Cost ManagementManagement spends aggressively on R&D and acquisitions, and recent investments are expected to raise expenses over the coming quarters.
Market CompetitionThe competitive environment is intensifying, and a meaningful share loss is observed, with the largest decline by a factor of 7x in C25.
Trading Volume ChallengesDespite the overall growth, the total trading volume underperformed the global and US crypto market trading volume growth, largely due to a decline in volume from stablecoin pairs.