By Bitcoinist - 3 xhur ilu - Ħin tal-Qari: 3 minuti
Crypto Giant At Crossroads: Il-Logħba ta' Stakes Għoli ta' Coinbase Fil-Post Bitcoin Suq ETF
Coinbase, a leading crypto asset exchange, is at a pivotal juncture with the recent advent of post tal-Istati Uniti Bitcoin Fondi Negozjati b'Kambju (ETFs). While this development signals a mainstream breakthrough for crypto, it also places Coinbase in a spotlight fraught with potential rewards and significant risks.
The approval and commencement of the first spot exchange-traded funds investing directly in Bitcoin by the US Securities and Exchange Commission (SEC) have marked a significant moment in BTC’s journey toward mainstream acceptance.
Din il-mossa poġġiet lil Coinbase fiċ-‘ċentru tal-azzjoni’, peress li ħafna emittenti spot tal-ETF, inklużi ġganti tal-industrija bħal BlackRock u Ark Invest, jiddependu fuq l-iskambju għal servizzi essenzjali bħal kustodja, kummerċ, u self.
Ix-Xabla Doppju Taċ-Ċentralizzazzjoni
Coinbase’s emerging dominance in the spot Bitcoin ETF market is a double-edged sword. On the one hand, the company is poised to benefit significantly from its central role in this new era of Bitcoin trading. On the other hand, this centralization raises concerns about the “concentration of risk,” according to Bloomberg.
David Schwed, COO fid-ditta tas-sigurtà tal-blockchain Halborn, jenfasizza l-perikli potenzjali li tiġi fdata entità waħda b'funzjonijiet kritiċi multipli fl-infrastruttura tas-suq finanzjarju, filwaqt li jinnota:
Permezz tad-disinn, l-infrastruttura tas-suq finanzjarju tagħna hija segregata fi rwoli differenti. Meta jkollok entità waħda li hija responsabbli għaċ-ċiklu tal-ħajja kollu tal-kummerċ, naħseb li dan jikkawża tħassib.
Bloomberg reports that Coinbase, already the “largest crypto custodian” globally, is the preferred choice for custody among spot Bitcoin ETFs. Madankollu, spot ETF issuers have noted the risk of “service restrictions” or curtailments from the exchange in their risk disclosures.
It-tħassib dwar ir-riskju tal-konċentrazzjoni huwa mtenni minn Dave Abner, prinċipali ta' Dabner Capital Partners, konsulenza tal-ETF. Abner jindika l-perikli li tiddependi ħafna fuq Coinbase bħala kustodju kripto, u jissuġġerixxi li "setup b'ħafna kustodji" jista 'jkun bet aktar sigur għall-investituri u l-emittenti.
Minkejja dan l-inkwiet, is-CFO ta 'Coinbase Alesia Haas tassigura li l-kumpanija "tevita b'mod diliġenti kunflitti ta' interess", billi tafferma li l-istrutturi tradizzjonali tas-suq tat-titoli jistgħu ma jkunux kompletament applikabbli għas-settur tal-kripto.
Coinbase Tibbilanċja Tkabbir U Dinamika tas-Suq
As the exchange navigates its influential role in the ETF space, it also faces challenges from emerging funds offering lower fees on Bitcoin investment vehicles.
Din il-kompetizzjoni thedded id-dħul fil-pjattaforma tal-kummerċ primarja ta 'Coinbase. Filwaqt li l-ishma tal-kumpanija żdiedu b'aktar minn 100% is-sena li għaddiet, analisti minn Mizuho, bank ewlieni fil-Ġappun, jistmaw li l-ETFs spot ġodda jistgħu jżidu biss 5% sa 10% modesti mad-dħul.
Potential changes in customer behavior further complicate Coinbase’s position in the market. Some current customers might pivot to buying Bitcoin permezz spot ETFs, which generally charge lower trading fees than the exchange.
Dan ix-xenarju, kif deskritt minn Dan Dolev minn Mizuho, jista 'jwassal għal kompressjoni tal-miżati madwar l-ispazju kripto, li jaffettwa l-flussi tad-dħul ta' Coinbase. Minkejja dawn l-isfidi, il-kumpanija tibqa’ ottimista.
Haas expects the spot ETFs to benefit the suq tal-kripto and Coinbase. At the same time, Greg Tusar, head of institutional products at Coinbase, believes the spot ETFs will diversify to use multiple custodians over time.
Għalkemm possibilment tnaqqas is-sehem tas-suq ta 'Coinbase, din l-istrateġija tista' ttaffi r-riskji assoċjati ma 'dipendenza żejda fuq kustodju wieħed.
Dehru immaġni minn iStock, Ċart Minn TradingView
Sors oriġinali: Bitcoinhuwa