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CMC Market Pulse: Robin Hood Summer

2026-07-10 18:06:50
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Market Overview[ TAG_1]

Bitcoin (BTC) continues to climb, rising 3.65% this week and performing positively. Ethereum (ETH) followed Bitcoin, rising 3.43% over the same period. The total market value of crypto also rose, reaching US$2.19 trillion, an increase of 2.34% from US$2.14 trillion the previous week.

Liquidation volume continued to be sluggish this week, with liquidation biased towards short positions, peaking at US$282 million on Monday. Overall, funding rates remained basically stable, with major currencies rising slightly. Although the funding rates of individual altcoins are too high or too low, most are still within expectations.

Michael Saylor\'s Strategy sold 3,588 BTC for US$216 million, reducing its total holdings to 843,775 BTC.

Coinbase has obtained a MiFID license in the UK, which will allow UK users to trade derivatives, stocks and cryptocurrencies.

Sony was approved to establish a subsidiary of National Trust Bank to support the issuance of U.S. dollar stablecoins.

Why is it important?

Traditional markets showed signs of slow recovery after last week\'s AI-related sell-off, while the crypto market continued to move higher amid growing optimism. The S & P 500 index rose 0.65% this week, while the Nasdaq index continued to be under pressure, falling 0.37% this week.

Outstanding altcoins this week include EdgeX (EDGE), DeXe (DEXE), Safe (SAFE), Arbitrum (ARB) and Rootstock Infrastructure Framework (RIF).

This Week\'s Narrative

Robinhood Chain, a Layer 2 network launched by well-known trading platform Robinhood, has soared in popularity due to the surge in memin Cashcat and several other tokens.

Robinhood Chain\'s daily decentralized exchange trading volume exceeded US$560 million, daily active addresses reached 200,000, and nearly 16,000 new tokens were added in a single day.

Robinhood CEO and co-founder Vlad Tenev has publicly supported memein on Robinhood Chain.

Robinhood Chain is built based on the Arbitrum Orbit stack, and 10% of its cost is owned by Arbitrum.

Why is it important?

Robinhood Chain\'s recent success demonstrates the importance of leadership support in adoption, while also reflecting the potential recovery of memoin and overall crypto risk appetite.

Major project updateˇ

BonkDAO suffered a governance attack. A group of related wallets purchased BONK tokens worth US$4.4 million and passed the governance vote to transfer US$20 million worth of BONK tokens from the treasury to their own.

Yield Guild Games announced the closure of YGG Play, citing poor market conditions, and shifted its business to an artificial intelligence data economy with game datasets as its core.

BNB Chain announced plans to develop the next generation L1 chain, aiming to achieve functions such as more than 100,000 transactions per second, sub-second block termination, non-public memory pools, native privacy and account abstraction.

The centralized exchange AscendEX announced that it will cease operations from July 1, 2026, citing changes in new regulatory policies.

Why is it important?

BonkDAO governance attacks exposed weaknesses in the DAO governance system, especially as poor market conditions resulted in a general lack of participation by most DAOs.

DeFi Briefing

Perpetual contract decentralized exchange Variety launches Swaps product, which aims to introduce traditional financial grade liquidity, stable cost of holding and higher open contract caps to the platform.

Aave launches Stable Vaults, a one-stop solution to embed fixed-rate stablecoin gains into any financial product.

Summer Finance\'s two funds pools were attacked, losing US$6.04 million in USDC. All funding pools remain suspended, with DAO governance deciding on next steps.

Lending platform Maple Finance proposed a hierarchical repurchase plan for its governance token SYRUP, gradually increasing the proportion of revenue used for repurchase based on the scale of revenue.

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