Coinbase Global, the largest listed cryptocurrency exchange, could take a hit to its trading volume and margin, analysts said, if more investors dabble in bitcoin from the safety of cheap exchange trade funds tracking its spot price. It will also impact Coinbase's trading commissions and spreads - the difference between the bid and ask price, J.P. Morgan analyst Kenneth Worthington said. The brokerage warned that if spot bitcoin ETFs succeed, it will push potential Coinbase customers into the hands of equity brokers. The lower-than-average fee charged by ETF issuers and the ease of gaining exposure to the digital ... (full story)