As we all know, Coinbase is the largest digital asset platform in beautiful countries. Many people think that as long as the market is hot, it will make sure to make a profit without losing money. But do you know? Its recent financial report looks glorious, but there are actually many neglected details hidden behind it. Let’s talk about the key points first: Coinbase just released its second quarter 2025 financial report - its net profit was as high as US$1.43 billion, setting a new historical record. Compared with the $36 million in the same period last year, the growth rate is very exaggerated. According to common sense, such numbers should inspire the market. But the result is not as optimistic as expected. Why is this? A common misunderstanding among many people is: "The profit is so high, which means that the platform is developing very well." In fact, it is not the case. Because the way it makes money is changing. If you think Coinbase mainly relies on transaction fees to make profits, you may need to re-recognize it. Although net profit increased significantly this time, transaction revenue fell by 39% month-on-month. This shows that users' trading intentions are declining and the overall market sentiment is more cautious. Moreover, a user data problem recently occurred, causing direct losses of more than 300 million US dollars, which also had a significant impact on the trust of the platform. Therefore, although the financial report has a brilliant appearance, there is actually a lot of pressure behind it. So where does its money come from? There are three key factors: Stablecoin-related businesses have grown against the trend: especially in cooperation with Circle, the USDC stablecoin business has brought continuous benefits to the platform and has gradually become an important source of revenue for Coinbase. Working with traditional financial institutions to open the entrance: Financial institutions like JPMorgan Chase are helping Coinbase expand its channels so that more bank customers can easily access digital assets. Although spot trading cooled down, the overall trading volume increased slightly: the total trading volume reached US$237 billion, but the spot part fell by more than 30%, indicating that the market is still in a wait-and-see state. Further, Coinbase is no longer the platform that attracts users by relying on popularity and short-term fluctuations. It is slowly transforming, more like a stable technology service company - less emotional fluctuations and more structural construction. For us, this actually sends an important signal: the digital asset industry is moving from "emotion-driven" to "infrastructure-driven". To sum up, to put it bluntly: Users are beginning to be rational, and the platform is becoming more stable. What can really make money in the long run are those companies that lay the foundation, go steadily and cooperate widely. So, how do you view this trend of "lively on the outside but actually transforming"? 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