The crypto market is showing resilience on Thursday, with bitcoin BTC$64,452.50 trading little changed at $63,915 and ether dropping just 0.25% since midnight UTC after what might be seen as a difficult session for global risk assets on Wednesday.

The calm, however, masks erratic back-and-forth price swings around the Federal Reserve’s interest rate meeting that flushed out leveraged futures bets, triggering heavy liquidations.

While the rate remained unchanged, three committee members voted for an increase. Higher rates reduce the attractiveness of risky assets.

About $286 million in positions were liquidated in 24 hours, according to CoinGlass. Longs accounted for $186 million and shorts $100 million, a balance that signals a market that moved hard in both directions and settled back where it started.

Hours after the FOMC decision, Iran launched multiple ballistic missiles at U.S. troops, prompting President Donald Trump to vow to hit Iran “hard” in response.

Oil surged, erasing Monday’s declines, and U.S. equities fell. Still, S&P 500 and Nasdaq index futures are now slightly positive. Microsoft (MSFT) and Meta (META) earnings after the bell today could swing sentiment once again.

Derivatives positioning

• Crypto futures long/short ratio flips slightly bearish: The crypto futures long/short taker volume ratio has flipped slightly bearish, with shorts at 51%, according to Coinglass data. The market appears to be in stasis with both open interest (OI) and trading volume mostly unchanged from yesterday.
• Uniswap’s UNI among top performers: Uniswap’s UNI token is one of the best performers among the top 100 coins. Open interest in its futures, however, has pulled back to 65.80 million tokens, suggesting an unwind of positions. The 24-hour cumulative volume delta (CVD) isn’t encouraging either. The negative print points to leadership among those shorting futures at market orders rather than passive limit orders.
• Bitcoin open interest holds steady: Bitcoin’s OI remains around 750K BTC, as it has since early June. In other words, participation in the coin’s price bounce remains limited. Ether’s OI, too, has pulled back to under 14 million tokens from a six-week high of 14.53 million ETH. This again shows limited demand for leverage despite ether outperforming bitcoin this month.
• Bear dominance in the altcoin market: Most of the 25 largest coins, except BTC, ADA, TRX, CRO, ZEC, have negative 24-hour OI adjusted CVDs. It seems the altcoin market price action is still dominated by bears.
• Bitcoin’s BVIV drops below 38%: Bitcoin’s BVIV, the 30-day implied volatility index, has fallen back below 38%, nearing levels that have historically served as floors. This calls for caution, as volatility is mean-reverting and can snap back higher from the floor.
• BTC and ETH calls in demand: Options listed on Deribit show BTC calls at strikes $70,000 and $75,000 leading the 24-hour volume rankings. Calls offer an asymmetric upside exposure in the underlying asset (like a lottery ticket). The same is true for ether: The top five most traded bets are all call options.

Token talk

• Injective INJ$4.7966 was the 24-hour standout on Thursday, rising 6.95% as DeFi tokens outperformed. Uniswap (UNI) added 4.46% and FET recovered 3.28% after a bruising week.
• Zcash (ZEC) extended its recent run, adding 1.54% since midnight UTC to $474, continuing to outpace privacy coin peers. Monero (XMR) gained 0.4%.
• Hyperliquid (HYPE) slipped 0.47% to $53.64, extending a retreat from last month’s highs that has now unwound roughly 30% from its peak.
• Lighter (LIT) gave back 4.22% over 24 hours, though it is up 0.50% since midnight, suggesting sellers may be running out of steam after a correction that has erased nearly 25% from its July peak.
• Jupiter (JUP) fell 1.48% since midnight after a brief recovery on Wednesday, with daily trading volume continuing to dwindle to $23 million despite regularly topping $50 million earlier this year.

Robinhood reported record second-quarter results, highlighting strong growth in transaction-based revenue overall while acknowledging a meaningful pullback in cryptocurrency-specific earnings. In its latest earnings report, the online brokerage said crypto transaction revenue fell to $100 million, down from roughly $160 million a year earlier.

Despite the decline in crypto-related income, the company delivered an overall quarter marked by rising profitability and expanding platform activity. Total revenue climbed 32% year-over-year to $1.31 billion, and net income increased 48% to $573 million, according to the earnings release.

Key takeaways

• Crypto transaction revenue fell 38% to $100 million, even as Robinhood’s broader transaction-based revenue rose.
• Quarterly revenue and earnings reached records: revenue rose to $1.31 billion and net income grew to $573 million.
• Crypto notional trading volume totaled $40 billion: $18 billion on the Robinhood app and $22 billion via Bitstamp.
• Robinhood is scaling beyond trading: it launched parts of Robinhood Chain and introduced tokenized U.S. stocks and a decentralized lending product.
• Management reiterated a tighter cost outlook for 2026: it narrowed adjusted operating expenses and share-based compensation guidance.

Crypto revenue dips as overall transaction business grows

Robinhood’s results show a split between the performance of its crypto segment and the rest of its transaction engine. While cryptocurrency was the only major transaction category to decline during the quarter, the company pointed to strength in other areas that more than offset the weakness.

Crypto transaction revenue decreased to $100 million from about $160 million a year earlier, the company said. At the same time, transaction-based revenue rose 44% to $776 million, supported by higher contributions from categories outside digital assets.

The company also reported $40 billion in crypto notional trading volume for the quarter. Of this total, $18 billion came from the Robinhood app, down 35% year-over-year, while $22 billion came from Bitstamp. Robinhood acquired Bitstamp in June 2025, as referenced in earlier coverage here.

Market pricing reflected the mixed nature of the quarter ahead of the report: shares were down about 3.15% on Wednesday before the earnings release, based on Yahoo Finance data.

Robinhood’s crypto playbook shifts toward infrastructure and new products

Even with lower crypto transaction revenue, Robinhood used the quarter to push forward with its wider digital asset strategy. The company said it completed its acquisition of WonderFi, a Canadian crypto platform, continuing its efforts to broaden what it offers beyond pure trading.

After the quarter ended, Robinhood also rolled out additional ecosystem components. It unveiled the public mainnet of Robinhood Chain after previously reporting activity around bridged assets. The company further introduced tokenized U.S. stocks to eligible users in more than 120 countries and debuted its first decentralized lending product, Robinhood Earn.

On the Ethereum layer-2 side, DefiLlama data shows Robinhood’s new network posted $348 million in total value locked as of Thursday. The same dataset referenced stablecoins exceeding $500 million and more than $1 billion in bridged assets, illustrating that the platform’s activity is not limited to trading fees.

For investors, this matters because it reframes what “crypto performance” can mean for a brokerage. Transaction revenue can soften when market activity slows or user behavior shifts, but an expanding chain ecosystem—particularly one involving bridges and lending—can create alternative revenue pathways over time.

Non-crypto categories and platform metrics keep momentum

Robinhood’s earnings report emphasized that its broader product suite absorbed the crypto slowdown. The company said growth in event contracts, options, and equities more than offset the weakness in digital assets.

It reported that event contract revenue surged more than tenfold to $156 million, options revenue rose 29% to $342 million, and equities revenue jumped 95% to $129 million.

At the platform level, Robinhood posted record net deposits of $21.7 billion during the quarter. Total platform assets rose 32% year-over-year to $369 billion, and funded customers grew 7% to 28.4 million.

These metrics suggest that the company’s customer and balance-sheet expansion continued regardless of the crypto segment’s year-over-year revenue decline. For traders and users, that combination indicates a continued push to keep engagement broad—spreading attention across multiple asset classes and contract types rather than relying primarily on crypto transaction activity.

Guidance narrows as adjusted EBITDA grows

Robinhood also addressed expenses and profitability guidance. The company lowered and narrowed its 2026 outlook for adjusted operating expenses and share-based compensation to between $2.675 billion and $2.775 billion, down from a previously provided range of $2.7 billion to $2.825 billion.

On profitability, adjusted EBITDA rose 35% to $741 million. Total operating expenses increased 33% to $734 million, reflecting continued investment while still targeting more controlled growth at the operating level.

When viewed alongside the company’s digital asset expansion, the tighter expense guidance suggests management is trying to balance growth in new areas—like tokenization and decentralized lending—while keeping cost discipline in focus.

Going forward, investors will likely watch whether Robinhood Chain’s early traction translates into sustained engagement and monetization, and whether crypto transaction revenue stabilizes as broader platform growth continues to diversify away from purely crypto-dependent earnings.

Cryptocurrency exchange Luno is cutting about 20% of its global workforce as weaker retail trading and automation push the company toward a leaner structure and more institutional business, according to a report by Bloomberg on Thursday.

The firm’s CEO James Lanigan confirmed the cuts to Bloomberg but declined to disclose the number of employees affected. Lanigan said investments in automation and other operational improvements over the past year had changed the resources needed to run the business.

Luno will continue investing in its retail products, infrastructure and regulatory compliance while expanding its business-to-business offering.

The layoffs are Luno’s second major workforce reduction in three and a half years. The exchange cut 35% of its staff in January 2023 citing an “incredibly tough year” affecting the market.

Luno’s new structure combines its 16 million-user retail exchange with a white-label service allowing banks, fintechs and telecommunications companies to offer crypto products through their own brands. Luno supplies the liquidity, wallets and compliance infrastructure.

The weaker retail trading business reflects the broader picture across the crypto industry, which has seen exchanges BitMEX and BitMart wind down their operations.

Australia has launched legal action against Telegram over alleged failures to remove extremist content from its platform. The case comes as Russia files criminal charges against Telegram founder Pavel Durov. Meanwhile, GRAM traded at $1.41, recovering after a sharp weekly decline despite growing regulatory pressure.

Australia Targets Telegram Under Online Safety Act

Australia’s eSafety Commission has started civil penalty proceedings against Telegram in the Federal Court. The regulator alleges the messaging platform failed to meet safety obligations under the country’s Online Safety Act. Authorities are seeking penalties that could reach A$54.6 million if the court finds Telegram breached the law.

The action follows a lengthy investigation into Telegram’s handling of harmful online material. Regulators examined whether the company had effective systems to detect and remove extremist content. The review also covered child exploitation material and violent criminal content distributed through the platform.

The commission stated that Telegram left prohibited material available after receiving notifications. The regulator identified videos linked to the 2019 Christchurch mosque attack and the 2022 Buffalo shooting among the reported content. Australian authorities argue that the platform failed to meet mandatory safety standards for digital services.

Global Pressure on Pavel Durov Continues

The legal action in Australia adds to broader regulatory pressure facing Telegram and its founder, Pavel Durov. Russian authorities recently charged Durov with facilitating terrorist activities through the platform. The country’s Federal Security Service also placed him on an international wanted list after issuing an arrest warrant.

French authorities have also investigated Telegram over concerns about illegal content and cooperation with law enforcement agencies. Prosecutors examined whether the company responded adequately to official requests involving criminal investigations. Those inquiries have increased scrutiny of Telegram’s moderation practices across several jurisdictions.

Telegram has maintained its focus on user privacy despite increasing legal challenges. The company continues to oppose requests that could weaken encryption or create backdoor access. At the same time, Telegram recently introduced network improvements and reduced transaction fees on its ecosystem to almost zero.

Gram Price Recovers Despite Regulatory Challenges

GRAM traded at $1.41 during the latest session after recovering from recent losses. The token gained around 2% over several hours following a weekly decline of approximately 12%. Trading activity placed the daily range between $1.38 and $1.43.

The recovery came even as legal developments surrounding Telegram continued to dominate headlines. Market participants saw the token stabilize after sustained selling pressure during the previous week. Even so, the price remains below levels recorded before the recent decline.

GRAM has historically reacted to major developments involving Telegram because of the close association between the platform and its ecosystem. Regulatory actions have often influenced short-term market activity. However, broader market conditions also continue to affect the token’s price performance.

Australia’s latest legal action represents another significant challenge for Telegram as governments increase oversight of online platforms. Russia’s charges against Pavel Durov further add to the company’s legal and regulatory pressures across multiple jurisdictions. The combined developments highlight growing international efforts to enforce stricter online safety standards while Telegram continues to defend its privacy-focused approach.

Australia’s eSafety Commissioner has taken Telegram to court, launching civil penalty proceedings in the Federal Court over allegations that the messaging platform failed to address terrorism-linked content under the country’s Online Safety Act. The action was filed on Thursday, according to an eSafety statement.

The regulator’s complaint focuses on what it describes as repeated failures to remove pro-terror material after becoming aware of it, along with insufficient steps to prevent repeated breaches. The case is likely to add pressure to Telegram as governments across Europe and beyond continue testing how large platforms should moderate harmful content.

Key takeaways

• eSafety says Telegram breached obligations under Australia’s Online Safety Act by not responding adequately to multiple user complaints about pro-terror content.
• The regulator alleges some unlawful material remained visible for as long as three weeks after Telegram was aware of it.
• eSafety also claims Telegram did not take sufficient measures to curb repeat distribution, including removing accounts, channels, and groups tied to the content.
• The proceedings seek civil penalties, with potential fines under Australia’s online safety rules reaching up to 54.6 million Australian dollars.
• The case follows heightened legal scrutiny of Telegram and CEO Pavel Durov in other countries, including recent Russian actions.

Australia’s civil penalty case centers on alleged moderation failures

In its filing, Australia’s online safety regulator alleges Telegram failed to remove certain unlawful material after it had notice of the content. eSafety described a year-long investigation that, in its view, showed Telegram did not act in time once it became aware.

According to eSafety, the issue wasn’t limited to a single piece of content. The regulator alleged that reported pro-terror material continued to be visible for up to three weeks, even after warnings were raised. It also claims Telegram did not do enough to prevent repeat violations by adequately disrupting the accounts and communities used to distribute the content.

The allegations include failures to detect known extremist material—specifically footage connected to two major mass shootings: the 2019 Christchurch mosque attack and the 2022 Buffalo mass shooting—before the material was later removed, eSafety said.

Why this matters for Telegram users and platform compliance

Beyond the immediate legal stakes, the case underscores how regulators are increasingly tying platform expectations to concrete operational outcomes: timeliness of takedowns, responsiveness to reports, and the ability to limit repeat distribution. For Telegram users, the dispute highlights a growing tension between broad claims about speech and encryption-based design choices versus statutory duties that require platforms to manage certain categories of harmful content.

For Telegram, the compliance challenge is not only about removing content after it is identified, but also about demonstrating systems that can detect and disrupt known extremist material and prevent reappearance via networks of channels, groups, and related accounts. eSafety’s emphasis on alleged repeated violations suggests the regulator may treat moderation as an ongoing obligation rather than a one-off response to individual reports.

Regulatory pressure is widening internationally

The Australian proceedings arrive amid a broader wave of legal scrutiny targeting Telegram’s moderation approach. The case adds to pressure on both the company and its CEO, Pavel Durov, as multiple governments seek more direct accountability from major communication platforms.

eSafety’s move comes a day after Russia’s Federal Security Service (FSB) charged Durov with facilitating terrorist activity and said it had started steps to add him to an international wanted list. Russia’s allegations include claims that Telegram failed to remove channels, chats, and bots used by Ukrainian intelligence services, terrorist groups, and extremist organizations to coordinate attacks, recruit operatives, and carry out cyber fraud.

Telegram has not issued an official statement on the Australian case. However, the platform’s official X account posted content described as related to “freedom of expression.” In response to international criticism, Telegram has repeatedly framed moderation and legal pressure through the lens of free speech and user rights.

France and Russia-related cases continue to develop

Durov is also facing legal exposure in France following his August 2024 arrest at Le Bourget Airport. French prosecutors have charged him with offenses that include complicity in the distribution of illegal content, including material related to organized crime, through Telegram.

The broader regulatory environment has also shaped Telegram’s public positioning. Durov has criticized what he described as increasing threats to online privacy, arguing that governments were rolling back protections for the free internet. In a post on X dated October 2025, he warned that the promise of free information exchange was being turned into a “tool of control.”

While the Australian case is not identical to the allegations in Russia or France, the common thread is that regulators are increasingly testing whether Telegram’s platform model can meet legal expectations around harmful content—particularly content connected to terrorism and violent extremism.

As the Australian proceedings move forward, investors, traders, and builders will likely watch not only for any outcomes in court, but also for whether Telegram changes its moderation and enforcement processes in a measurable way—especially around response timelines, repeat distribution, and the handling of clearly identified extremist media.

A Russian court transferred Igor Runets, the founder of the country’s largest crypto mining company BitRiver, to a pretrial detention facility to face trial for fraud, Pravo.ru reported on Thursday.

Runets is charged with “large-scale” fraud, according to the news service. Investigators allege he caused damages exceeding 1 billion rubles ($12.5 million) by failing to deliver equipment to Infrastructure of Siberia, a subsidiary of En+, a multibillion-dollar corporation that produces 5% of the world’s aluminum and also manages digital, technology and crypto mining infrastructure projects.

Russian law enforcement officials say that in 2023, Runets entered into an equipment supply contract worth $8 million that it never fulfilled, according to Pravo.ru.

Runets, a crypto mining pioneer in Russia, was reportedly detained and placed on house arrest in February on three charges of tax evasion. The Stanford University MBA graduate began building a crypto mining data center in Siberia in 2017, the same year he founded BitRiver. He later expanded the operation to 15 data centers with more than 175,000 servers.

Following the closure of several of his crypto mining centers due to a six-year government ban across 10 regions, BitRiver began facing financial issues. A regional arbitration court opened insolvency proceedings against its controlling shareholder, Group of Companies Fox, which owns 98% of BitRiver’s authorized capital, in February.