at 82.6%.

    Transaction Counts Stable, Average Cost Plummets

    Blockscout data shows Robinhood Chain processed 13.6 million transactions on September 10, a marginal 3% decrease from 13.98 million on September 4. Dividing the daily fee line by transaction count yields an average cost of $0.077 per transaction on September 10, down from $0.43 on September 4 and $0.009 on August 25 before the fee run-up.

    Base Fee Mechanics and Ethereum L1 Costs

    The chain’s base fee rises with congestion from a floor of 0.02 gwei, a level that held through mid-August. Memecoin activity drove fees up 82-fold in 11 days, pushing the median to 0.467 gwei on September 2. By Friday, Blockscout listed gas prices between 0.14 and 0.31 gwei with network utilization effectively at zero. Robinhood’s documentation splits the charge into an L2 execution fee and an L1 data fee for posting transaction data to Ethereum. Ethereum’s own fees fell 32% over the same window to $304,600 on September 10 from $447,161 on September 4, while Arbitrum’s fees declined 15%.

    Second-Largest Chain by Daily Revenue

    Despite the drop, Robinhood Chain remains the second-largest network by daily revenue, trailing Canton’s $1.55 million over 24 hours. Tron followed at $897,830, Base at $164,200, and Ethereum at $64,025. Over a seven-day window, Robinhood Chain leads all chains with $15.15 million in revenue versus Canton’s $11.17 million. The seven-day total is flat compared to the previous week. Cumulative revenue since the July 1 mainnet launch stands at $35.84 million on $39.88 million in total fees.

    Arbitrum Expansion Program Share Shrinks

    DefiLlama attributes the gap between the fee and revenue lines to Ethereum L1 costs plus the 10% fee share Robinhood owes under the Arbitrum Expansion Program license, a detail The Defiant covered at launch. That gap narrowed to $105,612 on September 10 from $605,058 on September 4. The ARB token traded at $0.1459 on Friday, down 2.9% in 24 hours but up 6.3% over seven days for a market capitalization of $974 million, per CoinGecko. ETH was at $2,611.40.

    Application Revenue Outpaces Ethereum

    Applications on Robinhood Chain earned $2.64 million in revenue on $12.46 million of fees over 24 hours, according to the DefiLlama series that excludes stablecoin issuers, liquid staking, and gas. The chain surpassed Ethereum on this metric on August 29 and has maintained the lead since. Launchpad Pons collected $5.85 million in fees on September 10, down 35% from $9.05 million on September 4 and 49% from its own peak of $11.42 million on September 5. Trading bot GMGN took $1.86 million against $3.45 million. Both declines represent a fraction of the chain’s overall fee reduction.

    On-Chain Metrics Show Growth

    Total value locked stands at $903.77 million, up 1.66% over 24 hours. Stablecoins on the chain total $1.01 billion, an increase of 10.07% over seven days.

    Robinhood Corporate Results Lack Chain Breakout

    Robinhood does not break out chain-specific revenue in its financial results. The company reported $1.31 billion in total net revenues for the second quarter, up 32% year over year, with cryptocurrency revenue of $100 million, down 38%. The earnings release mentions the mainnet launch but contains no line item for gas revenue.

  • $589K USDT Stuck for 50 Days Following Zodl Swap, Zcash Holder Claims

    $589K USDT Stuck for 50 Days Following Zodl Swap, Zcash Holder Claims

    Cryptocurrency Trader Reports $589,000 USDT Frozen Since July 2026 Following Cross-Chain Swap

    A cryptocurrency trader has reported that $589,000 in Tether (USDT) has remained frozen since July 20, 2026, after a multi-step transaction involving the Zodl mobile wallet and the NEAR Intents cross-chain infrastructure. The incident highlights compliance complexities in cross-chain settlement layers.

    Transaction Sequence and Initial Freeze

    The user, identified on the official Zcash forum as “timtech,” executed an initial swap of 1,120 Zcash (ZEC) from the Zodl mobile wallet’s shielded pool into USDT. According to market reports, the resulting funds were transferred to a MetaMask address, then to a Ledger hardware wallet. Approximately eight hours later, the balance was deposited into an Ethereum address provided by NEAR Intents for a second conversion, where the transaction stalled despite receiving on-chain confirmation.

    The cryptographic architecture of the Zcash shielded pool prevents independent public verification of earlier transaction hops. The user stated the funds originated from legitimate activity within the platform.

    Compliance Review and Conflicting Communications

    Customer support initially flagged the case on July 21 as a temporary administrative hold subject to anti-money laundering (AML) review. The user submitted screenshots, transaction hashes, and offered to sign cryptographic messages to verify ownership of the involved addresses.

    On July 23, 2026, support officially notified the user that the compliance check had cleared and authorized the release of the assets. However, transaction records provided by the user show the payout was never executed.

    Following weeks without operational updates, NEAR Intents stated on August 26 that the transaction remained paused pending a renewed regulatory assessment with no defined deadline. The following day, the firm claimed the prior release confirmation was merely a preliminary assessment subject to revision.

    Protocol Architecture and Contractual Changes

    NEAR Intents operates as a cross-chain swap framework powered by independent market makers and solvers. Official protocol documentation indicates the system runs real-time screening through third-party compliance providers including Binance AML, TRM Labs, AMLBot, and PureFi. Under this framework, watchlist matches permit the protocol to freeze orders and withhold assets under operational suspicion.

    Amid the dispute, the Zodl interface updated its technical descriptions. An archived snapshot from August 7, 2026, showed Zodl branding the feature as a process free from centralized intermediaries. By August 17, the support portal clarified that conversions rely on third-party counterparties subject to NEAR’s terms of service. On September 9, the Zodl team stated on community forums that the application exercises no direct control over assets routed through external infrastructure.

    Zcash Network Unaffected

    This operational dispute is unrelated to cryptographic flaws within the Zcash network. The protocol executed its Ironwood network upgrade on July 28, 2026, addressing a previous vulnerability in the Orchard pool. Technical on-chain data verifies that the network processed the initial shielded transfer without error, confirming that the asset freeze stems entirely from compliance filters at the external settlement layer.

    Next Steps

    The next formal development hinges on the final determination that the NEAR Intents compliance department issues regarding the ownership of the funds during September 2026.

  • Bitcoin, Altcoins See Intense Whale Activity After Inflation Data — Details

    Bitcoin, Altcoins See Intense Whale Activity After Inflation Data — Details

    Major Crypto Whale Movements Signal Shifting Market Dynamics Across USD1, HYPE, and LINK

    Significant on-chain activity over the past 24 hours highlights renewed institutional and whale interest across three distinct assets: the Trump-backed USD1 stablecoin, the Hyperliquid-native HYPE token, and Chainlink’s LINK. Large transfers to exchanges and strategic accumulation by major funds suggest positioning ahead of potential market catalysts.

    Fireblocks-Linked Wallet Moves $19.4M USD1 to Binance, Totaling $149.8M in 13 Days

    A custody wallet associated with Fireblocks transferred $19.4 million worth of USD1 stablecoin to Binance within the last hour. On-chain data indicates this same wallet has moved approximately $149.8 million in USD1 to the exchange over the past 13 days. The consistent flow raises questions about liquidity management, potential redemption activity, or strategic redistribution by institutional custodians backing the token.

    Dormant Whale Awakens: 116,490 HYPE Worth $9.6M Withdrawn from OKX After 119 Days

    In a separate development, a long-inactive crypto investor—dormant for 119 days—has returned to the market. The whale withdrew 116,490 HYPE tokens, valued at roughly $9.6 million, from OKX. Analysts are monitoring the wallet for follow-up transactions, as such reactivation often precedes new positioning, staking, or governance participation within the Hyperliquid ecosystem.

    Grayscale’s GLNK ETF Accelerates LINK Accumulation: 1.05M Tokens ($12.12M) in 18 Days

    Institutional demand for Chainlink remains robust. Grayscale’s GLNK exchange-traded fund acquired an additional 203,810 LINK tokens, worth approximately $2.38 million, via Coinbase Prime. Over the last 18 days, the fund has accumulated a total of 1.05 million LINK, equivalent to roughly $12.12 million at current valuations. The steady pace underscores growing traditional finance exposure to oracle infrastructure.

    Chainlink Strategic Reserve Expands by 511,000 LINK ($5.52M) in 30 Days, Now Totals 5.86M LINK ($67.24M)

    Concurrently, Chainlink’s own treasury added 91,100 LINK, valued at approximately $1.06 million, to its strategic reserve. This brings the reserve’s 30-day accumulation to 511,000 LINK ($5.52 million), lifting total holdings to 5.86 million LINK, or roughly $67.24 million. The reserve growth aligns with the protocol’s ongoing expansion into cross-chain interoperability and verified data services.

    This article is for informational purposes only and does not constitute investment advice.

  • New TRX ETF Launches on CBOE with a Surprisingly Quiet Start

    New TRX ETF Launches on CBOE with a Surprisingly Quiet Start

    Canary Staked TRX ETF Debuts on CBOE With Zero First-Day Net Flows

    The first spot TRX exchange-traded fund in the United States, launched by Canary Capital, began trading on September 10 at the Chicago Board Options Exchange (CBOE). The debut registered no net inflows and minimal trading activity, contrasting sharply with the enthusiasm seen in other recent crypto ETF launches.

    First-Day Performance Metrics

    According to data from SoSoValue, the Canary Staked TRX ETF (TRXS) closed its opening session with:

    • Zero net flows
    • Trading volume of approximately $16,700
    • Net assets under management of $50.38 million
    • Management fee of 1.10%

    The fund supports both cash creation and redemption as well as in-kind transactions, providing operational flexibility for authorized participants.

    TRX Token Price Unaffected by Launch

    The underlying asset, TRX, traded around $0.338 at launch, reflecting a 3% gain over the prior week. However, the token showed no discernible price reaction to the ETF’s debut. Price action remained consolidated within a narrow $0.33–$0.34 range during the week preceding the launch, with no movement in either direction following the event.

    Fee Structure May Influence Early Adoption

    The 1.10% management fee could weigh on early adoption. Cost-sensitive investors have access to alternative crypto investment vehicles with lower expense ratios, potentially limiting initial inflows into TRXS.

    Structural Significance vs. Market Demand

    The launch represents a significant structural milestone: TRON now has a formal presence in the U.S. ETF market, broadening traditional investors’ access to TRX without requiring direct custody. However, first-day figures reveal that institutional and retail demand has yet to materialize in any concrete form.

    The market appears to be in a wait-and-see mode, assessing whether the product can gain traction in the coming weeks. The absence of opening-day flows does not condemn the fund’s long-term prospects, but it sends a clear initial signal: the infrastructure is active, regulatory access exists, and the remaining question is whether genuine investor interest will follow the structure.

  • BTC Holds Above $77,000 as Hourly Momentum Turns Bearish

    BTC Holds Above $77,000 as Hourly Momentum Turns Bearish

    Bitcoin Holds $77K as Daily Uptrend Persists Despite Fading Momentum and Short-Term Weakness

    As of September 11, 2026, Bitcoin trades at $77,218.01, maintaining a bullish daily structure even as underlying momentum shows signs of decay. The broader cryptocurrency market declined 2.31% on the day, yet Bitcoin dominance held firm at 58.15%, signaling capital concentration in BTC while altcoins absorb heavier selling pressure.

    Key Takeaways

    • Bitcoin price at $77,218.01 remains above all three major daily moving averages (EMA20, EMA50, EMA200).
    • Daily MACD histogram turns negative at -736.19, indicating decelerating momentum despite intact uptrend.
    • 1-hour chart displays a full bearish moving average stack with RSI14 at 45.68.
    • Fear & Greed Index sits at 56 (Greed), suggesting sentiment has not yet adjusted to intraday weakness.
    • Bitcoin dominance at 58.15% signals capital flight into BTC as total market cap contracts.

    Daily Structure: Bullish Trend Intact, Momentum Cooling

    Bitcoin’s daily chart confirms an unbroken uptrend, with price positioned above the EMA20 ($77,018.30), EMA50 ($72,881.04), and EMA200 ($72,271.40). This classic bullish stacking is supported by a daily RSI14 reading of 54.87 — neutral to firm, leaving room for extension should buyers re-engage.

    However, momentum indicators tell a more cautious story. The daily MACD line (2,016.8) remains above zero but has crossed below its signal line (2,752.99), producing a negative histogram of -736.19. This reflects a market that rallied sufficiently to hold above key averages, yet where the propulsive force behind the advance is fading — a textbook decelerating uptrend rather than a fresh breakout.

    Bollinger Bands reinforce this view: price trades below the mid-band ($78,621.15) and drifts toward the lower band ($76,276.11), rather than testing the upper band ($80,966.20). Average True Range (ATR14) stands at 2,234.41, indicating wide daily ranges and suggesting any directional resolution will arrive with velocity.

    The daily pivot rests at $77,718.20, with price currently below it. Resistance (R1) sits at $79,389.81 and support (S1) at $75,546.39. Trading beneath the pivot while the broader trend structure remains bullish favors patience over directional conviction.

    Short-Term Timeframes: Concentrated Weakness on 1H and 15m

    Intraday charts reveal a clear bearish shift. On the 1-hour timeframe, price ($77,200.48) trades below its EMA20 ($77,585.80), EMA50 ($77,749.40), and EMA200 ($78,489.49) — a full bearish moving average stack. RSI14 at 45.68 confirms seller control over recent sessions.

    A minor nuance: the 1H MACD histogram is slightly positive at 37.6 (line 72.53 above signal 34.93), hinting at nascent momentum stabilization. However, this signal is too small to constitute a reversal call, especially against a backdrop of macro uncertainty — including political overhang and regulatory ambiguity — that contrasts with the constructive daily structure.

    On the 15-minute chart, the picture remains soft. RSI14 at 40.24 and a clearly negative MACD histogram (-147.14) show sellers active into the latest candles. Price is pinned near its pivot ($77,190.01), with R1 at $77,226.01 and S1 at $77,156.00 defining a tight, indecisive range. The 15m chart signals a market awaiting a catalyst.

    Sentiment and Flows: Greed Persists Amid Pullback

    The Fear & Greed Index at 56 (Greed) has not yet recalibrated to match the 2%+ market decline, creating a notable sentiment-price disconnect. This can precede either a dip-buying resurgence that validates the daily uptrend, or a sharper flush if the 1H downtrend extends and forces overdue sentiment correction.

    On-chain data paints a mixed picture. Uniswap V4 fees rose double-digits over 24 hours, while Curve DEX fees dropped sharply over 7 days despite a strong 30-day trend. This divergence points to choppy, uneven risk appetite across DeFi rather than a clean directional read.

    Bullish Scenario: Reclaim Daily Pivot and EMA20

    Bulls need price to recapture the daily EMA20 ($77,018.30) and pivot ($77,718.20) to confirm the uptrend remains dominant. As long as price holds above the EMA50 ($72,881.04), the daily structure stays intact. A move back above the Bollinger mid-band ($78,621.15) would signal momentum re-acceleration, opening a path toward R1 at $79,389.81.

    Invalidation: A convincing break below daily S1 ($75,546.39) driven by deepening 1H bearish structure would shift the narrative from digestion to something more serious.

    Bearish Scenario: 1H Downtrend as Leading Edge of Deeper Correction

    Bears argue the 1H downtrend represents the vanguard of a larger correction, with regulatory and political uncertainty providing catalyst for continued de-risking. A break of daily S1 ($75,546.39) and sustained trade below the lower Bollinger Band ($76,276.11) would confirm the correction has legs.

    Invalidation: Reclaim of the 1H EMA200 ($78,489.49) coupled with daily RSI pushing convincingly above 55–60 would signal bulls back in control across timeframes, not just on the daily chart.

    What This Means for Traders

    Current price action reflects a market undecided on whether recent gains mark the start of a larger advance or a level requiring retest before trend continuation. The daily bullish regime, 1H bearish regime, and 15m indecision are not conflicting stories — they are a single narrative of a market pausing after a strong run, with sentiment still greedy and dominance favoring Bitcoin.

    ATR readings across timeframes imply the next move will not be slow. With dominance near 58% while total market cap contracts, altcoin exposure appears more vulnerable to downside than BTC itself. This is not a setup for blind conviction. The next few daily closes relative to the EMA20 and pivot levels will likely determine which scenario the market commits to.

    Frequently Asked Questions

    What is Bitcoin’s price today?

    Bitcoin trades at $77,218.01 as of September 11, 2026, hovering below its daily pivot of $77,718.20 but still above all three major daily moving averages.

    Is Bitcoin’s daily trend still bullish?

    Yes. The daily structure remains technically bullish with price above the EMA20 ($77,018.30), EMA50 ($72,881.04), and EMA200 ($72,271.40). However, MACD momentum is decelerating, suggesting the uptrend is maturing rather than accelerating.

    What does the Fear & Greed Index indicate?

    The index reads 56 (Greed), signaling sentiment has not yet washed out to match the intraday pullback. This leaves room for either a dip-buying resurgence or a sharper correction.

    What are the key levels to watch for Bitcoin?

    Critical levels include the daily pivot at $77,718.20, resistance at R1 ($79,389.81), and support at S1 ($75,546.39). A break above the Bollinger mid-band ($78,621.15) would signal renewed momentum, while a drop below S1 would suggest the correction has further to run.

    Disclaimer: This article is for informational purposes only and does not constitute financial advice, an investment recommendation, or a solicitation to buy or sell any financial instrument or cryptocurrency. The analysis provided is not indicative of future results. Investing in crypto assets and financial markets carries a high risk of capital loss. Always do your own research (DYOR) and consult a qualified financial advisor before making any decision.

    Article produced with the assistance of artificial intelligence and reviewed by the editorial team.

  • Bitcoin Rises as Markets Digest Inflation Data Ahead of Fed Rate Decision

    Bitcoin Rises as Markets Digest Inflation Data Ahead of Fed Rate Decision

    U.S. Inflation Data Delivers Mixed Signals as Core CPI Runs Hot

    The latest Consumer Price Index (CPI) report from the Bureau of Labor Statistics gave markets a mixed bag on Friday. Headline inflation rose 3.4% year-over-year and 0.4% month-over-month, both matching consensus estimates and matching July’s annual pace. However, core CPI—which excludes food and energy—told a more nuanced story. The annual core rate cooled to 2.4% from 2.5%, its lowest level since 2021, but the monthly core reading came in at 0.3%, exceeding the 0.2% analysts had forecast. That hotter-than-expected monthly core figure is the detail markets zeroed in on as the Federal Reserve approaches its September 15-16 policy meeting.

    Fed Rate Hike Probabilities Tick Up

    The report lands five days before the Fed’s next decision, the last major data point Chair Kevin Warsh’s committee will see before voting. Warsh used his first Jackson Hole keynote to say the Fed still has “work to do” on inflation. Three regional Fed presidents already dissented in favor of a hike at the July meeting, so a move would not be entirely unexpected. CME FedWatch, which tracks probabilities implied by 30-day Fed funds futures, puts the odds of a 25-basis-point hike at roughly 69%. Prediction markets are slightly more cautious: Polymarket prices the same outcome at 62%, and Myriad—the platform run by Decrypt’s parent company Dastan—has it at 61%.

    Crypto Market Rallies Despite Initial Dip

    Bitcoin initially dipped on the news but quickly reversed, climbing back toward $79,000 as the broader market digested the implications for interest rates. Ethereum led major assets higher, surging 7.48% on the day to reclaim $2,611, while Solana rose 4.53% back above $100. Zcash stood out across the top 10, gaining 23.09% over the past week alongside a 4.71% daily gain. Total crypto market capitalization climbed back near $2.7 trillion.

    Sentiment swung hard with the price action. The Crypto Fear & Greed Index, which had slipped to 56 after Thursday’s hot producer-price report, jumped back to 73—firmly in “greed” territory—while the Altcoin Season Index sits at 38, indicating Bitcoin still dominates the ecosystem as traders lack enough risk appetite for a full altcoin rotation. Spot Bitcoin ETFs continue to show a net outflow of roughly $330.5 million on the day, a reminder that this rally hasn’t yet pulled fresh institutional money off the sidelines.

    Derivatives activity climbed alongside the rally. Open interest across crypto futures rose 1.52% to $429.99 billion, with 24-hour trading volume up 2.27% to $877.11 billion. The volatile session triggered $897.09 million in liquidations, split between $493.85 million in long positions and $403.24 million in shorts.

    Bitcoin Price Analysis: Golden Cross Forms on Daily Chart

    Bitcoin opened Friday at $76,529 and briefly dipped toward the day’s $76,040 low in the minutes after the CPI print—an initial hawkish reaction before the market reversed hard. Bulls have since taken over, pushing BTC as high as $79,837 through the session. The asset now trades near $79,007, a 3.24% gain on the day and nearing the psychologically significant $80K mark.

    Bitcoin price data. Image: Tradingview

    Golden Cross Signals Medium-Term Trend Shift

    The chart’s biggest structural shift is the exponential moving average (EMA) crossover. Bitcoin’s 50-day EMA has now crossed above its 200-day EMA, forming a golden cross—a setup traders read as confirmation that the medium-term trend has flipped bullish rather than a warning of a coming reversal, which the opposite death cross would signal. The crossover just happened, meaning it is not technically confirmed yet; there isn’t yet a significant gap between both averages, so traders would be wise to keep their champagne in the refrigerator for a couple of days.

    Momentum Indicators Support Upside

    The Relative Strength Index (RSI) sits at 59.7—bullish territory and well below the 70 reading that would flag the move as overbought. The Average Directional Index (ADX), which measures trend strength regardless of direction, reads in the 40s, comfortably above the 25 threshold that separates a real trend from noise, with the DI+ line above DI- confirming buyers remain in control.

    Key Levels to Watch Ahead of Fed Decision

    The key zone to watch sits below current prices: a Fibonacci retracement drawn off the summer’s $68,858 low to the $82,281 high hit in late August places Bitcoin’s golden zone—the retracement band bulls need to defend—between $73,986 and $75,569. Above that, the $82,281 high from late August remains the level that needs to break for the rally to extend before the Fed’s rate decision on Wednesday at 2:00 PM ET.

    Myriad: $BTC next move: Pump to $84K or Dump to $55K? Click to make your prediction.

    Disclaimer: The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

  • Crypto Exchange Recovery Rules Divide NES Holders Into Winners, Losers After $286M Exploit Fallout

    Crypto Exchange Recovery Rules Divide NES Holders Into Winners, Losers After $286M Exploit Fallout

    NES Token Resumes Trading on Binance Alpha and Kraken After Security Incident

    Nesa’s NES token returned to trading on Binance Alpha and regained Ethereum funding support on Kraken on September 10, following exchange-specific interruptions tied to an August 24 token-contract security incident. The restorations are not a network-wide relaunch or a single recovery plan, and they do not establish a universal migration process for NES held in private wallets.

    Binance Alpha: Two-Snapshot System for Swaps and Refunds

    Binance Alpha is using two separate snapshots to determine eligibility for a 1:1 token swap versus refund treatment on its platform. According to the exchange’s announcement, users who held NES before August 24 at 14:51 UTC must also have held an eligible portion when trading was suspended on September 5 at 04:00 UTC to qualify for the 1:1 swap for that portion.

    Any additional NES acquired after the August 24 cutoff is excluded from the 1:1 swap and will be subject to separate refund treatment. Binance stated that users with eligible net purchases during the specified window would receive an email with refund details within seven business days. The announcement does not disclose the complete refund formula or support a claim that every affected holder will be made whole.

    Trading was scheduled to reopen at 08:00 UTC on September 10. Users should check which snapshot category applies to their balance and monitor the email address linked to their account.

    Kraken: Ethereum-Only Migration, BNB Chain Funding Disabled

    Kraken’s incident page confirmed that NES covered by its funding incident would migrate 1:1 to a new Ethereum contract. The exchange scheduled Ethereum deposits and withdrawals to resume at 14:00 UTC on September 10 and marked the funding incident resolved 12 minutes later.

    Kraken explicitly stated that NES funding on BNB Chain would remain disabled and only Ethereum-based NES would be supported going forward. Customers moving NES to or from Kraken should select Ethereum and verify the new contract details in Kraken’s official notice before transferring funds.

    No Universal Migration for Self-Custodied Holders

    The exchange-managed actions do not determine what happens to NES held outside Binance Alpha or Kraken. Self-custodied holders should not assume that Binance’s snapshot windows or Kraken’s automatic migration apply to tokens in their own wallets.

    As of press time, Nesa’s public official site and general wallet documentation did not provide incident-specific self-custody migration steps. Until Nesa publishes or directly verifies a route, holders should verify any contract address and migration process through official Nesa channels before approving a contract interaction or moving old-contract tokens.

  • Robinhood Crypto Trading Volume Jumps 61% in August

    Robinhood Crypto Trading Volume Jumps 61% in August

    Robinhood Crypto Volume Surges 61% in August, but Prediction Markets Steal the Show

    Robinhood Markets reported a sharp rebound in cryptocurrency trading activity during August, though the standout growth story remains its rapidly expanding prediction market business.

    Crypto Trading Rebounds From July Lows

    Notional crypto trading volume—the total dollar value of assets bought and sold on the platform—jumped 61% month over month to $17.5 billion in August, according to operating data released Thursday. The increase follows a sluggish July, when volume sat at $10.9 billion.

    Despite the monthly gain, August volume remained 38% below the $28.1 billion recorded in the same month last year, highlighting the persistent year-over-year decline in retail crypto engagement.

    Platform Breakdown: App vs. Bitstamp

    • Robinhood App: $7.4 billion in volume, up 72% from July but down 46% year over year.
    • Bitstamp: $10.1 billion in volume, up 53% month over month. Robinhood acquired the exchange in 2025.

    Combined, the two platforms averaged $565 million per day in crypto trading volume during the month.

    Broader Platform Metrics Show Strength

    Crypto represents a small slice of Robinhood’s overall balance sheet. Key platform-wide figures for August include:

    • Total platform assets: $384 billion, up 26% year over year.
    • Funded customers: 28.6 million (users with at least one transaction in the trailing 45 days).
    • Margin loans: $21.5 billion, up 72% from a year ago.

    Event Contracts Emerge as Breakout Business

    The most striking growth metric isn’t crypto at all. Event contracts—Robinhood’s prediction market bets on outcomes like Federal Reserve rate decisions or sports results—traded 4.7 billion times in August.

    While that represents a 23% decline from July, it marks a roughly 15-fold increase from the 300 million contracts traded in August 2025. Each contract functions as a binary wager: buy a “yes” for a few cents, and it pays $1 if correct, zero if wrong.

    That explosive growth has turned prediction markets into Robinhood’s fastest-growing revenue line. In the company’s record quarter reported in July, event contract revenue surged more than tenfold year over year to $156 million, overtaking crypto as a source of transaction income.

    Infrastructure and Partnerships

    Robinhood operates these products through partner exchanges Kalshi and ForecastEx, as well as its own joint venture Rothera. As of the July earnings report, Rothera had processed more than 3.5 billion contracts since its June launch.

    Regulatory Scrutiny Intensifies on Capitol Hill

    The rapid rise of prediction markets has drawn legislative attention. Since January, lawmakers have introduced more than 10 bills targeting the sector, including the PREDICT Act, which would prohibit members of Congress, the president, and other senior officials from trading contracts tied to political events.

    Critics argue that placing sports and political wagers alongside retirement accounts blurs the line between investing and gambling—a tension regulators are still working to resolve.

    Robinhood Chain Gains Traction on Ethereum Layer 2

    The company’s blockchain bet is also accelerating. Robinhood Chain, an Ethereum Layer 2 network designed to process transactions faster and cheaper before settling to the mainnet, logged $1.6 billion in daily trading volume on decentralized exchanges as of September 1—a 61% increase in just four days.

    Market Reaction and Upcoming Catalysts

    Despite the strong operating data, Robinhood shares (HOOD) slipped 0.83% on Thursday. Analysts at Mizuho and StoneX raised their price targets this week, citing the company’s broader growth trajectory.

    Robinhood’s next quarterly earnings report is expected November 4.

  • Analyst Flags Ethereum Breakout Setup With $15K Target

    Analyst Flags Ethereum Breakout Setup With $15K Target

    Ethereum ($ETH) is retesting a critical resistance line that has only been touched twice before—in 2021 and again around 2025. According to trader Crypto Patel, this third test represents the “biggest breakout setup yet” for the cryptocurrency.

    In a chart shared Friday, Patel outlined a potential path toward $5,000, then $10,000, and ultimately $15,000 if the resistance breaks. At the time of the analysis, $ETH was trading near $2,500—still less than half its all-time high.

    The Chart Behind the $15K Call

    “$ETH is retesting a multi-year resistance zone for the 3rd time after holding its long-term accumulation support,” stated Patel as he shared a chart tracing a descending trendline from 2018 to 2021, marked by three lower highs before ETH broke out into that year’s rally.

    The same horizontal resistance capped the price at the 2021 peak and again near 2025, with the current test drawn as the third touch of that line. Below it, a wide band the analyst called the “Best Accumulation Zone” has caught every major pullback since, with a rising trendline running through it that ETH is still sitting just above—around $2,460 on the chart’s own reading.

    The target ladder is more granular than the $5K, $10K, $15K shorthand in Patel’s caption suggests. The chart itself marks $3,270 and $4,892 as the first two levels, with $5,500 also flagged, before the path opens toward $10,000 and then $15,000.

    Current Market Context

    At the time of writing, spot ETH had changed little in 24 hours but was down about 1% on the week and roughly 44% below where it traded a year ago. Over one month, however, the asset showed gains of 31%—although even that jump kept it 50% below its August 2025 all-time high.

    Trading volume jumped close to 28% in the past 24 hours to near $16.3 billion, a sign of fresh activity around the level Patel is watching.

    Experts Split Between Breakout and Pullback

    Analyst NoName, posting on Thursday, offered a different perspective, noting that ETH had just finished a Wave 3 impulsive move and writing that “the next phase of the structure should be a Wave 4 correction.”

    They pointed to $2,324 as the first support to watch, with a bounce toward $2,784 to $2,966 possible if buyers defend it, or a drop to the $2,112 to $2,222 zone if it fails. Only a daily close under $2,050 would scrap the setup entirely.

    Several other market watchers have also been keeping an eye on the $2,500 to $2,550 area, with some expecting a move toward $3,000 after a strong weekly close above resistance and others anticipating a retreat toward $2,000 first.

  • What Happens If the CLARITY Act Bill Doesn’t Pass?

    What Happens If the CLARITY Act Bill Doesn’t Pass?

    CLARITY Act Faces Critical Senate Vote as Industry Warns of Regulatory Vacuum

    With the Senate vote on the CLARITY Act just days away, Digital Chamber CEO Cody Carbone outlined the likely scenarios if the legislation fails to pass—and he isn’t sugarcoating the odds of a quick legislative fix.

    Don’t Expect a Lame-Duck Save

    Asked whether the bill could still advance during a lame-duck session or early in the next Congress, Carbone was blunt: “I think that is unlikely,” he said. If the bill cannot move forward in the coming weeks before the election, he expects a very different path to take shape.

    Regulators Move Fast

    Carbone said the most immediate response would come from regulators themselves. “You’re going to see the regulators moving fast and furious,” he said, pointing to SEC Chairman Paul Atkins, who is already signaling they’ll implement CLARITY’s goals through guidance and rulemaking rather than waiting on Congress. He expects that to start with an innovation exemption from the SEC, arriving quickly if the bill stalls.

    A “Skinny” Version Could Emerge

    The second path Carbone outlined involves breaking the bill apart. He reminded stakeholders that CLARITY isn’t one clean piece of legislation—it’s an amalgamation of roughly 40 to 50 separate bills merged into one package. That structure, he said, opens the door to pulling out individual provisions and attaching them to must-pass legislation later this year, citing the National Defense Authorization Act—which has passed every year for six decades—as a likely vehicle.

    Carbone was cautious about the odds of that approach working. “I don’t know if the latter will be successful,” he said, but he was confident regulators stepping in independently is the more likely outcome. “That will be the regulatory framework implementation for the next two years. It’ll likely be primarily agency action.”

    If CLARITY fails to clear its September 15 hurdle, Carbone’s read is that Washington doesn’t get a clean do-over anytime soon. Instead, expect regulators to fill the gap through rulemaking, with a slim chance that individual provisions get revived by riding along on unrelated must-pass bills before year’s end.