retail

According to BBX data, yesterday the intertwining news of traditional finance's entry into cryptocurrency and corporate reserve exits presented the following core dynamics:SoFi Technologies, Inc. (NASDAQ: $SOFI) announced through a BusinessWire official press release that its SoFiUSD stablecoin has officially opened to approximately 14.7 million members within the SoFi app, supporting buying, selling, holding, and conversion, becoming the first national bank in U.S. history to embed its own stablecoin within a banking app (the issuer is SoFi Bank, N.A., regulated by the OCC). SoFiUSD (on-chain code SOFID) is pegged 1:1 to the U.S. dollar and can be used on the Ethereum and Solana networks, with reserves backed by liquid assets and subject to regular independent CPA audits; in the coming weeks, tokenized deposits and 24/7 cross-border transfer functions will be launched, and an institutional trading channel will be opened in collaboration with Bullish exchange. SoFi CEO Anthony Noto stated, "Users no longer have to choose between blockchain technology and regulated bank products." The company's Q1 2026 crypto trading revenue reached $121.6 million, with a net income of approximately $852,000 after costs; SoFiUSD is not insured by FDIC or SIPC, does not constitute legal tender, and on-chain transactions are generally irreversible.Coinbase Global, Inc. (NASDAQ: $COIN) and the prediction market platform Kalshi announced that the two platforms have received approval from the CFTC to launch cryptocurrency perpetual contract products for U.S. customers, becoming the first exchanges approved to offer such products within the U.S.; this move by the CFTC officially brings perpetual contracts from a regulatory gray area into the federal derivatives legal framework, and a policy statement was released simultaneously, indicating that future applications for perpetual contracts in other asset classes will be reviewed on a case-by-case basis. In 2025, the global trading volume of cryptocurrency perpetual contracts reached $61.7 trillion (up 29% year-on-year, according to CryptoQuant data), and the U.S. previously lacked regulated domestic trading venues. This approval is expected to drive a significant amount of institutional and retail funds back from offshore platforms to compliant channels in the U.S., with several other exchanges expected to follow suit with applications.Sequans Communications S.A. (NASDAQ: $SQNS) CEO Georges Karam clearly announced during the recent Q1 2026 earnings call that the company has completely terminated its previously initiated Bitcoin treasury reserve strategy. The company began its cryptocurrency layout in June 2025, raising approximately $384 million through debt and equity financing, and quickly accumulated 3,000 BTC by the end of July 2025; however, the crypto market crash in October 2025 triggered the company to deleverage, selling 970 BTC in November 2025 and another 1,025 BTC in Q1 2026; as of now, it holds approximately 658 BTC (completely debt-free, worth about $46.8 million), and the company stated it will gradually liquidate over time, with all funds returning to its core chip business. Sequans is an IoT/5G semiconductor company, and this case is one of the most significant "failed corporate Bitcoin reserve strategy cases" in 2026.

According to The Block, Kraken's parent company Payward's xStocks framework will launch a service that allows Kraken and partner platform users to participate in U.S. stock IPOs at the offering price and receive on-chain tokenized shares corresponding 1:1 with the underlying stock, which is held by a regulated custodian.Users can submit non-binding subscription intentions through partner platforms weeks before the IPO. Payward will aggregate demand and collaborate with the underwriting team to allocate shares, completing pricing, allocation, and token issuance on the listing day.xStocks tokens can circulate across multiple chains such as Ethereum, Solana, and TON, and can be used in combination with DeFi protocols.

According to Cointelegraph, Swan Bitcoin CEO Cory Klippsten stated in an interview that although institutional investors' participation in the cryptocurrency space is increasing, it is very important to pay attention to retail sentiment towards Bitcoin, as Bitcoin holdings are far from being concentrated. "Bitcoin is not monopolized like BlackRock or Fidelity; in fact, it is primarily purchased by numerous retail accounts."

The cryptocurrency market research organization Santiment stated that ETH has fallen below $2000 for the first time since March 29. Typically, after a significant price drop, the market exhibits two typical sentiments: one is retail investors falling into FUD due to weak performance, and the other is FOMO sentiment viewing the drop as a "discount buying opportunity." Santiment pointed out that the market is currently experiencing the latter. As ETH breaks below a key psychological support level, a large number of retail investors are starting to "buy the dip."They believe this usually indicates that the price of ETH may still have further room to decline, as retail sentiment is currently too optimistic, and historically, the general market tends to make incorrect judgments. Santiment stated that a truly better buying opportunity usually occurs after market FOMO cools down and sentiment shifts to panic.

The cryptocurrency market research firm Santiment stated that ETH has fallen below $2000 for the first time since March 29. Typically, after a significant price drop, the market exhibits two typical sentiments: one is retail investors falling into FUD due to weak performance, and the other is the FOMO sentiment that views the drop as a "discount buying opportunity."Santiment pointed out that the latter is currently emerging in the market. As ETH breaks below a key psychological support level, a large number of retail investors are starting to "buy the dip." It believes that this usually indicates that the price of ETH may still have further room to decline, as retail sentiment is currently too optimistic, and historically, the general market tends to make incorrect judgments. Santiment stated that the truly better buying opportunities usually arise after market FOMO cools down and sentiment shifts to panic.

According to Fireblocks' "2025 Stablecoin Status Report," the trading volume of euro stablecoins processed by retail virtual asset service providers (VASP) has grown 12 times in 15 months, reaching $777 million.European banks and fintech companies are accelerating the production and deployment of compliant stablecoins following the implementation of the EU's Markets in Crypto-Assets Regulation (MiCA). Banking Circle and SG-Forge have become pioneers of MiCA-compliant stablecoins, launching euro-backed digital assets EURI and EURCV, respectively, both of which are currently expanding their production operations.This growth reflects a broader transformation of the European digital asset infrastructure, as banks have moved from pilot projects to building production systems for tokenized assets and stablecoin payment rails. Fireblocks' research indicates that European banks view stablecoins and tokenized asset infrastructure as key components of their 2026 roadmap, with MiCA compliance reducing regulatory uncertainty and accelerating the deployment process.

According to data from CryptoQuant, the participation of retail investors (holding less than 1 BTC) in the Bitcoin market is continuously declining, almost "disappearing" from on-chain active addresses. Currently, the monthly average inflow of BTC from retail investors on Binance has dropped to a historical low of only 314 BTC.

On-chain detective ZachXBT has released a lengthy article exposing the LAB project and its founder (@vsadkovv). The LAB token has surged to a $6 billion FDV, but the situation is very opaque.The team was founded by Vova Sadkov and Mark, whose previous Eesee project left many investors dissatisfied. Currently, the circulation data for LAB is chaotic, with Coingecko, RootData, and CMC reporting different circulation figures. The official team has not clearly disclosed the token distribution, and there is a significant overlap between investors and trading platforms. Most critically, insiders likely control over 95% of the tokens, leaving retail investors completely unaware of the true circulation situation.Additionally, the LAB team unilaterally changed the public sale lock-up period from 3 months to 9 months, while also defaulting on marketing fees, providing special treatment to KOLs and whales, and requiring them to post promotional content. The founder has mixed project funds with personal accounts, with large amounts of money directly entering the trading platform's recharge address. Insiders can sell off tokens without retail investors being aware.On-chain data shows that insiders recently withdrew over 100 million LAB from trading platforms, worth hundreds of millions of dollars, using tactics similar to those seen in previously manipulated projects. ZachXBT calls for trading platforms to conduct a thorough investigation and delist or freeze related funds. Furthermore, ZachXBT specifically states: this is not a short-selling recommendation. With such high supply control, short-selling instead becomes fuel.

American financial services giant Charles Schwab has begun to phase in the "Schwab Crypto" service for eligible U.S. retail customers, allowing users to trade Bitcoin and Ethereum directly.According to official information, users can view and manage their crypto assets directly through their existing Schwab accounts, with custody provided by Charles Schwab Premier Bank, while Paxos offers underlying custody and trade execution services. The platform charges a transaction fee of 0.75% of the transaction amount, and currently does not support external wallet deposits and withdrawals. Additionally, this service is not yet available to residents of New York and Louisiana. Charles Schwab currently manages approximately $12 trillion in client assets, with its clients holding about 20% of the assets in U.S. spot crypto ETFs.

Traditional financial giant Charles Schwab announced that Schwab Crypto accounts are now gradually opening to retail customers. The first batch of customers can trade Bitcoin and Ethereum on Schwab, managing them alongside other investment products.

Crypto analyst Murphy stated that data shows retail investors have not generally missed out on this round of Bitcoin market. He pointed out that addresses holding less than 1 BTC have increased their balance by 23,074 BTC in the past 30 days, and there were three significant accumulations around $66,000, $70,000, and $80,000.Murphy believes that the retail investors still in the Bitcoin market during this cycle are mostly "veteran players" who have experienced the altcoin and contract cycles. Meanwhile, whales holding more than 10,000 BTC began to significantly increase their holdings around $66,000, with a peak increase of 140,699 BTC in the 30-day balance, marking the largest net growth in nearly two years, showing clear accumulation behavior. Murphy stated that the market will always move towards areas of less resistance, and when the lower resistance is greater, prices naturally tend to continue upward until they encounter stronger resistance.

ZachXBT posted on platform X that the founder of LAB released philosophical nonsense while participating in the manipulation of the CEX market that harms retail investors; they attempted to contact privately, but the message was read and not replied to; the scammers further undermined the last remaining credibility of the industry.

According to BBX data, yesterday Wall Street institutions made a significant breakthrough in retail crypto layout, and today the dual verification point of the earnings season is approaching. The core dynamics are as follows:Morgan Stanley (NYSE: $MS) disclosed via Bloomberg on May 6 that its ETrade platform officially launched a pilot for crypto spot trading, with a fee structure of 50 basis points per transaction amount, lower than Coinbase (retail rates vary by tier and payment method, potentially exceeding 50 basis points), Robinhood (approximately 100 basis points, according to media estimates), and Charles Schwab (75 basis points); initially supporting three major assets: BTC, ETH, and SOL, with liquidity, custody, and settlement services provided by Zerohash; the pilot is currently aimed at a select group of users, with plans to open to all 8.6 million ETrade customers by the end of 2026. Head of Wealth Management Jed Finn characterized this move as "reverse disruption of disruptors," and Morgan Stanley is simultaneously advancing its application for a national trust bank license to achieve self-custody, with plans to launch Ethereum and Solana spot ETFs.Coinbase Global, Inc. (NASDAQ: $COIN) will release its Q1 2026 earnings report after the market closes today (May 7), with the earnings call scheduled for 2:30 PM (PT); analyst consensus expects Q1 revenue of approximately $1.5 billion (a year-on-year decrease of about -26%), and EPS of about $0.23---$0.36 (a significant decline from $1.94 in the same period last year); the relative resilience of subscription and service revenue (including stablecoins, custody, and staking) will be the core metric of most interest today.Block, Inc. (NYSE: $XYZ) will release its Q1 2026 earnings report after the market closes today (May 7), with an earnings call at 2:00 PM (PT); analyst consensus expects revenue of approximately $6.04 billion to $6.11 billion (a year-on-year increase of +5.79%), and EPS of $0.68 (an increase of about 21% from approximately $0.56 in the same period last year); consensus for Bitcoin ecosystem revenue is expected to be about $2.11 billion (down from $2.30 billion in the same period last year); Evercore ISI maintains an "Outperform" rating with a target price of $96 (implying about 35% upside from the current stock price of $70.92), focusing on the recovery progress of the fundamentals of the two major business lines, Square and Cash App.

Dragonfly partner Haseeb Qureshi stated that retail investors have significantly exited the current crypto market, and institutions are becoming the market bottom and supporting Bitcoin prices. He pointed out that Bitcoin is being viewed as a mature asset with sustained growth potential over the next 15 to 20 years, while altcoins need to have a clear narrative to attract retail attention again.He also mentioned that the core of the crypto industry still revolves around money and financial scenarios, with areas such as DeFi, stablecoins, exchanges, and RWA having strong user stickiness. With the involvement of AI technology, future agents may take on intermediary roles in trading, thereby enhancing overall adoption, and low-risk preference users may become the main source of incremental growth.

According to a joint report by Bitget Wallet and Polymarket, Polymarket's trading volume in March reached $25.7 billion. Research based on 1.29 million active wallets in the first quarter of 2026 shows that 82.3% of users had trading volumes below $10,000, indicating that the platform is dominated by retail users. The average number of active days per user increased from 2.5 days to 9.9 days, and the average number of trading categories per user expanded from 1.45 to 2.34.Sports became the largest category in the first quarter, with a trading volume of $10.1 billion; the political category generated $5 billion in trading volume, of which geopolitical events accounted for $2.41 billion; the crypto category accounted for about 40% of new users' early activities, serving as a primary entry point. The report defines this trend as a shift driven by behavior rather than capital, with users visiting more frequently and rotating among multiple categories. The industry predicts that by the end of 2026, the annual trading volume will reach $240 billion, with a long-term goal of $1 trillion.

The newly appointed chief economist of New Fire Group, Fu Peng, stated on Twitter that the underlying business model of Bitcoin perpetual contracts is essentially the same as the "rollover fee/overnight fee" in traditional finance's gold and industrial commodity spot exchanges.Fu Peng pointed out that back in the day, gold exchanges settled through daily forced liquidation, with longs and shorts paying each other rollover fees. When retail investors held a large number of high-leverage long positions, the rollover fee became the most stable and hidden source of income for the platform. Nowadays, Bitcoin spot platforms mainly rely on perpetual contracts, with both sides settling the funding rate every 8 hours. When longs dominate, retail investors holding long positions continuously pay funding rates to shorts.Although the platform does not directly collect this fee, it significantly enhances trading activity, open interest, and liquidity, indirectly generating a large amount of fee income and forming a stable and substantial cash flow. Essentially, it is a business model where large players/institutions "collect rent" from long-term holdings, retail investors pay for leverage to go long, and the platform indirectly takes a cut.

Coinbase Institutional tweeted that its March market cycle survey shows that among institutional investors, 43% believe we are currently in the late bear market; among non-institutional investors (retail), 49% believe we are still in the bear market markdown phase.

According to Gate market data, the U.S. retail sales month-on-month rate exceeded expectations, causing the dollar index DXY to rise slightly in the short term, while spot gold fell by 14 dollars in the short term.