Gemini just posted a $107.7M loss for Q2

Not great, not terrible — just another exchange bleeding in a tight market

Fees dried up, volumes down, compliance costs still eating everything

Classic crypto winter playbook: survive, cut fat, wait for the next bull run to print again

Meanwhile everyone's moving to DEXs or just sitting in stables waiting for a reason to trade

Exchange business model looking rough when nobody's gambling 24/7 anymore