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Robinhood Chain fee revenue drops 97% as memecoin frenzy cools
Daily network fees paid by users on Robinhood Chain have fallen about 97% from their peak in early September. CoinDesk reported on September 19, based on on-chain data from growthepie, that the cooling of overheated memecoin trading is behind the decline. Fees dropped from about 8 million dollars to about 230,000 dollars by September 16, while transaction counts during the same period fell only about 32%, from 13.1 million to 8.9 million. The average fee per transaction plunged from about 64 cents to about 2.6 cents, meaning the drop in fee revenue was driven more by lower trading costs than by fewer users. At the center of the boom was Pons, a service that makes it easy to issue and trade memecoins; on August 30, 22,600 types of tokens were issued in a single day, but trading volume from September 10 to 16 fell 37% week over week to about 616 million dollars. Meanwhile, DEX trading volume across the entire chain rose about 5% week over week to about 12.8 billion dollars in the week through September 16, while Solana's DEX trading volume fell 8% over the same period, with no large-scale migration of users confirmed.
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Bitcoin Holds Above $80,000 as Spot ETFs Draw $433 Million Inflow
Bitcoin held above $80,000 over the weekend after rebounding from a turbulent week, supported by renewed institutional demand as U.S. spot Bitcoin exchange-traded funds recorded more than $433 million in net inflows on Friday. Bitcoin was trading around $80,479.4 as of 01:07 ET on Sunday, retaining much of its recovery after falling toward $76,400 earlier in the week, and was up about 0.2% on the day. U.S. Bitcoin ETFs attracted $433.03 million on Sept. 18, led by Fidelity's FBTC with $310.72 million, while BlackRock's IBIT received $108.44 million, Bitwise's BITB added $9.69 million, and VanEck's HODL and Ark & 21Shares' ARKB recorded smaller inflows. ETF trading value reached $4.67 billion on Friday, with combined net assets rising by more than $7 billion to $102.53 billion. Demand extended into other digital assets, with Ether ETFs recording $143.80 million of net inflows, Solana funds attracting $47.62 million, and Zcash products adding $37.67 million. On the regulatory front, the Senate failed to advance the CLARITY Act on Sept. 15, leaving broader U.S. crypto market legislation unresolved, while Strategy Executive Chairman Michael Saylor argued the industry can keep expanding through existing regulatory channels such as bank custody, Bitcoin-backed lending, stablecoins and digital credit.
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Coinbase Says AI Agents Drove Most Trading Activity Last Week
Coinbase Global reported that its agentic trading stack powered most crypto transaction flows over the past week. Management highlighted Grok as a leading AI agent on the platform, driving a large share of AI agent-driven trading volumes, while developer-built custom interfaces using Coinbase for Agents and the x402 payment protocol accounted for the majority of notional market activity. The company said the shift toward agentic trading moves it closer to a model leaning on higher margin services rather than pure retail volumes, with Grok and custom agents plugging into a payment stack built around USDC, Base and APIs. Coinbase added that heavier machine-driven flows do not remove existing risks around fee pressure, cybersecurity costs or competition from decentralized venues. The key proof point ahead is whether upcoming disclosures break out AI agent related metrics, such as the share of notional trading or fee revenue routed through Coinbase for Agents and x402, in the next couple of quarterly updates and product briefings.