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Coinbase and Meta Form Coalition to Fight Crypto Crime

Previously, the Coinbase Institutional research team returned to discuss Bitcoin and the impact of bitcoin exchange-traded funds (ETFs), in their latest Weekly Market Commentary.

“In our view, increasing acceptance of Bitcoin as a form of 'digital gold' could enable demand from a new group of investors in this market regime,” said experts at Coinbase, quoted from News.Bitcoin, Wednesday (10/4/2024).

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“Therefore, we think that after the price decline there will likely be more aggressive buying compared to the previous cycle, even when volatility still occurs during the price decline,” he explained.

Additionally, Coinbase noted that Bitcoin's broader access to capital as a result of the launch of a US spot bitcoin ETF could also contribute to reduced volatility (compared to previous cycles).

The impact of these ETFs and the influx of greater institutional demand can be seen in the open interest in Bitcoin futures, which can be used as a hedging instrument.

In addition, Coinbase also highlighted that CME's bitcoin futures open interest of USD 9.9 billion has surpassed that of a single centralized exchange (CEX) and accounts for more than a third of the entire Bitcoin futures market (including perpetual and fixed futures contracts).

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“In our view, the capital unlocked by ETFs represents perhaps the most fundamental change in market structure between the previous and current 2020-21 cycles. This capital unlock, coupled with the upcoming Bitcoin halving (expected to occur on April 20-21 depending on variations in network hash rate) and other positive catalysts, making our outlook still constructive throughout Q2,” Coinbase detailed.

Coinbase and Meta Form Coalition to Fight Crypto Crime

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