Industry Reports

Robinhood's February operating report shows that cryptocurrency trading volume reached $25 billion, a year-over-year increase of 74%. Among this, Robinhood App's crypto trading volume was $9.4 billion, while Bitstamp accounted for $15.6 billion. In comparison, traditional finance trading volume declined, with stock trading volume down 14% quarter-over-quarter.

The DeFi market entered an "interest rate winter" since September 2025, with deposit rates for major stablecoins declining sharply and supply-demand imbalances causing liquidity congestion. The rate decline reflects reduced capital demand and a lack of high-return opportunities. Stablecoin lending demand has dropped significantly, with market risk appetite shifting toward more stable investment channels. In response to this situation, the Sky protocol demonstrates competitiveness and adaptability by introducing real-world assets to enhance yields. The low interest rates during this phase can be viewed as an opportunity for DeFi market transformation.

Tether CEO Paolo Ardoino is making the United States a core focus for expansion, with plans to complete audits by 2026. The company earned over billion in profits last year and currently holds approximately @E1@ billion in U.S. Treasury bonds. Meanwhile, Tether has launched the compliant token USAT and is investing across multiple sectors.

Crypto development project submissions have plummeted by approximately 75%, with a significant exodus of developers, primarily due to market downturns and the rise of AI technology. While the AI sector is flourishing, the activity of crypto projects on GitHub has declined, with only crypto wallet infrastructure experiencing modest growth. The developer structure has shifted, with experienced veterans maintaining active involvement, while new developers have substantially decreased. The crypto industry is gradually transitioning into an app era, with existing platforms integrating applications, and development activities are correspondingly evolving.

The cryptocurrency options market is rapidly expanding, with Bitcoin options open interest expected to reach $65 billion by 2025, surpassing futures for the first time. The leading platform Deribit's acquisition by Coinbase is facilitating increased participation from institutional investors. On-chain options remain in early development stages, although the decentralized derivatives market share has risen to 10%. Increasing institutional demand and an improving regulatory environment are creating new opportunities for the crypto options market.

Ripple Chief Executive Officer Brad Garlinghouse stated that the company will focus on developing enterprise blockchain applications, particularly the application of stablecoins in financial scenarios. Financial institutions' attention to digital assets continues to rise, and the efficiency improvements of blockchain technology in core business areas such as fund management have become a focus for management. Major institutions are actively deploying stablecoins to advance the development of enterprise-grade cryptocurrency payments.

Wintermute's report indicates that the Bitcoin mining industry faces threefold pressure, including the failure of halving premiums, limited transaction fee supplementation effects, and rising energy costs, leading to declining gross margins for miners. The report recommends that miners transition from "passive reserves" to "active management" of Bitcoin assets, leveraging derivatives and lending income to address these challenges. The report also notes that while AI transformation holds potential, its high costs make it unsuitable for all mining operators.

Wintermute reports that Bitcoin miners face declining revenue pressure, with traditional mining profitability difficult to increase. Mining enterprises are considering transitioning to AI computing power business to maintain competitiveness, but this requires substantial capital investment. The report believes this profitability pressure differs from previous cycles and resembles more of an industry structural adjustment. The industry is expected to become more concentrated and efficient.