Coinbase lost 667 million, Robinhood's crypto revenue fell 38%, and the 2025 Q4 financial report reveals the "growing pains" of the giants.

As BTC pulls back from $126,000, pure trading models are facing a valuation ceiling. Can they establish a new moat in 2026 relying on #Base , #RWA , and L2 infrastructure? This is not just a financial report, but a life-and-death battle for the migration of crypto finance from "casino" to "system."

In-depth analysis of traditional giants' "de-trading" transformation: 阅读全文