يبتعد Grayscale عن Coinbase للحصول على منتج ETF جديد – هل تقوم وول ستريت ببناء خريطة حفظ ما بعد Coinbase؟

The Bitcoin ETF trade sold investors a simple promise: crypto exposure inside a wrapper that looked and felt like mainstream finance. Advisors could buy it, compliance teams could understand it, and institutions could route capital into digital assets through a product that fits the rest of their strategy. That promise worked, and the US spot Bitcoin ETF complex had reached $91.71 billion in assets under management by April 8, according to CryptoSlate data . Given the size of the spot Bitcoin ETF market, we can clearly see that there's no lack of demand. The main problem the industry is faced with now is infrastructure. On April 20, Grayscale amended its proposed Hyperliquid ETF filing and named Anchorage Digital Bank as custodian in place of Coinbase . On its own, that looks like a modest filing change tied to a newer crypto product, but in context, it's a sign that issuers are starting to think harder about how much of the regulated crypto ETF market still runs through one back-office gatekeeper. As CryptoSlate reported on April 12, funds whose launch documents name Coinbase as custodian or primary custodian account for about $77.10 billion of the market, or 84.1% of total US spot Bitcoin ETF AUM. A stricter method that excludes multi-custodian arrangements or unclear split allocations still leaves roughly $74.06 billion, or 80.8%, tied to Coinbase in some custody role. Those numbers make custody concentration part of the institutional appetite for Bitcoin, not a side detail buried in the documents. A single filing doesn't establish a migration trend, and the market shouldn't turn one amendment into a sweeping break. Even so, custody choices inside ETFs carry real informational value because issuers, lawyers, and boards tend to repeat the safest available template. When a market that has spent years making the same custody decision starts to show variation, it's worth paying attention. The ETF boom built a custody market around one default choice: Coinbase Coinbas