Hood Up

The percentage of revenue decline pretty much sums up the crypto market in June. Most metrics saw severe drops — the total revenue of Bitcoin miners fell dramatically by 42% as the price of Bitcoin retested key support level at $30k and trading volume flattened. Ethereum miners experienced revenue shrinkage of a similar magnitude. On top of the abysmal price action and trading volume, the 53% decline is also attributed to gas fee nosediving to a six-month low. However, the silver lining remains that both Bitcoin and Ethereum miners are still above the December 2020 levels, when the latest bull run just began to take off.

Hood Up. After Coinbase’s rather disappointing direct listing where its stock has fallen below the $250 reference price, another popular company and crypto trading platform seeks to go public. The SEC filings showed that Robinhood recorded impressive performance with revenue more than tripling last year, especially during the period when exuberant small-time investors flocked to the online brokerage for a taste of the meme stock mania. The documents also reveal that Robinhood’s strong crypto offering performance, particularly dogecoin, played in their fortunes, but remains a risk factor.