超过 80% 的比特币 ETF 资产遭遇 Coinbase 托管瓶颈，$74B 面临风险

Is Coinbase too big to fail? It has to be now ETFs rely on it daily Wall Street spent two years selling investors on a clean vision of Bitcoin : a regulated exchange-traded fund, cleared and settled through the same institutional machinery that handles equities and bonds, scrubbed of the Wild West baggage that haunted crypto's earlier chapters. The pitch worked spectacularly well, pulling tens of billions of dollars into an asset class wrapper that felt familiar to advisors and compliance departments alike. But what the industry never seems to talk about is the degree to which that entire apparatus routes through a single company. Morgan Stanley launched the Morgan Stanley Bitcoin Trust (NYSE Arca: MSBT) on Apr. 8, becoming the first US bank-affiliated asset manager to offer a cryptocurrency ETP. The fund debuted with roughly $34 million in first-day trading volume, a 14-basis-point fee that undercuts BlackRock's dominant iShares Bitcoin Trust by 11 basis points, and Coinbase and BNY as its custody providers . The competitive angle here is obvious, but it's the structural one that's much more revealing: yet another blue-chip institution plugging itself into the same custody backbone that already underpins the overwhelming majority of the US bitcoin ETF market. As of Apr. 8, the US bitcoin ETF complex tracked by Bitbo held $91.71 billion in total assets under management (AUM). Funds whose launch documents name Coinbase as custodian or primary custodian account for approximately $77.10 billion of that total, or 84.1 percent of the entire market. That upper-bound figure spans the largest and most liquid names in the space: BlackRock's IBIT at $55.70 billion, Grayscale's ETFs at $14.67 billion, Bitwise's BITB at $2.67 billion, ARK's ARKB at $2.59 billion, and several smaller funds, including BRRR , EZBC , BTCO , and BTCW . A stricter methodology that excludes funds with multi-custodian arrangements or undisclosed allocation splits still yields about $74.06 billion, or 8