Coinbase用24/7比特币和以太坊期货合约打破了固定小时的束缚

一场革命除了简化访问权限外，还可以在激烈的竞争中重新定义游戏规则。

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.

时间不再对加密货币市场有掌握。 Coinbase刚刚宣布了24/7全天候在比特币和以太坊上为美国居民签订的期货合约。一场革命除了简化访问权限外，还可以在激烈的竞争中重新定义游戏规则。但是这种大胆的背后是微妙的赌注：监管，技术创新和统治爆炸衍生品市场的斗争。

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Unleashing Bitcoin Around the Clock: When Coinbase Is Unrolling Liquidity

全天释放比特币：当Coinbase展开流动性时

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.

从不眨眼的市场？对于美国交易者来说，这是一个现实。通过在比特币和以太坊上签订永久期货合约，Coinbase消除了传统合同的编程过时。不再有结合的到期日期，不再有焦虑的计算来预测封闭。一个空前的流动性，旨在匹配加密蛋糕的疯狂速度，其中每一秒都计算。

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，这种自由是有代价的：监管复杂性。这些永久性的这些合同在没有成熟的情况下，长期以来一直是海上平台的保存，美国当局认为太冒险了。 Coinbase在这里进行大胆的赌博：与CFTC（商品期货交易委员会）紧密合作，以澄清规则并完全透明。创新与合规性之间的微妙舞蹈，其中每一步都经过审查。如果发现这种平衡，美国最终可以赶上Benance或Bybit等平台，这些平台已经在其边界之外占主导地位。

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.

数字自言自语。根据Alphapoint的数据，加密衍生物市场在2023年9月的每月销量达到1.3万亿美元，粉碎了现货市场。通过将闸门开放到不间断的交易中，Coinbase不仅可以响应潜在需求 - 它捕获了泰坦尼克号，由于担心监管愤怒而被忽略了。

CME, Robinhood: The War of Contracts Is Heating Up

CME，Robinhood：合同战争正在加热

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，共同基础并不孤单。面对这是一家历史巨头CME集团，其加密合同的平均每日数量为100亿美元 - 但令人惊讶的限制：每周在周日休息。在算法和交易机器人时代的过时主义。

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仍然是强大的对手，年收入超过60亿美元，无与伦比的机构信誉。它的尺寸使其能够设定标准，有趣的是，CME的加密期货于2017年12月在牛市高峰期推出，而其量则停滞不前，与离岸平台的活力形成鲜明对比。

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押注了简单性。该平台以其公共友好的方法和股票交易应用而闻名，它在一月份推出了自己的比特币和以太坊期货合约项目。一个可预测的举动，但仍然强调了一个更广泛的趋势：复杂工具的民主化。

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正在押注专业知识。自去年以来，其专用的子公司Coinbase Financial Markets已经在美国提供了衍生品，特别是在比特币和以太币上提供的衍生品。通过延长时间，它吸引了这一细分市场，纽约之夜是亚洲日。

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.

但是真正的战斗是在其他地方进行的。它反对两种愿景：成熟的加密市场，融入了传统标准并由美国监管机构监督的愿景，而不是叛逆的生态系统，以无与伦比的方式推动了创新和金融产品的极限。

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体现了这种双重性。通过与CFTC携手合作并在3月宣布这项服务，它使永久合同合法化，而无需否认加密货币的破坏性DNA，在Upheaeval行业的最前沿运作。脆弱的平衡，每个决定都可以增强投资者的信心或唤醒他们的不信任，尤其是在比特币和美元撤退的背景下。