But its numbers show no sign of them arriving. Solana’s decentralized exchanges processed about $17 billion during Sept. 10-16, down 8% from the preceding week, while PumpSwap, the exchange tied to memecoin launchpad Pump.fun, recorded $2.9 billion, down 36% against Pons’ 37%.

Specific tokens may have pulled traders between the networks, but the chain-wide figures do not show a wholesale migration from Robinhood to Solana.

However, direct bridge flows show some money did move toward Solana. deBridge, a platform that enables token transfers between the two networks, processed $8.2 million from Robinhood to Solana during Sept. 10-16 and just over $6 million in the opposite direction, resulting in a net outflow of about $2 million.

The previous week was almost perfectly balanced, with $13.4 million leaving Robinhood and $13.3 million entering. Transfer counts then moved toward Robinhood, with about 5,000 Solana-to-Robinhood orders during the latest week against 3,800 going the other way, per data accessed by CoinDesk.

Strip out the wildest days and the same picture holds. Robinhood Chain averaged 11.5 million transactions and about $4 million in daily fees during the seven days ending Sept. 4, against 10.8 million transactions and $641,000 in fees in the seven days ending Sept. 16.

On August 5, Cencora (NYSE:COR) reported results for its fiscal third quarter, which closed on June 30, and the headline numbers looked clean. Revenue rose 5.1% to $84.8 billion, adjusted earnings per share climbed 12.0% to $4.48, and management raised its full-year adjusted EPS outlook to $17.75 to $17.95. The company also repurchased $1 billion of its own stock during the quarter. But the profit story has moving parts, and a few of them pull in opposite directions.

Profits Are Outrunning Sales

Start with the gap between profit growth and sales growth. Adjusted operating income rose 17.0% while revenue grew only 5.1%. Much of the help came from gross profit, which jumped 23.2% on an adjusted basis as both segments contributed and the OneOncology acquisition in February lifted margins in the US business. In plain terms, adjusted gross margin widened 61 basis points to 4.16%, so the company keeps more gross profit from every dollar it sells.

The strength was not confined to one corner, either. US Healthcare Solutions grew operating income 15.9% on higher pharmaceutical sales and the OneOncology deal, while specialty volume to health systems and physician groups lifted its revenue. International Healthcare Solutions did better still, with operating income up 20.8% on strength in European distribution and global specialty logistics. Management also put cash to work, completing in one quarter the $1 billion of buybacks it had expected to finish by the close of calendar 2026. The board declared a $0.60 quarterly dividend as well, payable August 31, to holders of record on August 14.

The Bill Behind the Growth

Growth is costing more than it first appears. Adjusted operating expenses jumped 26.8%, faster than adjusted gross profit, because OneOncology brought expenses along with its profits. Even so, adjusted operating income amounts to just 1.46% of revenue, a thin cushion on a business this large. Financing adds weight too. Cencora funded part of the purchase with new senior notes plus variable-rate term loans, and net interest expense rose $58.9 million from a year earlier.

The sales mix carries its own drag. GLP-1 drugs for diabetes and weight loss are adding to revenue, but they earn lower gross margins, so each dollar of that growth is worth less to profit. Meanwhile, an oncology customer Cencora lost in 2025, and lower sales to a large mail order customer both held back US revenue, as did lower manufacturer prices on some brand pharmaceuticals. Cencora is also exploring strategic alternatives for a group of other businesses, and its April divestiture of US Consulting Services trimmed consulting sales.

Funds Inch In, Shorts Stay Away

Hedge fund ownership edged up to 63 funds from 61 in the prior quarter, a small sign that more institutions want in. Short interest stands at 2.70% of the float. That is a low reading, so little money is organized against the company. At 15.55 times forward earnings, as of September 18, you pay roughly $15.55 for each dollar of profit expected over the next year. That change in fund count is a nudge, not a stampede.

One Question Left Standing

The quarter leaves one tension unresolved: profit is growing far faster than sales, but the margin gain leans heavily on a single acquisition that also brought higher costs and more debt. The optimistic reading looks sturdier if those margins survive once the added expenses and interest bills settle into a steady pace. The skeptical one hardens if lower-margin GLP-1 volume keeps crowding the mix and the customer losses in the US business keep weighing on sales.

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XRP jumped roughly 7% over the weekend, pushing the token back above $1.41. Spot trading volume surged to about $1.36 billion in 24 hours, and total tracked turnover across markets climbed close to $4.9 billion. The rebound followed a broader crypto rally after Bitcoin broke through $80,000.

The gains stemmed largely from a short squeeze rather than fresh buying pressure. Traders holding bearish XRP positions lost roughly $8 million as prices reversed higher. Long positions absorbed far smaller losses, near $2.4 million, confirming the move mainly punished short sellers.

Futures Activity Still Outpaces Spot Trading

XRP futures volume reached about $5.7 billion, more than four times the spot figure. That gap leaves the rally exposed if leveraged positions unwind quickly. Futures activity had already hit a six-month high in August, a pattern that previously came before sharp price swings.

The rally also arrived without any major fundamental trigger. XRP had slipped toward the $1.23 to $1.30 range earlier in September. That decline followed a failed Senate cloture vote on the CLARITY Act, which fell one vote short of advancing. Saturday’s bounce therefore looks more like a technical relief move than a shift driven by new developments.

ETF Demand Offers Support, But Whale Deposits Raise Risk

US spot XRP ETFs have now drawn in more than $1.7 billion in inflows. That steady institutional demand gives the token a measure of underlying support. Still, roughly 1.6 billion XRP moved into Binance wallets over the past 30 days, a six-month high for such deposits.

Analysts have suggested the deposits could reflect repositioning rather than an imminent sell-off. Binance’s XRP reserves, however, sit near a 69-day high, and further gains could still trigger new selling pressure. Ripple’s broader business case keeps building regardless, with XRP and its RLUSD stablecoin now integrated into payment platforms including Stripe and Tempo.

A new derivatives venue adds another variable. The Moscow Exchange plans to launch XRP perpetual futures contracts on September 22. That expansion could bring additional leverage into the market just as XRP works to hold its ground above the $1 mark.

Whether XRP can sustain the current move depends on volume holding above $1 billion through the week. Continued ETF inflows and slowing Binance deposits would support a push toward $1.45 and $1.50. Without that, the rally risks becoming another short-lived bounce within XRP’s recent $1.23 to $1.50 trading range.

“The dead cat continues to bounce,” wrote investor Jason Calacanis as bitcoin returned to the $80,000 level on Friday.

“What is Bitcoin, 17 years later?”

Calacanis went on to argue that Bitcoin isn’t great for transactions or smart contracts, has an intimidating user experience, and no longer captures the public’s imagination.

“If it comes up at the dinner party,” said Calacanis, “it’s followed by a hearty ‘remember that!’”

“Folks expect bitcoin to be stable and that it’s no longer a way to get rich quick,” he continued. “It’s boring … Advocates went from pirates to suits in orange ties, awkwardly sharing cringe memes — just like the cool kids do!”

“If Bitcoin were going to reach mass adoption and an important use case, it does better than anyone else, it would have by now.”

‘Preserving wealth across generations’

“You’ve watched Bitcoin grow since 2011,” responded Michael Saylor. “It’s now a $1.6 trillion success and the world’s most valuable digital asset.”

“Digital Capital is the killer app,” Saylor continued. “Preserving wealth across generations is a bigger ambition than entertaining a dinner party.”

“The orange tie stays.”

Treasury desks at major institutions are juggling three systems for the same job, said Jerald David, CEO of Lynq Network. A JPMorgan tokenized deposit for one client, a regulated stablecoin for another, a conventional correspondent account for a third. They move money on for the same reasons, but on different infrastructure.

“What clients can’t afford are separate pools of liquidity locked up on every network they access, because idle liquidity fragmented across five networks is five times the capital inefficiency of idle liquidity sitting in one place,” he said.

Unlike a stablecoin, a tokenized deposit remains a claim on the bank that issued it. It can bear interest, remain within the regulated banking system and potentially be programmed to settle against tokenized assets. The question is whether banks can deliver those benefits to consumers while maintaining privacy, compliance and control over who holds the deposit.

Interest-bearing deposits

Bhandari said Monument, unlike stablecoin issuers, holds a banking licence that allows it to pay interest on deposits and plans to offer tokenized savings accounts that earn yield.

President of the Midnight Foundation Fahmi Syed said public blockchain infrastructure presents a separate challenge: banks cannot expose clients’ transaction data and commercial relationships.

“Once you create a private blockchain, how do you then speak to another private blockchain? You then have to use a bridge or some other mechanism, and at that point, you have data leakage.” JPMorgan and Citibank have recognized this themselves, Syed said.