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Coinbase Leaks Mass Crypto Adoption Tips, What Are They?

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

“In our view, the 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 than in the previous cycle, even when volatility still occurs during the price decline,” he said.

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 this ETF 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.

Additionally, Coinbase also highlighted that CME’s $9.9 billion in bitcoin futures open interest has surpassed any 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 may represent the most fundamental change in market structure between the previous 2020-21 cycle and the current one. 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, keeps our view constructive throughout Q2,” Coinbase detailed.

Coinbase Leaks Mass Crypto Adoption Tips, What Are They?

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