Crypto Market Setup Looks Positive for Second Quarter: Coinbase

Institutional interest in the crypto space remains elevated, according to Coinbase."On the demand side, the 90-day review period that many wirehouses employ when conducting due diligence on new financial offerings – like spot bitcoin exchange-traded funds – could conclude as early as April 10," analysts David Duong and David Han wrote.

Coinbase notes that wirehouses such as Morgan Stanley , Bank of America , UBS and Goldman Sachs are"not the only gatekeepers of wealth" and some major U.S. wealth-management platforms operate outside of these large financial institutions.Institutional interest in the crypto space remains elevated, the report said, citing the level of leveraged short positions in Chicago Mercantile Exchange bitcoin futures, which climbed to a record high on March 19.

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