Coinbase 能否借力比特币 ETF 再创辉煌？

In recent years, the general acceptance of cryptocurrency has changed significantly from relative obscurity to mainstream vision. The launch of bitcoin spot exchange trading fund and its outstanding performance have promoted this change, attracting the attention of analysts, bankers and technical experts. With the continuous development of digital assets, the interweaving of technical supervision and market dynamics has presented a complicated situation for stakeholders, despite the regulatory challenges and strict regulatory limits in the United States. Banks and financial institutions directly manage cryptocurrencies, but the growth momentum of the industry is undeniable. This paper will discuss the interaction between the launch of spot bitcoin and its recent performance, and emphasize their dynamics and wider impact on traffic and balance. Since the approval, we have seen a rapid change in the distribution among issuers, from gray outflow to newly approved preference, partly because the new fees are much lower than those of gray bitcoin trust. Fidelity and BlackRock are both in the initial stage. Another reason for the exemption or reduction of fees is that several important holders have liquidated, for example, selling about $100 million and digital currency Group's investment. Nevertheless, since its official launch, the inflow of funds has exceeded $100 million, of which more than $100 million has been absorbed by exchange-traded products. Before the spot bitcoin went public, it was the largest listed cryptocurrency exchange and held only one bitcoin, which became the focus of attention. The market is full of various speculations and divergent views around these products. The potential impact of products on business is hotly debated. Some people think that with the expansion of the digital asset industry, it will benefit from it, and the market coverage will be expanded, and new revenue channels will be opened. Others think that the competitive fee structure may keep users away, thus reducing the transaction volume and affecting their fee income. In view of this, it is at a critical moment, and it is facing complex and intertwined challenges and opportunities in the context of the regulatory struggle with the US Securities and Exchange Commission and the increasingly prosperous digital asset market. Interpretation of linked earnings report released last week, the total revenue of the fourth quarter of 2008 was $ billion, far exceeding Wall Street's expectation of $ billion. Further in-depth analysis of its revenue sources can be divided into two major driving factors: transaction income and subscription and service income. Each category plays a vital role in the business. One of the main highlights of the recovery of transaction income is that the growth of transaction income has increased from $ billion to $ billion, which is particularly noteworthy. Because in the second and third quarters of 2008, due to the shrinking transaction volume, the transaction income has been lagging behind the subscription and service income. This growth is driven by many factors, including the improvement of market sentiment and the increase of risk preference activities in the digital asset market. Before the launch, the spot transaction volume climbed to the same level as that in the fourth quarter of 2008. Only in the summer of 2008 did the crazy transaction volume around the collapse exceed this level. Although both consumers and institutional businesses benefited, the retail volume dropped sharply. In addition to dividing the transaction volume by user type, another interesting aspect of the contributor's chain growth is that the composition of the transaction volume is the proportion of other assets traded in the fourth quarter has increased compared with that of other assets, and the proportion of other assets has increased, while the proportion of total transaction volume and transaction income has decreased respectively. This trend not only reflects the current stage of the market cycle, but also highlights the growing influence of consumer-oriented transaction volume, which is reflected in other ecosystems. This development also raises a key question on the increase of activities related to tokens. Whether the launch of spot bitcoin and the expected launch of spot Ethereum will further reduce the trading volume of these assets, although it is impossible to predict all the impacts, a noteworthy trend is that the share of trading volume of Coin 'an has increased synchronously after the launch in June. The overall trading volume part of our weekly market information can help monitor the influence of these dynamic subscriptions and service income, although the trading activity is growing. Mobile is still the core aspect of the business, but it has expanded its business to several other vertical areas, including the introduction of pledge service and cooperative stable currency, and further monetization of its custody business as the main custodian of spot bitcoin. In short, the impressive expansion of these categories has made the subscription and service income increase year-on-year, and now it accounts for the total income portfolio. The largest contribution in this category in history comes from stable currency, although it declined in the fourth quarter. The income sharing agreement with the issuer of stable currency has gained a lot of income by holding it on its platform, and its income is linked to the circulation supply and the current interest rate. These factors will affect the interest income generated by the reserve. Although the supply has been decreasing throughout the year, the rising interest rate has alleviated its adverse impact on income. Another main way of income growth is blockchain reward, which covers the pledge service business, allowing users to pledge their assets to ensure the security of the rights and interests certification network, for example. Taifang, etc., although its pledge business is facing the regulatory review of the US Securities and Exchange Commission, the blockchain reward plate has increased year-on-year and month-on-month. This growth is mainly attributed to the pledge, which is reflected in the increase in the pledge balance and the increase in the circulation of mobile pledge tokens. The supply of this token in the fourth quarter exceeded 10,000, and the pledge commission with the increase in asset prices also significantly increased the blockchain reward income. In addition to the core business, it also has several emerging plates, such as its solution, the International Derivatives Exchange. And its venture capital portfolio, which will be realized at fair value after adopting accounting standards in the first quarter of, in addition, it is also conducive to using the continuous inflow of spot bitcoin to increase the custody fee income in the long run. In short, it has reduced its dependence on trading income by broadening its business model and income sources and introducing new services with high growth potential. This strategic diversification, together with active supervision methods and cost reduction, has enhanced its advantages in the field of digital assets. Status Conclusion In the first two months of this year, Bitcoin received a large amount of capital inflows, indicating that the market recognized it highly. At the same time, the profit report highlighted its strong foundation and made full preparations for future growth. Although the impact on the long-term trend remains to be seen, their mutual influence indicates the positive momentum of the industry. The expectation that Bitcoin has exceeded the trillion-dollar market value of spot Ethereum for the first time since January and the upcoming halving indicate that the digital asset ecosystem is about to usher in an exciting period. Network data insight, the market value of Bitcoin and Ethereum has further expanded this week, respectively. 比特币今日价格行情网_okx交易所app_永续合约_比特币怎么买卖交易_虚拟币交易所平台

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