Coinbase's latest financial report data has sparked deep reflection in the Crypto Assets market. Although second-quarter revenue reached $1.5 billion, it was below market expectations, marking a 26% quarter-on-quarter drop. More notably, volume plummeted by 40%, falling to $237 billion. This phenomenon stands in stark contrast to the coin price reaching new highs, reflecting a decrease in retail investor participation.

The Crypto Assets market seems to be emulating the US stock market, gradually reducing its reliance on retail investors. Apart from Bitcoin and Ethereum, other Crypto Assets may struggle to compete with the US stock market. In terms of fundamentals, narratives, and playability, most altcoins do indeed fall short compared to the US stock market.

To respond to this trend, Coinbase is planning to launch tokenized stock services, which could become a new engine for future growth. At the same time, the company is also preparing to enter prediction markets in fields such as politics, economics, and sports to expand its business scope.

Despite a net profit of $1.43 billion this quarter, the adjusted profit was only $33 million, indicating that the company's core business profitability needs improvement. However, the growth of managed assets continues, showing that institutional investors have a high level of trust in compliant exchanges, and it also means that a substantial amount of capital remains in the market. Once trading activity recovers, Coinbase is expected to quickly return to growth.

Currently, the main challenge facing Coinbase is how to reignite users' trading enthusiasm. As the crypto assets market continues to evolve, we may witness a new era that is more mature and closer to traditional financial markets. This shift could bring new opportunities, but it may also lead to a reshaping of the market landscape.