“Gemini’s trading growth is slowing despite strong card sign-ups and app downloads, said Citigroup, while bullish momentum is accelerating.”, — write: www.coindesk.com
Led by analyst Peter Christiansen, the bank’s analyst team reiterated its neutral and high-risk call on GEMI, while trimming the price target to $23 from $26. GEMI is higher by 5.5% on Friday to $20.60.
While Gemini’s marketing push has been impressive, particularly around the Gemini Card and its app downloads, said Christiansen, the impact on the exchange’s user base and engagement will likely take longer to materialize
Early data from October points to trading volumes that are only marginally above September and weaker than July or August, he continued. That’s disappointing given the hype surrounding the XRP co-branded card that launched ahead of Gemini’s IPO.
The new price target still implies a 45% discount to Coinbase’s (COIN) expected 2027 enterprise value-to-sales ratio.
Bullish PT liftedCiting accelerating momentum following the Bullish’s (BLSH) New York BitLicense approval and expanding institutional access, Christiansen and team raised their price target on the company’s stock to $77 from $70. That implies nearly 40% upside from the current price of $55.62.
The bank reaffirmed its buy/high risk rating, noting Bullish’s position at the forefront of the next wave of crypto adoption as regulatory clarity improves for traditional finance players.
Bullish is the owner of CoinDesk.
Read more: Crypto Exchange Gemini Launches Solana-Themed Credit Card With Auto-Staking Rewards
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A cooler inflation print reignited crypto risk appetite, lifting bitcoin above $110,000 while altcoins continued to underperform.
- Bitcoin’s implied volatility dropped from 52% to 45%, reflecting a swift return to calm after last week’s spike, as risk sentiment improved across markets.
- Dealer gamma suggests dampened volatility between $112K–$120K, while BTC puts remain pricier than calls, showing lingering caution despite bullish momentum.
- CoinMarketCap’s altcoin season index slid below 25/100, signaling strong bitcoin alignment as assets like FET, BONK, and WIF remain down over 50% in three months.
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