比特币走势、矿场扩张节奏、Coinbase深度分析：蓄势待发

Investment Rating - The report suggests a positive outlook on Bitcoin and related companies, particularly recommending Clean Spark and Iris Energy for investment opportunities [2][32][44]. Core Insights - Bitcoin's price has increased over 300% from its bottom, but trading volume remains low, indicating that market sentiment is not yet euphoric [2][5]. - The current Bitcoin market cycle is approximately halfway through, with historical patterns suggesting a potential price surge coinciding with the Federal Reserve's first interest rate cut [2][15]. - Institutional interest in Bitcoin is growing, with the approval of Bitcoin ETFs reducing regulatory risks and attracting long-term capital [2][5][23]. - Coinbase's market share has increased significantly due to the collapse of FTX and regulatory challenges faced by competitors, with its trading volume reaching 43.6% in early 2024 [2][48]. Summary by Sections Bitcoin Market Analysis - The report highlights that previous Bitcoin price surges were accompanied by significant increases in trading volume, which is currently lacking despite the price increase [2][5]. - The trading volume has not surpassed 2021 highs, indicating a cautious market environment [2][5]. - The report notes that the current Bitcoin price is influenced by a reduced supply in centralized exchanges, with a significant portion of Bitcoin held long-term [2][7]. Mining Sector Analysis - Companies like Riot Platforms, Iris Energy, and Clean Spark are expected to see over 100% growth in hash rate by the end of 2024, with specific growth rates of 258%, 218.7%, and 178.2% respectively [2][39]. - The report recommends focusing on Clean Spark for its Bitcoin holding strategy and Iris Energy for its valuation metrics [2][44]. Coinbase Business Potential - Coinbase has benefited from the regulatory environment and increased user adoption, with its trading volume significantly rising post-FTX collapse [2][48]. - The Base chain, launched by Coinbase, has shown strong profitability compared to other Layer 2 solutions, indicating a robust growth potential [2][50]. - The report estimates that Coinbase's market value could increase by 47.5% from its current level, driven by expanding user engagement and new business lines [2][58].