Summary:
<ul>
<li>
Blockchain is leveraging Hyperliquid across retail, trading, and investments
</li>
<li>
In just over two months after launching the integration, there is strong early adoption from retail users
</li>
<li>
Hyperliquid is core infrastructure for the next generation of digital asset markets and one of the most compelling platforms in the industry
</li>
</ul>

There are very few places in crypto where retail adoption, institutional participation, and financial innovation are converging at the pace we're seeing today. Hyperliquid is one of them.&nbsp;
We use Hyperliquid-powered products across our entire business because Hyperliquid is truly one of the most compelling platforms in digital assets.
At Blockchain.com, we often say that liquidity begets liquidity. Hyperliquid is a clear example of that principle in action: as more users, builders, and institutions participate, the platform becomes deeper, more useful, and more important to the broader market.
If you're new to the story, you can catch up on how we got here in our previous piece on the <a href="https://www.blockchain.com/blog/posts/the-rise-of-hyperliquid">Rise of Hyperliquid</a>. But for those ready to look at what&rsquo;s driving the current momentum, let's take a crypto-native dive into why this has become one of the most vital, attention-grabbing protocols on the planet.&nbsp;
<h2>Retail</h2>
Blockchain has enabled its retail users to trade via Hyperliquid through its builder-code integration. In just over two months after launching, the integration of perpetual futures has seen strong early adoption and growing demand from retail users.
A portion of that volume has come from something genuinely new: pre-IPO perps. Through the Blockchain app, our users can trade products tied to companies like SpaceX (SPCX), the world's largest ever IPO, and ChangXin Memory Technologies (CXMT), the first pre-IPO perp tied to a Chinese company. These are markets that simply didn't exist before, opening access to opportunities that have traditionally been out of reach for most participants around the world. It's a preview of how onchain capital markets are expanding well beyond traditional crypto assets.
Retail users can also put their HYPE to work. By depositing HYPE into the Blockchain Earn product, users can generate native yield in line with the HYPE staking rate. It's another way we're closing the gap between owning exposure and earning.
<h2>Trading &amp; Liquidity</h2>
But we're not just using Hyperliquid and our builder code to give our retail base exposure to perps. We're genuinely using the platform as a source of liquidity across our entire business.
Our OTC desk is integrated with Hyperliquid directly, hedging principal risk through perpetual futures. Its liquidity has become deep enough to go toe-to-toe with the largest centralized venues, which is exactly what makes it a premier venue to hedge exposure. Our liquidity team, in turn, makes markets on the platform, adding another venue to our already deep offering and tightening spreads for everyone trading there. Put simply, Hyperliquid isn't a side experiment for us. It's becoming core market infrastructure, sitting alongside the venues we've relied on for years, the kind of onchain opportunity that didn't exist a few years ago, now wired straight into how we trade.
<h2>Investing Across the Ecosystem</h2>
Earlier this year we announced a strategic investment into Hyperion DeFi (NASDAQ: HYPD), the first publicly listed company building on Hyperliquid. Through Hyperion, Blockchain has exposure to some of the premier builders and creators in the ecosystem: Hyperlend, Rysk, Silhouette, and Skew Technologies. Holding more than 2 million HYPE, Hyperion combines direct token exposure with equity and revenue-sharing interests across key projects building on the Hyperliquid ecosystem.
<h2>The Bottom Line</h2>
With Hyperliquid, we're building across retail access, pre-IPO markets, OTC hedging, market making, and direct investment into the teams shaping what comes next. Very few places in crypto have retail adoption, institutional participation, and financial innovation converging at this pace. Hyperliquid is one of them, and Blockchain intends to keep building where the next generation of digital-asset markets is being created.
Hyperliquid. Period.

See how Blockchain is leveraging Hyperliquid across every layer of our business

Why TradFi and DeFi Giants Are Building On Hyperliqui

Why TradFi and DeFi Giants Are Building On Hyperliquid

Summary:
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Blockchain.com&rsquo;s Malta OTC desk is live, providing MFSA-authorized, fully compliant trading across all EU member states.
</li>
<li style="font-size: 10pt; font-family: Arial, sans-serif; color: #000000;">
The platform enables direct trading of 600+ digital assets against EUR and GBP without USD conversion fees, settling rapidly via domestic rails like SEPA, Faster Payments, and CHAPS. 
</li>
</ul>

Blockchain&rsquo;s Malta OTC desk is officially live. Authorised by the Malta Financial Services Authority (MFSA), our desk brings complete regulatory clarity to institutional and high-net-worth digital asset trading across the European Economic Area.

To support this launch, we&rsquo;ve expanded our OTC infrastructure into a single, unified offering. By combining full MiCA regulatory protection with direct EUR and GBP pairs, domestic clearing networks, and high-touch 24/7 execution, we are delivering an execution suite designed to protect capital and eliminate operational friction.

&nbsp;Full MiCA Regulatory Coverage
Trading through our Malta-authorized entity gives your firm full compliance under our MiCA license. Clients and institutions get MiCA-standard conduct, safe custody, and transparent reporting built directly into your bilateral trading relationship across all 27 EU member states.&nbsp;

Direct EUR &amp; GBP Trading Across 600+ Tokens
Say goodbye to mandatory USD reference pricing and unnecessary stablecoin conversions. You can now quote, trade, and settle across 600+ digital assets directly against EUR and GBP.
Remove multiple conversion legs, cut intermediary banking fees, and shield your portfolio from foreign exchange volatility. Access tight pricing and minimal market impact across major, minor, and long-tail digital assets directly in your home currency.

Direct Domestic Clearing
Cross-border bank transfers often tie up capital for days. By plugging our OTC desk into domestic clearing rails, your fiat legs move with local speed.
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For GBP: Settle natively via Faster Payments and CHAPS.
</li>
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For EUR: Settle directly via rapid European domestic clearing networks.
</li>
<li style="font-size: 10pt; font-family: Arial, sans-serif; color: #000000;">
End-to-End Simplicity: On-ramp, trade, and off-ramp within a single relationship, bypassing slow, costly SWIFT correspondent banks.
</li>
</ul>

Getting started with a regulated counterparty shouldn't mean weeks of administrative delay. We&rsquo;ve streamlined customer due diligence into a digital-first application process that applies the full rigor of MiCA compliance while getting you trading faster.

Every trade on our desk is supported by experienced human traders operating in your time zone. Whether you prefer communicating via Telegram, WhatsApp, Signal, or direct email, our team is available 24/7 to structure block trades, customize settlement terms, and manage complex execution requirements.

Legal disclaimer:&nbsp;
Blockchain.com's Malta OTC desk is operated by Blue Cube (Malta) Ltd. and authorized by the Malta Financial Services Authority as a Crypto-Asset Service Provider under Regulation (EU) 2023/1114 (MiCA)&nbsp;

The company’s OTC desk has also expanded its infrastructure to deliver both complete regulatory clarity in the EU and execution that doesn't

Live in Malta: Blockchain’s MiCA-Authorized OTC Desk Unveils Complete Infrastructure Upgrade

The company’s OTC desk has also expanded its infrastructure to deliver both complete regulatory clarity in the EU and execution that doesn't waste capital

Behind Sui is a team of engineers who set out to build a blockchain that feels like the apps people already use every day. Their approach centers on speed, scale, and lowering the barriers that make crypto hard to get started with.
Native token of Sui
$SUI is the native token of Sui, a high-performance Layer-1 blockchain designed to make Web3 feel more like using an everyday app, with transactions that confirm in under a second and features designed for a smoother user experience.
It powers gas fees, secures the network through staking, and gives holders a voice in governance.
<h2 style="line-height: 1.2; margin-top: 14pt; margin-bottom: 8pt;">Why Sui matters</h2>
Most blockchains ask users to figure out wallets, seed phrases, and gas fees before doing anything. Sui was built differently: to lower those barriers and make onchain apps feel more like the everyday apps people already use.
That approach is already attracting serious names. Sui is home to:
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<li style="font-size: 11pt; font-family: Arial, sans-serif; color: #000000;">
Onchain gaming where players actually own in-game assets, not just rent them
</li>
<li style="font-size: 11pt; font-family: Arial, sans-serif; color: #000000;">
Native Bitcoin DeFi through Hashi, which lets Bitcoin be used as collateral in onchain finance
</li>
<li style="font-size: 11pt; font-family: Arial, sans-serif; color: #000000;">
Real-world payments with USDC running natively on Sui, with sub-second transfers
</li>
<li style="font-size: 11pt; font-family: Arial, sans-serif; color: #000000;">
Institutional finance with companies like Franklin Templeton building on Sui's infrastructure
</li>
</ul>
Whether you're new to crypto or already trading, $SUI is now available to trade in your Blockchain Trading Account.
Explore Sui in your Blockchain App. Start now &nbsp;

Trade Sui ($SUI) in your Blockchain Trading Account. Fast, scalable, and built for real-world use, from payments to gaming to DeFi.

Sui ($SUI) now live on Blockchain

Sui ($SUI) is now available in your Blockchain Trading Account. Trade the native token of one of the fastest blockchains in crypto, designed for scale and everyday usability

Sui now available on Blockchain

Summary:
<ul>
<li>Blockchain Wealth brings a private banking experience to digital assets</li>
<li>
Led by Raaja Raikundalia, the program delivers personalized support, tailored solutions, and trusted expertise
</li>
<li>
Clients benefit from dedicated white-glove service, access to liquidity and yield opportunities, and crypto-backed lending solutions
</li>
<li>
Blockchain Wealth is setting a new standard for the premium crypto client experience
</li>
</ul>
<h3>A New Era of Crypto Wealth</h3>
Crypto wealth is entering a new era, and expectations are evolving with it. Clients managing significant digital asset portfolios are looking beyond access to markets alone. They expect trusted expertise, personalized guidance, and a level of service that reflects the standards of traditional private banking.
That&rsquo;s the vision behind Blockchain Wealth.
Led by Raaja, a former analyst at McKinsey &amp; Company and now VIP Market Lead at Blockchain, the program was created to redefine what white glove concierge services look like in the digital asset era. Combining nearly 15 years of crypto expertise with dedicated relationship management, institutional-grade liquidity, and tailored client solutions, Blockchain Wealth brings a premium, white-glove experience to the next generation of wealth.
&ldquo;The opportunity was to build something impactful from a blank page,&rdquo; Raaja says. &ldquo;Blockchain has millions of users and years of trust in crypto, but our high-net-worth, loyal clients deserved an experience designed specifically for them.&rdquo;
Since launching, Blockchain Wealth has grown rapidly and according to Raaja, the strongest driver behind that momentum has been simple: listening. The program was built around what clients actually asked for, which was direct access to a Relationship Manager, competitive yield, deep OTC liquidity, and discretion. Raaja and the Blockchain Wealth team are intentional in their actions and as Raaja says, &ldquo;Since we genuinely care and listen to our clients, the growth of the program took care of itself.&rdquo;&nbsp;
<h3>More Than a Service: A Private Client Community</h3>
That client-first approach extends far beyond products. Blockchain Wealth was built around lasting relationships, combining always-on access to dedicated Relationship Managers with curated experiences that create a true private client community. &ldquo;Every client should feel like our only client,&rdquo; Raaja explains. &ldquo;Those moments have become core to who we are, not an add-on.&rdquo;
This spring, clients gathered at Annabel&rsquo;s in Mayfair for an intimate evening hosted alongside Blockchain&rsquo;s Co-Founder Nic Cary and Co-CEO Lane Kasselman. This event was a milestone that reflected how the program has grown from a service into a community. Most recently, Blockchain Wealth also brought clients together at some of the world&rsquo;s most important football matches, creating memorable experiences that extend beyond digital assets and strengthen the relationships at the heart of the program.
<h3>Supporting Every Stage of the Digital Asset Journey</h3>
But the strength of Blockchain Wealth goes beyond the experience, it&rsquo;s built on a foundation designed to support clients at every stage of their digital asset journey.
What sets Blockchain Wealth apart comes down to three things: heritage, access, and completeness. Clients benefit from one of crypto&rsquo;s longest-standing brands alongside a full suite of services, including OTC trading, yield opportunities, crypto-backed lending, and personalized support.
For Raaja, building lasting relationships in digital assets comes back to trust. &ldquo;Anyone can be responsive in a bull market,&rdquo; he says. &ldquo;Clients remember who picked up the phone during volatility, who explained risks honestly, and who put the relationship first.&rdquo;
<h3>Redefining Private Banking for Digital Assets</h3>
Looking ahead, Blockchain Wealth is focused on global expansion, continuous product offerings, and continuing to bridge the gap between crypto and traditional wealth client services.
As Raaja summarizes it, Blockchain Wealth is three things: &ldquo;Trusted. Personal. Ambitious. We&rsquo;re not trying to match private banking, we&rsquo;re trying to redefine it for the digital asset era.&rdquo;


<h3>Join Blockchain Wealth</h3>
Interested in joining Blockchain Wealth? Eligible clients with over $100K on the Blockchain platform receive access to dedicated wealth client services, 24/7 concierge support, personalized trading, crypto-backed lending, and exclusive yield opportunities. Apply today to experience the future of digital asset white glove concierge service.
<a href="https://wealth.blockchain.com/">https://wealth.blockchain.com/</a>

The Vision Behind Our VIP Experience From Raaja Raikundalia

Building Blockchain Wealth

Summary:
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<li style="color: #000000;">
Blockchain launches its &ldquo;Survival of the Reddest&rdquo; campaign in New York City
</li>
<li style="color: #000000;">
NYC marks the next stop in our global brand campaign, following 500+ localized billboards launches across Los Angeles, Dallas, and London
</li>
<li style="color: #000000;">
Blockchain&rsquo;s bold new era of red celebrates the value of evolving and working to rise to the top
</li>
</ul>
A play on "survival of the fittest," the message represents something greater than a clever tagline. It reflects evolution, growth, and the willingness to adapt and emerge stronger than before. There is no better place to tell that story than New York City, a place that rewards the builders, the innovators, and the companies that aren't afraid to reinvent themselves and continue evolving.
It's also a nod to our own transformation.
This year, we unveiled a new brand identity, trading our signature blue for a bold red color that reflects the energy, ambition, and momentum driving where we're headed next. The campaign brings that evolution to life, turning our new color into a statement: the companies that endure aren't the ones that stay the same, they're the ones that keep moving forward.&nbsp;
For us, that mindset has always been about building. That's why New York City is the next stop in our global campaign, following launches in Los Angeles, Dallas, and London. Over the past six months, we've brought more than 500 localized billboards to life, each designed to meet communities where they are and celebrate the builders shaping what's next.
Since 2011, we've been building the infrastructure that powers blockchain innovation. While the industry continues to evolve, our commitment hasn't changed: creating the foundation that allows companies to scale, adapt, and lead.
Throughout the NYC subway stations, that story continues.
One installation simply reads: "Keep Rising."
Placed alongside an escalator carrying thousands of New Yorkers each day, the message serves as both a literal and symbolic reminder that progress isn't a destination, it is constant movement. Blockchain keeps building, growing, and rising. This is a message that is not only native to Blockchain, but also to the culture in New York City.&nbsp;
Another statement declares: "Crypto infrastructure for companies that win."
Winning isn't about chasing what's next, it&rsquo;s about building for it. The companies shaping the future are the ones investing in infrastructure that lasts, a principle that has defined Blockchain since day one.
In a city that never sleeps, continuously evolving and our brand that holds the same strong willed innovative values and builder mentality, we're proud to launch this localized marketing initiative across the city.
Welcome to the era of red NYC.

Blockchain just launched our latest marketing campaign in the heart of New York City, and at the center of it all is our headline: "Survival

Survival of the Reddest: Made for the City That Never Sleeps

Blockchain just launched our latest marketing campaign in the heart of New York City, and at the center of it all is our headline: "Survival of the Reddest."

Summary:&nbsp;
<ul>
<li>Following the MiCA deadline, Blockchain Wealth offers investors a fully regulated home for their digital assets</li>
<li>New Wealth clients can unlock promotional rates on USDC, ETH, and BTC through August 15</li>
<li>Clients receive dedicated support, crypto-backed lending, and institutional trading access</li>
<li>New clients can transfer assets and activate promotional rates in minutes</li>
</ul>
The July 1, 2026 MiCA deadline has reshaped the European digital asset landscape. As unlicensed brokerages and exchanges lose their permission to operate across the EU, millions of crypto investors are facing a sudden, challenging reality.

Amid this disruption, Blockchain is welcoming high-net-worth investors looking for a premier, fully-regulated home for their capital. Beginning today, new Blockchain Wealth clients can lock in an exclusive introductory deposit bonus of up to 12.5% on stablecoins, 4.5% on ETH, and 3.5% on BTC, when the assets are added into our reward plan. The offer is available until August 15.

A fully regulated safe haven built on a legacy of trust&nbsp;
If you are currently transitioning your funds or re-evaluating your digital asset custodian in light of recent regulatory enforcement, your priority is stability.

Prior to the July 1 deadline, out of roughly 3,000 previously registered European crypto firms, only a small fraction hold a MiCA license. Having secured our MiCA license&nbsp; Blockchain offers a framework built on rigorous compliance, strict consumer protection, and operational longevity.

The Wealth experience&nbsp;
Premium rewards are only part of the proposition. When you join Blockchain Wealth, you gain access to an ecosystem tailored for sophisticated investors, including:
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<li style="font-size: 12pt; font-family: 'Times New Roman', serif; color: #000000;">
Dedicated Relationship Support: Move past chatbots and support tickets. As a Wealth client, you have a direct line to a dedicated Relationship Manager who personally handles your onboarding and requests.
</li>
<li style="font-size: 12pt; font-family: 'Times New Roman', serif; color: #000000;">
Liquidity from 0%: Access capital without selling your crypto. Borrow against your crypto assets with rates starting at 0%.
</li>
<li style="font-size: 12pt; font-family: 'Times New Roman', serif; color: #000000;">
Institutional Trading Desk: Execute large-volume trades with deep liquidity, tight spreads, and zero slippage via our dedicated execution desk.
</li>
<li style="font-size: 12pt; font-family: 'Times New Roman', serif; color: #000000;">
The 60-Second Switch: Moving your crypto to Blockchain Wealth can take minutes, not weeks. Once you transfer your assets and complete a swift, one-time verification, your promotional rates activate immediately.
</li>
</ul>

Moving your crypto to Blockchain Wealth can take only minutes. Once you transfer your assets in and complete a one-time verification, your new rates start accumulating immediately. Your dedicated Relationship Manager will personally oversee the transition, ensuring a seamless, white-glove experience from start to finish.

To view our live updated rates and submit your application at <a href="https://wealth.blockchain.com/" style="text-decoration: none;">https://wealth.blockchain.com/</a>.&nbsp;

* Disclaimers: Returns are not guaranteed and may vary. Earnings are generated through activities such as lending cryptoassets to third parties, which involves counterparty risk. Your capital is at risk. This is not financial advice.

New Wealth users can unlock 12.5% APY on USDC, 4.5% on ETH, 3.5% on BTC, available until August 15.

Introducing exclusive deposit bonus for new Blockchain Wealth clients

Summary:&nbsp;
<ul>
<li>Blockchain has partnered with Polymarket to bring prediction markets directly into the app</li>
<li>Users can trade on real-world outcomes across politics, sports, crypto, culture, and more</li>
<li>Positions can be bought or sold before an event resolves, with prices reflecting the market&rsquo;s estimated probability</li>
</ul>
We've partnered with Polymarket, the world's largest prediction market, so you can now explore and trade on real-world outcomes without ever leaving the app. This means you can take a view on pretty much anything: Elections, interest rates, award season, and football. Of course football.&nbsp;
Want to see for yourself? Dive into the app today and find out more.
<a href="https://login.blockchain.com/app/predictions/dashboard" rel="follow">Explore prediction markets</a>
<h2>But wait, what&rsquo;s a prediction market, actually?</h2>
A prediction market is a marketplace where people trade on the outcomes of real-world events. Instead of buying a share of a company, you're buying a share of an outcome: a simple "Yes" or "No" on a question like Will this team lift the trophy? or Will rates be cut before September?
Every share resolves at either $1 (if you were right) or $0 (if you weren't). In between, shares trade anywhere from a cent to ninety-nine cents, with prices floating up and down as people buy and sell,&nbsp; just like a stock.
<h2>The price is the probability</h2>
Here's the idea that makes prediction markets genuinely fascinating. If "Yes" shares on a question are trading at 62&cent;, the market is collectively saying there's roughly a 62% chance it happens. Price and probability are the same number in different outfits.
A quick example. Say a market asks whether a certain team wins a certain final, and "Yes" is trading at 62&cent;. You buy 100 shares for $62. If they win, each share resolves at $1: you collect $100, a $38 profit. If they lose, the shares resolve at $0, and your $62 is gone.&nbsp;
<h2>Why the crowd is worth listening to</h2>
Prediction markets are set directly by thousands of people putting real money behind what they actually believe. It&rsquo;s this &lsquo;skin in the game&rsquo; that filters out cheap talk. When news breaks (a red card, a surprise poll, a central-bank hint), prices react in seconds, because traders update their positions much faster than headlines do.
That's why prediction markets have earned a reputation as some of the sharpest forecasting tools around. They're not crystal balls, upsets happen, and that's rather the point, but as a live snapshot of what the world collectively expects, they're hard to beat.
<h2>Okay, but how is this different from betting?</h2>
Fair question, and there are three big differences. First, there's no house setting odds against you. Prices come from other traders, and they move with the market. Second, you're never locked in: you can sell your position at any point before the event resolves, whether that's to lock in a profit early or cut a loss. Third, the price itself is useful information. Even if you never trade a cent, a prediction market tells you what thousands of people genuinely expect to happen, which can help everyone from politicians to&nbsp;
<h2>How to get started</h2>
Open the app and head to the new Predictions section. You'll find markets on politics, sport, crypto, culture: pretty much anything with an outcome and a date. Browse until you find a question where you think the crowd has it wrong, decide how confident you are, and take a position. Start small while you get a feel for how prices move, first.&nbsp;
<h2>Ready?</h2>
The world's largest prediction market now lives where your crypto does. Explore the markets, watch the odds move in real time, and &ndash; if you're feeling confident about a certain match this month &ndash; well, you know what to do.
<a href="https://login.blockchain.com/app/predictions/dashboard" rel="follow">Explore now</a>

We've partnered with Polymarket, the world's largest prediction market.

Blockchain partners with Polymarket

The grace period is officially over. On July 1, the transition period under the EU's Markets in Crypto-Assets Regulation (MiCA) came to an end.
While this regulation is completely reshaping digital assets across the EU, the numbers tell a wildly different story. Currently, only 280 of roughly 3,000 previously registered European crypto firms hold a full MiCAlicense and of these, only 17 can operate a trading platform. . For the thousands that don't, the ability to legally serve crypto users in the EU has now lapsed.&nbsp;
As a trusted, fully compliant trading platform operator, and MiCA-approved entity, Blockchain allows you to safeguard your market presence without interrupting user service provision.
Blockchain&rsquo;s Crypto-as-a-Service infrastructure allows CASP&nbsp; businesses to retain their client base in the transitory period. , By hosting your client base on our infrastructure , we allow your business to maintain brand presence, and customer relationships. We provide the comprehensive technical, product and regulatory framework needed to launch or sustain a compliant crypto experience&mdash;all powered through a single API:
<ul style="margin-top: 0px; margin-bottom: 0px; padding-inline-start: 48px;">
<li style="font-size: 10pt; font-family: Arial, sans-serif; color: #000000;">
Embedded Brokerage: Custody, wallets, onboarding, fiat on/off-ramps and buying and selling across a wide range of digital assets
</li>
<li style="font-size: 10pt; font-family: Arial, sans-serif; color: #000000;">
Regulatory Compliance: MiCA license granted by the Malta Financial Services Authority and passportable across all 27 EU and EEA member states; registration with the Financial Conduct Authority (FCA) in the UK*
</li>
<li style="font-size: 10pt; font-family: Arial, sans-serif; color: #000000;">
Hardened Infrastructure: Leverages the same infrastructure Blockchain has operated since 2011 supporting over 95 million wallets and more than 43 million verified users
</li>
</ul>
Partners can also continue pursuing their own MiCA authorization in parallel, while ensuring their clients&rsquo; service stays uninterrupted.&nbsp;
"At Blockchain.com, we are actively supporting CASPS by&nbsp; onboarding and fostering their retail and institutional clients&nbsp; while they proceed with their MiCA license application. Having secured our MiCA license last year, our commitment to proactive compliance ensures a stable, secure environment for your digital assets. This collaborative approach does not only protect and safeguard consumers in the EU, but it also supports the whole industry during this delicate transitory period.&rdquo;&nbsp;&nbsp;
-&nbsp; Fiorentina D&rsquo;Amore&nbsp; CEO Malta and Senior Director of&nbsp; Business Operations EU
For crypto businesses that need a licensed partner in Europe, the deadline has passed, but the opportunity to serve European users has not.&nbsp;
To learn more, get in touch with our team (<a href="mailto:pay@blockchain.com" style="text-decoration: none;">pay@blockchain.com</a>)
* Blue Cube (Malta) Limited is authorised by the MFSA as a CASP under Regulation (EU) 2023/1114 (MiCA); BC Operations Limited is FCA-registered (FRN 1036678).
# # #

As MiCA’s transition period officially closes, Blockchain offers an immediate, compliant path for displaced businesses to retain their Europ

Missed the MiCA Deadline? You Can Still Serve EU Clients With Blockchain as Your Regulated Partner

As MiCA’s transition period officially closes, Blockchain offers an immediate, compliant path for displaced businesses to retain their European users

<h2>Key takeaways</h2>
<ul>
<li>
Q2 was a macro quarter, not a crypto quarter. Rate-cut repricing, renewed Middle East risk, and a rotation of capital into AI equities drove price action more than anything crypto-specific.
</li>
<li>
The headline ETF outflows were largely positioning, not capitulation. A meaningful share reflected the unwind of the CME basis and carry trade rather than long-term holders selling.
</li>
<li>
Our desk read the low 60s as the value zone of the quarter. Short-term buyers who chased the low-80s rally were stopped out, redistributing supply to long-term institutions accumulating into weakness.
</li>
<li>
The migration on-chain became real. Hyperliquid was the quarter's defining venue, and we are increasingly asked to provide liquidity on decentralized venues alongside centralized books.
</li>
<li>
Continuous markets are becoming a traditional-finance advantage, not a crypto novelty. We expect traditional finance to get comfortable with decentralized execution faster than traditional commodity markets build a 24/7 product.
</li>
<li>
As participation matures, infrastructure is the differentiator. Custody, reporting, collateral management, and operational guardrails now matter as much as execution.
</li>
</ul>
<h2>Looking beyond price action</h2>
This quarter tested institutional conviction. Bitcoin slid from the low 80s to below 60s, spot ETF flows reversed, and the market quietly stopped pricing near-term rate cuts. &nbsp;
Looking past the price action, the structure of the market has continued to mature. Where previously client conversations were predominately around asset allocation, they are now leaning heavily toward market infrastructure. We&rsquo;ve had an increasing number of requests to access on-chain liquidity, manage collateral, trade 24/7 and fit digital assets into existing investment frameworks.&nbsp;
<h2>Crypto now trades as a macro asset</h2>
More clear than ever in Q2 was the realization that digital assets can no longer be analyzed in isolation. Through the quarter, markets repriced the path of interest rates, moving from expectations of cuts toward higher for longer. Risk assets came under pressure, and Bitcoin moved with them. Geopolitics compounded the move, with renewed tension in the Middle East feeding broad risk-off positioning.
"BTC is not exempt from macro moves, especially with the situation in the Middle East and the repricing of rate cuts. You are effectively seeing BTC and crypto trade risk-on, risk-off, and highly leveraged."
Ollie Clifford, Institutional Market Making Lead
The takeaway is straightforward. As participation has grown, Bitcoin has become more sensitive to the same forces that drive other risk assets. Just a few years ago, understanding digital assets didn&rsquo;t require an acute understanding of the macro environment, as market moves were independent of traditional economic stimulants. The same can not be said today in 2026.&nbsp;&nbsp;
A second force was artificial intelligence. The strength of AI has redirected capital from crypto -&nbsp; not to be confused as a sign of weakening conviction. Institutional capital rotated toward public equity markets and AI-related companies, and a share of the ETF outflows reflected investors repositioning ahead of an expected wave of AI listings this year. Notably, that interest did not extend to crypto-native AI tokens. On our desk, AI tokens themselves drew limited interest. What clients wanted was exposure to AI through equities, increasingly including tokenized equities and perpetuals accessed on-chain.
Our read is that this was a rotation rather than a structural exit. We expect capital to return to digital assets later in the year as real price discovery plays out in AI equities and portfolios rebalance.&nbsp;
<h2>ETF outflows were positioning, not capitulation</h2>
ETF redemptions dominated the commentary, and the raw numbers were striking. Spot Bitcoin ETFs saw their heaviest outflows in over a year. But the flow data told only part of the story.
"The ETF outflows have been substantial. That is not to say this is purely institutions moving out of Bitcoin. A lot of that flow is linked to the CME ETF carry trade. It is an unwinding of that trade rather than natural selling."
Marc Sischka, Global Head of OTC Trading
That distinction matters. Closing a basis trade is a decision about funding and spreads, not a verdict on long-term conviction. Read through that lens, Q2 positioning looks more constructive than the redemption headlines suggested.
The data also contained an apparent contradiction worth naming.&nbsp;
<h2>Where our desk saw value</h2>
As Bitcoin fell, the composition of buyers changed. The short-term money that chased the rally into the low 80s was stopped out as price retraced, while long-term institutions treated lower levels as an opportunity to build. Supply was effectively redistributed from short-term holders to strategic ones.
Our desk read the 60 to 62K area as the value zone of the quarter. Rather than chasing momentum, many of our clients layered into weakness, consistent with how strategic allocators behave through a cycle. &nbsp;
<h2>Hyperliquid and the migration on-chain</h2>
If one name defined the quarter, it was Hyperliquid. &nbsp;
For years, decentralized exchanges were the domain of crypto-native traders. We&rsquo;re seeing that&nbsp; change.
"The decentralized exchanges have become as fast and as easy to use as the centralized exchanges, which wasn't historically the case. That has opened up the market massively to non-native crypto users."
Al Turnbull, Managing Director, Institutional Client Services
Three developments stood out. Execution and liquidity on decentralized venues have improved to the point that real depth now exists on-chain. A more open US regulatory posture has made venues like Hyperliquid less daunting for traditional players. And we are increasingly fielding requests to provide market-making liquidity on decentralized venues, with more such venues coming online. &nbsp;
Centralized exchanges still hold the deepest books, and we don&rsquo;t expect that to change anytime soon. But decentralized venues are becoming a serious complement rather than a fringe alternative, particularly for tokenized equities, pre-IPO exposure, and perpetual markets.
<h2>Markets that never close</h2>
Continuous markets are no longer a crypto novelty. They are becoming a structural advantage for traditional asset classes. The clearest example is commodities. Commodity trading houses carry real weekend gap risk on regulated venues such as the CME. When oil moves more than 10% over a weekend on geopolitical news, a desk that cannot trade until Monday is carrying uncovered risk. On-chain venues already offer 24/7 markets in oil and natural gas, and, based on current market conditions, we expect that market to grow as commodity houses build the internal guardrails to participate.
"You can trade oil and natural gas on Hyperliquid 24/7, and that market is only going to get bigger. Traditional finance will get comfortable with decentralized exchanges more quickly than the traditional markets will deliver a 24/7 product."
Al Turnbull, Managing Director, Institutional Client Services
The same logic extends beyond commodities to any global portfolio that needs to respond to events in real time. The ability to manage risk through a weekend or a geopolitical shock is flexibility that traditional infrastructure cannot reliably provide. Demand for continuous price discovery inevitably will pull more traditional participants on-chain. This is one of the most underappreciated structural shifts of the cycle.
<h2>The product set is starting to mirror traditional finance</h2>
Demand is also broadening beyond spot. Increasingly, clients want the kind of structures they already use in traditional markets, adapted for digital assets.
The most consistent request is for perpetual exposure delivered through familiar operational rails.
"We are getting a lot of inquiries on the desk about how clients can incorporate perpetuals under an OTC hood. We can offer the full stack, from onboarding and on-chain setup to collateral management and reporting."
Marc Sischka, Global Head of OTC Trading
We also launched a perpetual market offering during the period that gives clients access to pre-IPO markets, such as SpaceX ahead of its listing. We&rsquo;re seeing building interest in pre-IPO names as the standard unequivocally becomes 24/7, always on, always an angle type trading.&nbsp;
On the structured side, the product set is beginning to mirror traditional markets.
"You will naturally see traditional-finance institutions wanting similar-flavored products within crypto. You are starting to see that already."
Ollie Clifford, Institutional Market Making Lead
Covered call strategies and index-based products are emerging in digital assets much as they did in traditional markets as those markets matured. We expect that product set to keep developing through the year.
<h2>Infrastructure is becoming the differentiator</h2>
As participation matures, execution quality is necessary but no longer sufficient. Institutions increasingly expect the operational standards they rely on in traditional markets, from reporting and governance to collateral management and risk controls.
The client base itself has changed. US public companies are now among our key clients, and they bring requirements that crypto-native clients historically did not.
"We have US public companies now as key clients buying crypto. The reason a US public company would choose to use us as a custodian is our reputation and the infrastructure we have built over the last 12 years. A stock-exchange-listed company has quarterly reporting requirements, so we have upgraded our internal reporting and systems to meet our clients' needs."
Al Turnbull, Managing Director, Institutional Client Services
This is also reshaping economics. As traditional finance moves in, margins on plain-vanilla spot are compressing, which puts a premium on serving more sophisticated needs: full-stack onboarding, on-chain setup, collateral management, and the governance wrapper that regulated institutions require. Part of our role is translating crypto for traditional finance and helping new entrants build the internal guardrails they need to access this liquidity with confidence.
"One of our unique propositions is that we can provide a safe wrapper for new entrants into crypto."
Al Turnbull, Managing Director, Institutional Client Services
<h2>Looking beyond Q2</h2>
Q2 was volatile, but what quarter in crypto isn&rsquo;t? Volatility aside, Q2&rsquo;s learnings were as follows:&nbsp;
Macro is driving digital assets alongside other global asset classes more than ever. Capital is rotating more dynamically between technology, equities, and digital assets. Participation continues to broaden beyond spot Bitcoin into on-chain trading, derivatives, and tokenized markets. And the infrastructure beneath all of it is getting materially more sophisticated.
The questions institutions are asking today are different from those of a few years ago. Not whether digital assets matter, but how to integrate them into existing portfolios, how to access new sources of liquidity, and how to operate within an increasingly complex market structure. That is what a maturing market looks like.
All in all, the message from Q2 is straightforward. Volatility is part of the asset class, and so is continued innovation. Shocker.&nbsp;
The firms best positioned for the next phase will be those that pair long-term conviction with the infrastructure, operational resilience, and market expertise to navigate an increasingly institutional ecosystem.
As one of the longest-standing companies in digital assets, with more than a decade supporting institutions through multiple market cycles, that is the role we intend to continue playing.
Watch the video here<span data-rich-links="{&quot;fple-t&quot;:&quot;Q2 In Review&quot;,&quot;fple-u&quot;:&quot;https://youtu.be/KvNCNhEX1ko?is=nFiOlI2oIRTIQJsB&quot;,&quot;fple-mt&quot;:null,&quot;type&quot;:&quot;first-party-link&quot;}"> <a href="https://youtu.be/KvNCNhEX1ko?is=nFiOlI2oIRTIQJsB"><span data-rich-links="{&quot;fple-t&quot;:&quot;Q2 In Review&quot;,&quot;fple-u&quot;:&quot;https://youtu.be/KvNCNhEX1ko?is=nFiOlI2oIRTIQJsB&quot;,&quot;fple-mt&quot;:null,&quot;type&quot;:&quot;first-party-link&quot;}">Q2 in review</a>.

This review reflects market views as of the time of writing and is provided for information only. It is not investment advice or a recommendation to buy, sell, or hold any asset. Crypto assets are volatile and you may lose the value of your investment. References to specific digital assets, protocols, trading venues or products are provided for informational purposes only and do not constitute an endorsement, recommendation or solicitation by Blockchain.com.

An institutional read on what moved digital asset markets in Q2 2026.

Q2 in review

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<li data-section-id="tt4zu9" data-start="0" data-end="60">Blockchain secured its MiCA license ahead of the deadline</li>
<li data-section-id="m5386i" data-start="61" data-end="115">Customers retain uninterrupted access across Europe</li>
<li data-section-id="sf6o8s" data-start="116" data-end="173">Full compliance covers all 27 EU and EEA member states</li>
<li data-section-id="fboowi" data-start="174" data-end="247" data-is-last-node="">Our early investment in regulation strengthens trust, security, and growth</li>
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While many firms are only now adjusting to the new regulatory framework, Blockchain secured its MiCA license ahead of the deadline, ensuring uninterrupted access for customers and reinforcing our commitment to operating within the world's most comprehensive crypto regulatory regime.
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For firms still working toward MiCA authorization, the end of the transition period brings real operational consequences. The ability to serve customers across Europe now depends on meeting a single, rigorous regulatory standard. For Blockchain, it reinforces something we&rsquo;ve believed for more than a decade: regulation and innovation are not opposing forces. They are mutually reinforcing. By investing early in compliance, we ensured our customers could continue to access the services they rely on without disruption.

Our early action reflects that long held belief that regulatory clarity should enable innovation, not slow it down. MiCa provides a unified framework across the European Union, giving institutions and businesses greater confidence to participate in digital assets while supporting high standards for customer protection, operational resilience, and market integrity. Rather than treating MiCa as a compliance exercise, we viewed it as an opportunity to build for the future of digital finance. The framework is why we attained our MiCA license early and worked proactively to secure our license ahead of the transition deadline.&nbsp;

We&rsquo;ve built our European operations around MiCA&rsquo;s requirements and today, Blockchain is fully MiCA-licensed and operating across all 27 EU and EEA member states, with institutional-grade custody and security as standard, backed by one of the industry&rsquo;s longest operating crypto platforms and a growing team building for Europe. Our early investment in compliance wasn&rsquo;t about meeting a deadline. It was about earning trust and preparing for the future.

Europe has become one of the world&rsquo;s leading jurisdictions for digital asset regulation. With greater regulatory certainty comes greater opportunity for institutions looking to integrate crypto into their businesses. As institutional adoption accelerates, firms increasingly want partners that combine global scale with local regulatory certainty. MiCA provides that foundation, and Europe is setting a benchmark that other jurisdictions are now watching closely.

For institutions and retail users seeking a partner already operating within Europe&rsquo;s new regulatory framework, the question is no longer who is preparing for MiCA. It&rsquo;s who is already operating under it. The transition has already happened and Blockchain has been ready.

As crypto continues to mature, trust increasingly will be defined by regulation, resilience and long-term commitment. MiCA is more than a regulatory milestone. It marks the beginning of Europe&rsquo;s next chapter in digital finance and Blockchain is proud to be helping lead it.

The end of Europe's MiCA transition period marks a defining moment for the digital asset industry. While many firms are only now adjusting t

Europe's most important crypto regulatory deadline is here and we have already moved past it

The end of Europe's MiCA transition period marks a defining moment for the digital asset industry.

Summary:&nbsp;
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Nigeria and Ghana rank among Blockchain&rsquo;s top three markets for perpetual futures trading
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1 in 4 Blockchain perpetuals traders are based in Nigeria or Ghana
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Users are seeking both global market access and self-custody
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Blockchain offers perpetuals powered by Hyperliquid in its DeFi Wallet
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According to new data from Blockchain, Nigeria and Ghana now rank among the two fastest growing countries rapidly adopting and trading perpetual futures (perps), signaling a shift where advanced crypto products are gaining traction. The trend highlights something deeper than growing interest in digital assets. Across Africa, crypto is increasingly being used as a practical financial tool, one that offers access to global markets, opportunities for wealth preservation, and greater control over personal finances. As adoption continues to accelerate, Blockchain is helping meet that demand by providing access to trade perpetual futures powered by Hyperliquid within users' DeFi wallets.&nbsp;
Africa's growing appetite for advanced crypto products
Perpetual futures are a type of crypto derivative that allows traders to speculate on the future price of an asset without an expiration date. Traders can take long or short positions and use leverage to amplify their exposure.
Historically, these products have been associated with experienced traders in established financial markets. However, Blockchain&rsquo;s latest data suggests that users in emerging markets are rapidly embracing these tools within their DeFi wallets.
In fact, 1 in 4 Blockchain users trading perpetual futures are based in either Nigeria or Ghana.
The numbers reflect a broader reality that users in African markets want both access and ownership. They are looking for tools that open the door to global financial opportunities while helping them navigate local challenges such as inflation, currency depreciation, and limited access to traditional investment products.
The next phase of financial access
Blockchain also plans to introduce additional asset classes, including foreign exchange, stocks, commodities, and market indices, creating a broader platform for global financial access.
For users in emerging markets, this could open the door to investment opportunities that have historically been difficult to access through traditional financial systems.
As Owen Odia, General Manager for Africa at Blockchain, explains: &ldquo;By letting you fund your account with your own Bitcoin while keeping total control of your keys, we're proving that managing your own money can actually be the easiest way to trade.&rdquo;
The rise of perpetual futures trading in Nigeria and Ghana reflects more than trading volume. It points to growing demand for financial tools that offer both opportunity and autonomy.

Nigeria and Ghana now rank among the two fastest growing countries rapidly adopting and trading perpetual futures.

Blockchain users in Nigeria and Ghana drive momentum in self-custody perpetual futures trading

New data from Blockchain highlights growing adoption of perpetual futures across Africa, as users seek advanced crypto products that offer greater access and control.

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