EToro’s (ETOR) crypto trading was $7.2 million in the red in the second quarter of 2026, a decline of nearly 120% from the $37.7 million it made a year earlier, according to its second-quarter earnings released Tuesday.

The Tel Aviv, Israel-based trading platform reported $1.35 billion in cryptoasset revenue, around 29% lower than the $1.91 billion a year earlier. Its cost of revenue from cryptoassets was $1.35 billion, leaving a $7.2 million loss, compared with a $37.7 million gain a year earlier.

EToro said it is developing onchain perpetual futures and that crypto buying power is “coming soon.” Crypto activity has cooled, however: the company reported 1.4 million crypto trades in July, down 73% from a year earlier, while the average crypto trade fell 50% to $182.

Overall, eToro’s net contribution rose 9% year over year to $229 million, driven mainly by equity trading, while funded accounts increased 18% to 4.28 million. Shares fell as much as about 11% after the announcements. The report also noted that the adjusted diluted earnings per share of $0.68 beat analysts’ estimates of $0.61.

Shares nevertheless traded more than 12% lower in the hours following the earnings release at around $29.80.

Christopher Harborne, the Tether and Bitfinex equity holder with close ties to Nigel Farage’s right-wing Reform UK, has previously stuck to creating businesses and not-for-profits in England and a few other jurisdictions. However, he’s now decided to start a company in the United States — Skyline Apex LLC.

The billionaire has recently seen his name in the British tabloids due to his unreported £5 million “gift” to Farage at a time when the Reform Party leader wasn’t confined to regular campaign finance rules and regulations.

Due to the scandal, Farage is now facing a by-election against novelty candidate “Count Binface” and a slew of other third-parties.

Kalshi faces a lawsuit in a New York federal court over claims the prediction markets platform is using flight data and a trademark without permission to run bets on airline cancellations.

FlightAware, which operates the world’s largest flight-tracking platform, filed the suit in the U.S. District Court of the Southern District of New York on Monday, seeking damages and an injunction against further use of its data and logo.

Kalshi started offering bets on nationwide and local flight cancellations on July 14, the same day it submitted its regulatory filing to the Commodity Futures Trading Commission (CFTC) to list such event contracts. The contracts allow users to bet on the percentage of scheduled flights that would be canceled during a specific period.

FlightAware alleges Kalshi had agreed to terms barring commercial use of its data, including through a fee AeroApi account that a Kalshi employee registered for in 2022.

Kalshi responded to FlightAware’s cease-and-desist letter, denying “it violated FlightAware’s license or infringed the FlightAware mark and asserted that its references to FlightAware constituted nominative fair use.”

Bitcoin slipped 2% to about $64,200 on Monday, dragged down less by any single catalyst than by the corporations that once championed it turning their attention to AI, says Alex Kuptsikevich, chief market analyst at FxPro.

The wider market fell 2% to $2.18 trillion, with roughly ten coins falling for every one that rose.

The names doing the pivoting are the ones that gave crypto institutional cover, holders led by Strategy and miners like MARA, which spent the past two years rebranding themselves around AI data centers.

Institutional money is now selling bitcoin to build liquidity or rotate into that trade, Kuptsikevich said, and with corporate enthusiasm draining, the risk is that BTC position liquidation accelerates over the coming weeks.

Corporations joined crypto when it flattered their image, the reverse of the stock market, where retail usually arrives last and takes the losses. As those companies leave, Kuptsikevich argues, they hand crypto back to the retail base that built it, returning bitcoin to its ideological roots even if the exit stings on the way out.

Bitcoin is sitting just above its 50-day moving average, which has traded nearly flat for three weeks, a standoff between sellers distributing and buyers absorbing. Watch whether that line holds.