Coinbase continues to demonstrate growth in institutional interest, as evidenced by new statistical data and plans to launch new products.
Institutional Investments in Cryptocurrency
Coinbase CEO Brian Armstrong reported that U.S.-based exchange-traded funds (ETFs) currently hold $140 billion in cryptocurrency, indicating a rise in institutional investment. Of that amount, 81% is secured with Coinbase. According to Nate Geraci, president of ETF Store, half a billion flowed into spot BTC ETFs last week, totaling $1.3 billion for the week, marking 14 straight days of inflows reaching $4.6 billion.
Upcoming Launch of Coinbase Futures
Coinbase announced the imminent launch of U.S. perpetual-style futures on its derivatives exchange. These products will be introduced on July 21, closely tracking spot prices, providing leverage, and complying with CFTC regulations. Coinbase plans to launch two contracts: Nano Bitcoin Perpetual-Style Futures (0.01 BTC) and Nano Ether Perpetual-Style Futures (0.1 ETH).
Predictions on Ethereum ETFs
Nate Geraci indicated that a 'massive wave of crypto index ETF filings' is expected soon. Among the new proposals is KraneShares' filing for the Coinbase 50 Index ETF, which would track the performance of the fifty largest and most liquid digital assets by market capitalization. Additionally, Brian Armstrong noted that 8 of the top 10 publicly traded companies holding Bitcoin on their balance sheets use Coinbase Prime.
The growth of institutional interest in cryptocurrencies and new products from Coinbase may indicate the continued evolution of the market and increased engagement from major investors.
