摩根大通進軍加密貨幣，Coinbase 反將受益？分析師揭示華爾街新賽局
金融巨頭摩根大通傳聞將為機構客戶提供加密貨幣交易。分析師認為，此舉非但不會威脅Coinbase等現有平台，反而可能透過擴大市場與分工，為其帶來更多業務。深入解析這場華爾街的新賽局。
華爾街巨頭正敲響加密貨幣市場的大門。金融巨擘摩根大通 (JPMorgan)傳出計畫為機構客戶提供加密貨幣交易服務，此舉對現有業者是福是禍？分析師指出，這非但不是零和遊戲，反而可能為 Coinbase、Bullish 等原生加密貨幣平台帶來利多。
巨頭入場，是敵是友？
金融服務公司 ClearStreet 的分析師歐文・劉 (Owen Lau) 表示：「若摩根大通提供機構加密貨幣交易，對整個領域將是重大利多。」他認為，此舉將進一步賦予加密貨幣正當性，並擴大其分銷管道。這種「骨牌效應」可能擴散至其他銀行，而 Coinbase 和 Bullish 等平台，則可望因匯總和匹配來自龐大分銷管道的機構訂單而受益。
換言之，摩根大通可能扮演「經紀商」的角色，負責面對客戶，而實際的交易撮合與執行，則由 Coinbase Prime 等專業平台在後端處理。例如，一檔退休基金可透過傳統華爾街銀行下單，最終在 Coinbase 的系統上完成交易。
競爭加劇與利潤壓力並存
然而，前景並非一片光明。金融服務公司 Compass Point 的分析師艾德・恩格爾 (Ed Engel) 寫道，雖然華爾街的參與「擴大了數位資產的潛在市場」，但也加劇了競爭。他警告，特別是在基本的現貨交易等服務上，手續費將面臨下調壓力，這對 Coinbase (COIN) 和 Circle (CRCL) 等公司構成利潤壓力風險。
恩格爾認為，專注於自營交易、衍生品和高階大宗經紀服務的 Galaxy Digital (GLXY) 將是華爾街採用加密貨幣的主要受益者。此外，已提供全球最低現貨費率的 Bullish (BLSH) 也可能從中獲益。
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