Crypto Exchanges Race for Perpetual Futures Market
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 22 2026
0mins
Should l Buy COIN?
Source: Newsfilter
- Intensifying Market Competition: Kraken's parent company announced its acquisition of crypto derivatives platform Bitnomial for up to $550 million, aiming to access its perpetual futures offerings and strengthen its position in the U.S. market amid pressure from competitors like Coinbase and Robinhood.
- Surge in Perpetual Futures Trading Volume: According to CryptoQuant, perpetual futures trading volume reached $61.7 trillion in 2025, a 29% increase from 2024, significantly outpacing spot trading at $18.6 trillion, indicating strong investor demand for high leverage and no-expiration contracts.
- Regulatory Gray Area Challenges: Currently, the CFTC allows self-certification for new products, with Bitnomial being the only U.S. platform offering perpetual futures this way, while Coinbase has launched similar five-year contracts, highlighting the growing demand for compliant products in the market.
- Rising Calls for Risk Management: Investor advocacy group Better Markets urges the CFTC to impose strict leverage caps and require transparent risk disclosures to protect retail investors from high-risk contracts, reflecting an urgent need for regulatory oversight in the evolving crypto landscape.
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Analyst Views on COIN
Wall Street analysts forecast COIN stock price to rise
25 Analyst Rating
17 Buy
7 Hold
1 Sell
Moderate Buy
Current: 189.440
Low
230.00
Averages
361.63
High
440.00
Current: 189.440
Low
230.00
Averages
361.63
High
440.00
About COIN
Coinbase Global, Inc. is a holding company of Coinbase, Inc. and other subsidiaries. The Company provides a platform that serves as a compliant on-ramp to the onchain economy and enables users to engage in a variety of activities with their crypto assets in both proprietary and third-party product experiences enabled by access to decentralized applications. It offers consumers their primary financial account for the onchain economy; institutions a full-service prime brokerage platform with access to deep pools of liquidity across the crypto marketplace, and developers a suite of products granting access to build onchain. The Company offers products and services to various customer groups: consumers, businesses, institutions, and developers. Its transaction products consist of consumer trading, prime trading, markets, base protocol and Coinbase wallet. The Company also provides market infrastructure in the form of exchanges for customers to trade spots and derivatives.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Market Position Upgrade: Bitmine is set to be upgraded from NYSE American to the New York Stock Exchange (NYSE) on April 9, 2026, which will further enhance its market recognition and investor confidence.
- Diversified Asset Portfolio: Bitmine's total assets include $12.6 billion in cryptocurrencies, $685 million in cash, and other crypto assets, showcasing its strong financial strength and investment potential in the crypto market.
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See More
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- Strong Investor Support: Bitmine has garnered support from top institutional investors, including Cathie Wood of ARK and Bill Miller III, aiding its goal to achieve a 5% ETH holding in the future, further solidifying its market position.
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See More
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- Regulatory Scrutiny Intensifies: Senator Warren has sent a letter to OCC Chief Jonathan Gould questioning the approval of nine national trust charters since December 2025, arguing that these approvals may create regulatory loopholes by allowing crypto firms to operate beyond legal limits.
- Charter Approval Landscape: As of December last year, the OCC granted conditional approvals for five national trust bank charters, including those for Circle and Ripple, indicating a shifting regulatory stance towards crypto companies.
- Compliance Concerns in Business Plans: Warren highlighted that the business plans of these firms lack specific fiduciary trust activities and suggest a focus on non-fiduciary custodial, payment, and lending activities, potentially evading essential banking regulations.
- Potential Risks in the Crypto Sector: With companies like Coinbase and Crypto.com securing national trust charters, Warren's concerns underscore the potential risks in compliance and regulatory transparency within the crypto industry, which could impact investor confidence and market stability.
See More
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- Technical Analysis Tool: Comparing the current stock price to the 200-day moving average can provide valuable technical insights for investors, aiding in more informed investment decisions.
- ETF Trading Mechanism: Exchange-traded funds (ETFs) trade like stocks, where investors buy and sell 'units' that can be created or destroyed based on investor demand, impacting market liquidity.
- Inflows and Outflows Monitoring: Weekly monitoring of changes in ETF shares outstanding helps identify those experiencing significant inflows or outflows, allowing investors to assess potential impacts on underlying assets and market dynamics.
See More
