Coinbase用24/7比特幣和以太坊期貨合約打破了固定小時的束縛

一場革命除了簡化訪問權限外，還可以在激烈的競爭中重新定義遊戲規則。

Time no longer has a grip on the crypto markets. Coinbase has just announced 24/7 trading of futures contracts on bitcoin and ethereum for American residents. A revolution that, beyond simplifying access, redefines the rules of the game in the face of fierce competition. But behind this boldness lie subtle stakes: regulation, technical innovation, and the battle to dominate an exploding derivatives market.

時間不再對加密貨幣市場有掌握。 Coinbase剛剛宣布了24/7全天候在比特幣和以太坊上為美國居民簽訂的期貨合約。一場革命除了簡化訪問權限外，還可以在激烈的競爭中重新定義遊戲規則。但是這種大膽的背後是微妙的賭注：監管，技術創新和統治爆炸衍生品市場的鬥爭。

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Unleashing Bitcoin Around the Clock: When Coinbase Is Unrolling Liquidity

全天釋放比特幣：當Coinbase展開流動性時

A market that never blinks? This is now a reality for American traders. By launching perpetual futures contracts on bitcoin and Ethereum, Coinbase is eliminating the programmed obsolescence of traditional contracts. No more binding expiration dates, no more anxiety-inducing calculations to anticipate closures. An unprecedented fluidity, designed to match the frantic pace of cryptos, where every second counts.

從不眨眼的市場？對於美國交易者來說，這是一個現實。通過在比特幣和以太坊上簽訂永久期貨合約，Coinbase消除了傳統合同的編程過時。不再有結合的到期日期，不再有焦慮的計算來預測封閉。一個空前的流動性，旨在匹配加密蛋糕的瘋狂速度，其中每一秒都計算。

However, this freedom comes at a price: regulatory complexity. The perpetuals, these contracts without maturity, have long been the preserve of offshore platforms, deemed too risky by American authorities. Coinbase is taking a bold gamble here: collaborating closely with the CFTC (Commodity Futures Trading Commission) to clarify the rules and operate in complete transparency. A delicate dance between innovation and compliance, where every move is scrutinized. If this balance is found, America could finally catch up to platforms like Binance or Bybit, already dominant outside its borders.

但是，這種自由是有代價的：監管複雜性。這些永久性的這些合同在沒有成熟的情況下，長期以來一直是海上平台的保存，美國當局認為太冒險了。 Coinbase在這裡進行大膽的賭博：與CFTC（商品期貨交易委員會）緊密合作，以澄清規則並完全透明。創新與合規性之間的微妙舞蹈，其中每一步都經過審查。如果發現這種平衡，美國最終可以趕上Benance或Bybit等平台，這些平台已經在其邊界之外占主導地位。

The numbers speak for themselves. According to AlphaPoint, the crypto derivatives market reached $1.3 trillion in monthly volume in September 2023, smashing the spot market. By opening the floodgates to non-stop trading, Coinbase is not only responding to a latent demand — it captures a titanic flow, long ignored due to fears of regulatory wrath.

數字自言自語。根據Alphapoint的數據，加密衍生物市場在2023年9月的每月銷量達到1.3萬億美元，粉碎了現貨市場。通過將閘門開放到不間斷的交易中，Coinbase不僅可以響應潛在需求 - 它捕獲了泰坦尼克號，由於擔心監管憤怒而被忽略了。

CME, Robinhood: The War of Contracts Is Heating Up

CME，Robinhood：合同戰爭正在加熱

In the arena of derivatives, Coinbase is not alone. Facing it is CME Group, a historical giant, that boasts an average daily volume of $10 billion on its crypto contracts — but with a surprising limitation: a weekly break on Sundays. An anachronism in the era of algorithms and trading robots.

在衍生物的舞台上，共同基礎並不孤單。面對這是一家歷史巨頭CME集團，其加密合同的平均每日數量為100億美元 - 但令人驚訝的限制：每週在周日休息。在算法和交易機器人時代的過時主義。

However, CME remains a formidable opponent, with annual revenues exceeding $6 billion and unmatched institutional credibility. Its size allows it to set the standard, and it's interesting to note that CME's crypto futures were launched in December 2017, at the height of the bull market, while its volumes are stagnating, contrasting with the dynamism of offshore platforms.

但是，CME仍然是強大的對手，年收入超過60億美元，無與倫比的機構信譽。它的尺寸使其能夠設定標準，有趣的是，CME的加密期貨於2017年12月在牛市高峰期推出，而其量則停滯不前，與離岸平台的活力形成鮮明對比。

On the other hand, Robinhood is betting on simplicity. The platform, known for its public-friendly approach and stock trading app, unveiled its own bitcoin and Ethereum futures contract projects in January. A predictable move, but one that nonetheless highlights a broader trend: the democratization of sophisticated instruments.

另一方面，Robinhood押注了簡單性。該平台以其公共友好的方法和股票交易應用而聞名，它在一月份推出了自己的比特幣和以太坊期貨合約項目。一個可預測的舉動，但仍然強調了一個更廣泛的趨勢：複雜工具的民主化。

Coinbase, on the other hand, is betting on expertise. Its dedicated subsidiary, Coinbase Financial Markets, is already offering derivatives in the United States, specifically on bitcoin and ether, to professional clients since last year. By extending its hours, it appeals to this segment, for whom the New York night is the Asian day.

另一方面，Coinbase正在押注專業知識。自去年以來，其專用的子公司Coinbase Financial Markets已經在美國提供了衍生品，特別是在比特幣和以太幣上提供的衍生品。通過延長時間，它吸引了這一細分市場，紐約之夜是亞洲日。

But the real battle is fought elsewhere. It opposes two visions: that of a mature crypto market, integrated into traditional standards and supervised by American regulators, against that of a rebellious ecosystem, pushing the limits of innovation and financial products in a no-holds-barred fashion.

但是真正的戰鬥是在其他地方進行的。它反對兩種願景：成熟的加密市場，融入了傳統標準並由美國監管機構監督的願景，而不是叛逆的生態系統，以無與倫比的方式推動了創新和金融產品的極限。

Coinbase embodies this duality. By working hand-in-hand with the CFTC and announcing this service in March, it legitimizes perpetual contracts without denying the disruptive DNA of cryptos, operating at the forefront of an industry in upheaval. A fragile balance, where each decision can either reinforce investor confidence or awaken their distrust, especially in a context of bitcoin and dollar retreat.

Coinbase體現了這種雙重性。通過與CFTC攜手合作並在3月宣布這項服務，它使永久合同合法化，而無需否認加密貨幣的破壞性DNA，在Upheaeval行業的最前沿運作。脆弱的平衡，每個決定都可以增強投資者的信心或喚醒他們的不信任，尤其是在比特幣和美元撤退的背景下。