Shares of Coinbase (NASDAQ:COIN) have been moving steadily lower in recent months, now down close to 50% from its all-time peak in July 2025, thanks in part to the retreat in Bitcoin (CRYPTO:BTC) and the broader crypto markets. ...

（来源：吴说） Wintermute 指出，比特币已在 85,000–94,000 美元区间横盘约 60 天，上周出现创纪录的比特币与以太坊 ETF 净流出，叠加 Coinbase 溢价转负，显示美国资金成为主要卖压来源。尽管黄金、白银在"货币贬值 交易"中创下新高，但 BTC 的"数字黄金"叙事尚未兑现。当前隐含波动率被显著压缩，市场参与度偏 低。短期关键观察包括 FOMC 表态、Mag7 财报、关税进展与美元走势。在 ETF 资金回流或美元走弱 前，BTC 预计仍将受制于区间震荡，85,000 美元为关键支撑位。 ...

Core Insights - The founder of Binance, Changpeng "CZ" Zhao, highlighted three emerging narratives in the cryptocurrency space: tokenization of real-world assets, the future of cryptocurrency payments, and the potential of cryptocurrency in artificial intelligence transactions [1][2][5][6]. Group 1: Tokenization - Zhao described the tokenization of real-world assets as a "huge" opportunity, indicating discussions with multiple governments about tokenizing their assets to realize financial gains for industry development [2]. - There is a notable industry shift towards tokenization, exemplified by the New York Stock Exchange's plans to develop a platform for trading and on-chain settlement of tokenized U.S.-listed stocks and ETFs, with 24/7 operations and instant settlement [3]. - However, regulatory challenges remain, particularly a clause in the crypto market structure bill that could hinder the progress of tokenizing real-world assets [4]. Group 2: Cryptocurrency Payments - CZ expressed optimism regarding the cryptocurrency payments landscape, which he believes has not yet been fully "conquered," highlighting the integration of traditional payment methods supported by cryptocurrencies [5]. Group 3: Cryptocurrency and AI - Zhao emphasized that cryptocurrency could serve as the native currency for artificial intelligence transactions, suggesting that AI agents will not rely on traditional bank cards for transactions [6]. - This view is supported by economist Alex Tabbarok, who noted Coinbase's feature allowing AI agents to transact using stablecoins like USDC without traditional authentication methods [7]. Group 4: Bitcoin's Future - CZ predicted a potential Bitcoin super cycle in 2026, suggesting that the traditional four-year Bitcoin cycle could be disrupted as countries become more favorable towards cryptocurrency [8]. - As of the latest data, Bitcoin was trading at $88,187.72, reflecting a 0.43% increase in the last 24 hours [8].

Coinbase Global Inc. (NASDAQ:COIN)  CEO Brian Armstrong announced on Monday the formation of an advisory board to assess the implications of quantum computing for the blockchain industry and prepare for “future threats.”Coinbase Moves Against Quantum ThreatsIn an X post, Armstrong said the group will comprise “distinguished” researchers in quantum computing, cryptography and blockchain systems to ensure quantum threats are properly considered.“Security is our highest priority at Coinbase. Preparing for futu ...

Core Insights - Coinbase Markets has officially launched Copper and Platinum futures on Coinbase Derivatives, allowing users to trade these commodities to diversify their investment portfolios [1] Company Developments - The introduction of Copper and Platinum futures on the platform signifies Coinbase's expansion into commodity derivatives, enhancing its offerings for users [1]

Core Insights - The cryptocurrency market is experiencing a significant shift as participants move towards prediction markets, reflecting both opportunities and fatigue due to a nearly 30% decline in Bitcoin since its peak last October, with many altcoins performing even worse [1] - Prediction markets are attracting the same speculative crowd, offering immediate gratification through binary odds and quick results, contrasting with the long-term roadmaps typical in cryptocurrency [1] Group 1: Market Trends - The nominal trading volume on prediction market platforms like Polymarket and Kalshi surged from $500 million in June last year to nearly $6 billion in January this year [1] - The download rates for prediction market applications have increased significantly, with Polymarket's installations rising from 30,000 in January last year to over 400,000 by December, and Kalshi's from 80,000 to 1.3 million in the same period [2] Group 2: Shift in User Engagement - Despite traders abandoning the "token dream," the underlying infrastructure of prediction markets still operates on blockchain technology, indicating a persistent application of crypto technology [2] - The decline in crypto exchange app downloads contrasts with the growth of prediction market apps, highlighting a shift in user engagement [2] Group 3: Financial Implications - Over 11 million tokens were reported to have "died" last year, marking the largest extinction event in crypto history, with an estimated $150 billion in altcoin market value evaporating from late 2024 to late 2025 [5] - Major exchanges like Binance have seen their download numbers drop by more than half, reflecting a broader trend of declining interest in traditional crypto trading [2][5] Group 4: Future Outlook - Prediction markets are becoming a new battleground for speculation, with platforms allowing bets on Bitcoin's future prices, and crypto-related contracts becoming the second most active trading category on Polymarket [7] - Companies like Coinbase and Robinhood are expected to generate significant revenue from prediction market operations, with estimates of $700 million and nearly $300 million respectively for 2023 [8] - The expansion into prediction markets is seen as complementary to existing business models, with Coinbase planning further developments in this area [8]

Binance founder Changpeng Zhao predicts a Bitcoin (CRYPTO: BTC) super cycle in 2026, saying the four-year cycle “will probably break” as the U.S. goes pro-crypto.CZ Calls Bitcoin Super Cycle For 2026During an exclusive interview with CNBC at Davos last Thursday, Zhao said he has “very strong feelings” that 2026 will be a super cycle for Bitcoin—breaking the traditional four-year boom-and-bust pattern.He explained that Bitcoin historically follows four-year cycles with an all-time high followed by a drop. Bu ...

Most institutional investors remain bullish on Bitcoin despite brutal fourth-quarter volatility that erased nearly a third of the asset’s value from recent peaks. A new Coinbase Institutional and Glassnode survey found 70% of institutions view BTC as undervalued, even after the token dropped from above $125,000 in early October 2025 to trade around $90,000 by year-end, while 60% of non-institutional investors share that conviction. Source: Coinbase Institutional The findings come from a quarterly poll ...

Core Insights - Polymarket has re-entered the U.S. market after receiving regulatory approval from the CFTC, positioning prediction markets as a potential engagement tool for major crypto platforms like Coinbase [1] - The platform has launched a U.S.-based application offering limited sports-related event contracts, with plans to expand into politics and crypto [2] - Polymarket's aggressive pricing structure includes 10 basis point taker fees and zero maker fees, making it competitive against traditional sports betting platforms [3] Pricing and Competition - Polymarket's pricing is significantly lower than competitors, with DraftKings and FanDuel reporting net revenue margins of 6.7% and 10.1% respectively, indicating a credible alternative to existing sports betting operators [4] Regulatory Landscape - Despite CFTC approval, regulatory risks remain fragmented at the state level, with unfavorable rulings against prediction market platforms in states like Massachusetts, Nevada, and Maryland [5][6] - The patchwork regulatory environment could hinder the sector's expansion even as federal oversight improves [6] Strategic Partnerships - There is an opportunity for Coinbase and Circle to partner with Polymarket, leveraging Coinbase's large user base of over 100 million verified users and 9.3 million monthly transacting users to enhance distribution for event contracts [7]

Core Viewpoint - ARK Invest has made a significant investment in Coinbase, Circle Internet, and Bullish, marking its first simultaneous purchase of these three companies since mid-December last year [1] Group 1: Investment Details - ARK Invest purchased approximately $21.5 million worth of stocks from Coinbase (COIN), Circle Internet (CRCL), and Bullish (BLSH) [1] - The breakdown of the purchases includes 129,400 shares of Circle (approximately $9.2 million), 42,200 shares of Coinbase (approximately $9.15 million), and 88,500 shares of Bullish (approximately $3.17 million) [1] - This investment strategy aligns with ARK's typical approach of "buying the dip," especially as Bitcoin experienced a weekly decline of nearly 6% [1]