Coinbase's current situation: it's both the bridge for institutions entering the crypto space and facing competition from native crypto banks like Anchorage, while also betting on the future of AI payments through its incubated protocol (x402)! BlackRock withdrew 3,372 BTC ($2.55B) from Coinbase in the past 8 hours, and Morgan Stanley has increased its holdings to 1,820 BTC. Grayscale submitted an amendment for the Hyperliquid ETF, surprisingly replacing Coinbase with Anchorage, the first federally chartered crypto bank in the U.S., as the custodian. The x402 protocol incubated by Coinbase launched http://Agent.market, leveraging the HTTP 402 status code to build "micro-payment app stores" for AI bots. Institutional Bitcoin buying is the current fundamental trend, but protocols like x402, which have backing from Visa, Stripe, and Google, represent the moat Coinbase is trying to build for 2026!