Coinbase Futures is benefitting from rising institutional appetite for regulated crypto derivatives, with CME Bitcoin futures spreads narrowing, signaling heightened competition in the crypto futures landscape. Coinbase has no plans of becoming a full-service bank, according to Tusar. Instead, he described the trust bank application as a crucial credential for its custody business, the centerpiece of the prime brokerage division Coinbase is building. Reporting by Manya Saini in Bengaluru; Editing by Mohammed Safi Shamsi ETF inflows into BTC spot markets indirectly lift Coinbase Futures demand, with leveraged positions expanding in tandem, hinting at a coordinated bullish bias.