Competitive PressureThe competitive environment is intensifying, and a meaningful share loss is observed, with the largest decline by a factor of 7x in C25.
Expense ManagementManagement spends aggressively on R&D and acquisitions, and recent investments are expected to raise expenses over the coming quarters.
Trading Volume ConcernsDespite 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.