Coinbase Institutional Market Call

This week, we discuss the recent market volatility and price drops associated with the long-awaited liquidation of Mt Gox assets, along with some bitcoin selling by the German government. Our expert panelists Greg Sutton (senior CES trader) and David Han (research analyst) also analyze spot ETH ETF expectations and the potential impact of a launch in early July, given the current low liquidity conditions. Note that while July tends to be a slower month, historically we have seen that it brings positive seasonality trends, at least for bitcoin.

The panelists also touched on the political situation with the US presidential debate taking place on June 27 and the Supreme Court potentially overturning Chevron Deference. Meanwhile, technical updates on Solana (including Blinks, ZK Compression and Magic Blocks) are focused on improving the user experience, while the outperformance of TON has been driven by integration within the Telegram platform demonstrating a shift toward user acquisition over technical debates.Overall the discussion cuts through the noise of macro factors, regulatory developments, and innovation across crypto markets to discuss the implications for institutional investors.

1:10 Mt. Gox distributions
1:55 Perp funding rates & futures markets
6:45 German government sales
9:28 ETH ETF update
13:00 BTC ETF flows
14:30 Election insights
16:00 Token unlocks
20:40 TON update and Telegram integration
24:40 Solana technical updates
28:45 Seasonal BTC trends

Host: David Duong, Head of Institutional Research

Panelists:
Gregory Sutton, Senior CES Trader
David Han, Research Analyst

**Subscribe to stay updated** with our deep dives into cryptocurrency trends, market dynamics, and the pivotal developments influencing investment and regulatory frameworks around the globe.

The State of Crypto: Expert Insights from the Coinbase & Financial Times Summit

Dive into the highlights of the "State of Crypto Summit," co-hosted by Coinbase and the Financial Times at Casa Cipriani in New York. This special episode features exclusive interviews with leading experts and thought leaders in the cryptocurrency industry who gathered to discuss the current and future landscape of digital assets. Listen as we explore their insights on regulation, institutional adoption, which sectors they're excited about, and predictions for Bitcoin's price trajectory.

Summit Highlights and Discussions:

• Regulatory Landscape: Delve into expert perspectives on the current regulatory landscape for cryptocurrencies. Understand the challenges and opportunities stemming from recent regulatory developments, and what they might mean for the future.
• Institutional Adoption: Experts share their experiences and insights on what is driving institutional interest and the obstacles that institutions encounter when adopting these technologies.
• Exciting Sectors: Discover which sectors within the crypto space are generating the most buzz among summit attendees. Learn about the areas that experts are most optimistic about and why they believe these sectors hold significant potential.
• Bitcoin Price Predictions: Hear predictions from top analysts and industry leaders about Bitcoin’s price by year-end. Will it surpass the $100k mark? Explore a range of perspectives on the factors that could influence Bitcoin's price movement in the coming months.

Why This Matters: This episode offers an in-depth overview of the pivotal discussions and sentiments shared by key figures at one of the most significant crypto gatherings of the year. Whether you're an investor, a crypto enthusiast, or simply curious about the financial landscape, these discussions provide invaluable insights into the strategic movements shaping the future of digital assets.

Subscribe and Stay Informed: Don't miss out on our continued coverage of groundbreaking crypto events. Subscribe to our podcast for more thorough discussions and expert analyses that keep you informed on the rapidly evolving world of digital assets.

Hosts
Ben Floyd - Head of Execution Services
David Duong - Head of Institutional Research

Global Conference Insights: From Milken to Consensus

Join us for an insightful episode featuring special guest Lauren Abendschein (Global Head of Institutional Sales at Coinbase), as she provides crucial updates from prominent global conferences including Milken, Medici, and Consensus. This discussion delves into the evolving landscapes of these events, comparing dynamics of the current year with previous ones, exploring technological advancements, and analyzing the varied sentiments among different participant groups.

Conference Highlights:

2:30 Milken Conference Reflections: Lauren provides an in-depth comparison of this year’s Milken conference to 2023, highlighting the diverse perspectives among corporates, money managers, and other attendees, particularly in the context of the BTC ETF success and the anticipated ETH ETFs.

7:45 Medici Developments: Explore the progression of the Medici conference over the years, focusing on the shifting emphasis and significant technological strides being made.

11:00 Consensus Key Themes: Unpack the discussions around political and regulatory environments at Consensus, alongside other major trends that have dominated conversations.

Global Sentiments and Variations:

17:15 Cross-Conference Perspectives: Gain insights into the general sentiment across these conferences and how it varies globally, providing a nuanced view of the international crypto landscape.

Political and Social Movements:

20:00 PAC Fundraising and Crypto in Politics: Discuss recent developments in PAC fundraising and President Trump’s initiative to accept BTC payments via the Lightning Network.

26:18 Roaring Kitty’s Reemergence: Georg Toropov offers insights on the comeback of Roaring Kitty and its potential impact on crypto meme coins and the broader market context.

29:36 Core Scientific's New Venture: Explore Core Scientific’s significant new contract worth approximately $290 million per year with an AI company, discussing potential implications for the crypto and tech industries.

Macro Economic Overview by David Duong:

31:02 Economic Indicators: David provides updates on recent weak data indicators such as ISM and JOLTS job data, setting the stage for the upcoming non-farm payrolls and the Federal Reserve meeting next Wednesday.

On-Chain Developments with David Han:

34:50 On-Chain Revenue and Hacks: Highlight the impressive on-chain revenues from platforms like Pump.fun, and discuss the impact of recent disruptions such as Linea’s block production stop following a DeFi hack

41:15 Uniswap and ARB Initiatives: Review the delay in Uniswap’s governance proposal vote and delve into the allocation of 200 million ARB ($250 million) to support gaming initiatives.

This episode offers an extensive overview of the latest developments from global conferences, market trends, economic updates, and on-chain activities. Whether you're an investor, a crypto enthusiast, or simply curious about the financial landscape, this discussion provides valuable insights into the strategic movements shaping the future of digital assets.

Subscribe to stay informed with our in-depth analyses of cryptocurrency trends, market dynamics, and pivotal developments that influence investment and regulatory frameworks worldwide.

Host: Ben Floyd, Head of Coinbase Execution Services

Special Guest: Lauren Abendschein, Global Head of Institutional Sales

Panelists:
David Duong, Head of Institutional Research
David Han, Research Analyst
Georg Toropov, Senior CES Trader

Unpacking the Future of ETFs: Insights on the ETH ETF, Political Dynamics, and Key Market Trends

 Description:
Join our expert panel including David Duong, Georg Toropov, David Han, and Rachel Ziv as they explore the complexities and strategic dimensions of the Ethereum ETF and its broader implications for the cryptocurrency market. This episode provides a deep dive into potential trading timelines, demand forecasts, and comparisons with other global ETFs, along with a thorough analysis of the critical dynamics at play in the crypto finance landscape.

**ETF Trading and Dynamics:**
2:30 - **Initiation and Expectations:** David Duong breaks down the anticipated timeline and procedural steps for the ETH ETF to begin trading, setting the stage for a transformative shift in crypto investments.
5:20 - **Comparative Analysis:** Georg Toropov examines the potential demand for the ETH ETF and contrasts it with existing products like HK ETFs, Canadian ETFs, and derivatives such as futures and perpetuals, offering a global perspective.
8:00 - **Market Dynamics:** David Han explores the vital market dynamics to watch, including the effects of staked ETH and potential outflows from products like ETHE.**ETH Financing and Market Updates:**
11:40 - **Financing Trends:** Rachel Ziv delves into how leverage trends are evolving in response to ETF approvals, comparing these trends between ETH and the earlier BTC ETF launch.
16:00 - **Staking and Liquidity:** Rachel further discusses the current ETH staking rate, its impact on financing rates, and inventory concerns, shedding light on the liquidity challenges and yield opportunities in the market.**Future ETF Prospects and Political Landscape:**
17:00 - **Next in Line:** David Duong speculates on what other cryptocurrencies might see similar ETF products in the future, considering the evolving regulatory and market conditions.
26:05 - **Cryptocurrency and Politics:** Highlighting the increasing role of cryptocurrencies as a political issue, David references recent statements from political figures and analyzes voter sentiments toward digital assets.
35:07 **Institutional Engagement and Protocol Updates:**
- **Institutional Flows:** Georg Toropov talks about the changes in institutional narratives and flows post the ETH ETF announcement, emphasizing the significance of ETH call skew and open interest increases.
37:15 - **Protocol Developments:** David Han provides updates on forthcoming protocol upgrades and policy changes in networks like Solana and Ethereum, which are crucial for future market strategies.**Market Movements and Economic Indicators:**
30:33 - **Significant Market Movements:** Georg Toropov revisits recent significant market events, including the BTC movements from a Mt. Gox cold wallet and contrasts them with potential payouts from the FTX estate.
43:55 - **Economic Outlook:** The panel wraps up with a discussion on upcoming economic data and token unlocks that market watchers should keep an eye on.

This episode is packed with expert analyses and forecasts, crucial for anyone involved in or following the cryptocurrency markets. From investors and market analysts to crypto enthusiasts, these discussions provide essential insights into the rapidly evolving landscape of digital assets and the strategic movements shaping their future.

**Subscribe to stay updated** with our deep dives into cryptocurrency trends, market dynamics, and the pivotal developments influencing investment and regulatory frameworks around the globe.

Host: Ben Floyd, Head of Coinbase Execution ServicesPanelists:
David Duong, Head of Institutional Research
David Han, Research Analyst
Georg Toropov, Senior CES Trader
Rachel Ziv, Senior Financing Sales Trader

Links:
Coinbase Institutional Research website

If you want to learn more about any of Coinbase's products, please email [email protected]

Dive into this week's episode as we explore the exhilarating surge in Ethereum prices and the broader implications of the anticipated ETH ETF approvals. This discussion will not only cover market dynamics but also address critical onchain developments and legislative updates poised to reshape the cryptocurrency landscape.

ETH ETF and Market Dynamics (2:04):

Market Surge: Analyze the recent remarkable upticks, with ETH up by 20% alongside a general rally in meme coins by 10-30%.

Record Futures Interest: Discuss Ether futures reaching a record open interest of $14 billion and what this signifies for market sentiment.

Betting on Approval: Review how Polymarket odds have shifted to a 70% likelihood of ETF approval, reflecting increased market optimism.

Deep Dive into ETH ETF Queries (05:24):

Simultaneous Approvals: Address whether all pending ETH ETF applications might be approved concurrently and the implications of such a scenario.

Trading Dynamics: Consider how ETH might trade leading up to and following potential ETF approval.

Key Dates: Highlight important dates to watch concerning ETF approval and how these could impact market movements.

Legislative Influences (13:30): Examine how legislative developments, including the SAB21 and the FIT Act House Vote, are crucial to the crypto environment in the upcoming weeks.

Onchain Innovations:

New Protocols (22:45): Unpack the details of ERC-7683 by Uniswap Labs and Across, exploring how this standard could shape the approach towards cross-chain interactions.

Optimism’s Fraud Proofs (25:02): Discuss the launch of fraud proofs by Optimism chain and their potential to enhance security and trust within the network.

Tune in to gain a comprehensive understanding of the current state of the Ethereum market and the exciting onchain developments that continue to push the boundaries of what's possible in crypto. Whether you're an investor, a crypto enthusiast, or a newcomer, this episode will equip you with the insights needed to navigate the evolving digital asset scene.

Links:
Coinbase Institutional Research website

If you want to learn more about any of Coinbase's products, please email [email protected]

Join us for an exclusive deep dive into the Ethena protocol with its founder, Guy Young. This episode provides an in-depth look at the mechanics, vision, and future plans of Ethena, alongside key updates from the wider cryptocurrency and blockchain space.

In-Depth Conversation with Guy Young:

• Introduction to Ethena: Learn about Guy Young, his background, and the inception of Ethena.
• Yield Mechanisms Explained: Guy explains how Ethena generates its yield and the innovative financial mechanisms behind it.
• Backend Operations: Unpack the technical workings of Ethena, providing clarity on how the protocol operates behind the scenes.
• Vision and Exchange Layer: Explore Guy's vision for building a network and exchange layer around USDe, aiming to enhance crypto's usability and accessibility.
• 2024 Roadmap: Dive into the strategic plans and key milestones Ethena aims to achieve in the coming year.
• Founder's Insights: What challenges and concerns keep Guy up at night? An honest look at the hurdles and worries facing the leader of a growing crypto protocol.

Additional Crypto Updates:

• EIP-7702 Overview: An overview of Vitalik Buterin’s draft EIP-7702, discussing its implications and potential impact on the Ethereum ecosystem.
• BTC & ETH ETF Updates: Get the latest on BTC ETF flows and the recent developments regarding Ethereum’s regulatory approval, plus insights into Polymarket's recent fundraising efforts.
• Market Catalysts: Preview the important upcoming economic events, including CPI data and 13F filings, and discuss their anticipated effects on the crypto market.

This episode offers a unique perspective into one of the most intriguing new projects in the blockchain space, combined with expert analysis on current trends and upcoming market catalysts. Whether you're an investor, enthusiast, or industry professional, this dialogue with Guy Young will provide valuable insights into Ethena's potential and the broader digital asset landscape.

Make sure to subscribe for more detailed discussions and expert analyses that keep you informed about the rapidly evolving world of digital assets.

Links:
Coinbase Institutional Research website

If you want to learn more about any of Coinbase's products, please email [email protected]

Join us for an insightful conversation with Dadi Kristjansson, where we explore his bullish stance on BTC, preference for SOL over ETH, and other critical updates shaping the cryptocurrency market. This episode delves into technical analysis, regulatory landscapes, macroeconomic factors, onchain developments, and the latest in ETF trends.

Conversation with Dadi Kristjansson (01:34)

Crypto Preferences: Discover why Dadi is long on BTC, bullish SOL and a little concerned for ETH, providing an in-depth analysis of his investment strategy.

Market Update (21:46)

Technical Analysis: Unpack the key technical levels to watch in the current market.

Collateral Integration: Discuss Bybit’s recent move to integrate Ethena Labs' USDe as a collateral asset.

Regulatory Landscape: Analyze the mixed signals from regulators and what these could mean for the crypto market.

Macro Economic Insights (24:16)

Federal Meeting and Economic Data Update: Recap the outcomes of Wednesday's Fed meeting and the implications for the financial markets.

Key Economic Data: Look ahead to the CPI release on the 15th and Nvidia’s earnings on the 22nd, and their potential impacts on the market.

Onchain Developments (34:20)

Aave's Innovations: Explore the latest announcements from Aave, including the announcement of Aave V4 and the Aave 2030 vision.

Ethereum Gas Fees: Examine how Ethereum’s low gas fees are affecting the ETH burn rate, driving it to a yearly low.

ETF Updates (28:30)

ETF Flow : Review the recent inflows into GBTC and their significance.

Hong Kong ETF Dynamics: Provide an update on the performance and reception of ETFs in Hong Kong’s market.

This episode offers a comprehensive overview of the current state and future directions of the cryptocurrency market. Whether you’re deeply embedded in the crypto space or just keeping an eye on investments, these insights are crucial for navigating today's volatile market.

Make sure to subscribe for more detailed discussions and expert analyses that keep you informed about the rapidly evolving world of digital assets.

Links:
Coinbase Institutional Research website

If you want to learn more about any of Coinbase's products, please email [email protected]

Tune into this episode for an in-depth analysis of pivotal developments reshaping the cryptocurrency landscape. We cover a range of significant topics, from the launch of ETFs in Hong Kong to the intricacies of the EigenLayer airdrop, comprehensive updates on upcoming token unlocks, and critical macroeconomic trends.

3:14 Hong Kong ETF Launch:

Initial Performance: Review day one trading volumes and overall market reception of the new Hong Kong ETFs.

Australian Market Outlook: Preview the expected listings by Van Eck Associates Corp. and BetaShares Holdings Pty on the ASX Ltd.

US ETF Trends: Analyze current ETF flows and their implications for the market.

9:50 EigenLayer Airdrop:

EIGEN Token Overview: Explore the functionalities of the EIGEN token as an Intersubjective Work Token and its role in enabling unique blockchain behaviors.

Airdrop Dynamics: Discuss the airdrop's regional exclusivities, the surprising terms regarding token transfer restrictions, and the vesting schedule.

Community Reactions: Address community responses to the airdrop's structure, including the impact on Pendle's market positioning.

16:44 Token Unlocks:

FTX Estate Developments: Detail the process and market impact of the second tranche of locked Solana sales by the FTX estate.

Market Implications: Consider the broader implications of these unlocks on liquidity and market volatility.

23:40 Macro Economic Insights:

Global Economic Indicators: Delve into the upcoming Fed meeting, NFP data, and the current earnings season on the crypto market.

Currency Fluctuations: Evaluate the significance of Yen weakness and a strong dollar on global and crypto-specific financial dynamics.

19:52 Additional Updates:

Coinbase and Lightning Network: Discuss Coinbase's implementation of the Lightning Network to enhance Bitcoin transactions globally, in collaboration with Lightspark.

Market Structure Observations: Review shifts in CME Basis and investor behaviors, shedding light on strategic market movements.

Don't miss this comprehensive episode where we dissect the latest events and trends in the crypto world. Whether you're a seasoned investor or new to the field, these insights are crucial for understanding the dynamic changes in digital assets.

Subscribe and stay tuned for more in-depth analysis and discussions that keep you well-informed on the rapidly evolving world of cryptocurrencies.

Links:

Coinbase Institutional Research website

If you want to learn more about any of Coinbase's products, please email [email protected]

Dive deep into the essential insights of the Q2 2024 Guide to Crypto Markets, a collaborative effort by Coinbase and Glassnode, in this enlightening podcast episode. James Check, Lead Analyst at Glassnode, along with our other leading industry experts, unpack the comprehensive report to bring you the latest trends, forecasts, and detailed analyses that are defining the cryptocurrency market today. 

In-Depth Report Overview:

Quarterly Analysis: Explore key insights from the report, focusing on the benefits of BTC within strategic portfolio diversification

Bitcoin Halving Examination (4:02): Delve into the anticipated effects of the Bitcoin Halving on both the mining sector and the overall market through detailed expert analysis.

Growth Trends (15:44): Discuss the notable increase in staked ETH and the expansion of stablecoin supply, examining how these factors are influencing investor strategies and market dynamics.

Macro Economic Context:

Interest Rate Implications (31:50): Analyze how global interest rate shifts could potentially impact the cryptocurrency markets, dissected through a comprehensive macroeconomic perspective.

Dollar Strength Analysis: Evaluate the possible consequences of a strong dollar on the sector

Market Trends and Updates:

Hashrate Developments: Receive updates on the growth of hashrate and its implications for the security and efficiency of Bitcoin mining.

Technical Analysis (24:17): Get insights into Bitcoin's technical analysis and the critical levels to monitor, including an assessment of market seasonality.

ETF Movements (27:50): Monitor the latest ETF inflows and outflows to understand their impact on the market.

Regulatory Filings (35:00): Prepare for the upcoming 13-F filings and their potential effects on investor sentiment and market behavior.

Mt. Gox and NYSE Developments (44:15): Keep informed with the latest news from Mt. Gox and the NYSE’s plans to potentially introduce 24/7 trading.

Additional Resources:

For further details and a more thorough understanding, download the Q2 2024 Guide to Crypto Markets from the Coinbase institutional page here.

Whether you're a seasoned investor or a cryptocurrency enthusiast, this episode provides crucial insights into the current and future dynamics of the cryptocurrency markets. Tune in to stay well-informed and ahead in the fast-evolving world of digital assets.

Don't forget to rate us and subscribe for more in-depth discussions and expert insights.

Host: Ben Floyd, Head of Coinbase Execution Services

Special Guest: James Check, Lead Analyst, Glassnode

Panelists:
Greg Sutton, Senior CES Trader
David Han, Research Analyst
Georg Toropov, Senior CES Trader

Links:
Coinbase Institutional Research website

If you want to learn more about any of Coinbase's products, please email [email protected]

Market Dynamics Overview:

• Weekend Crypto Volatility (03:17): Our panel discusses the unusual market activity over the weekend and what it suggests about broader investor attitudes toward risk.
• Geopolitical Impact on BTC Dominance: Explore how current geopolitical tensions might influence Bitcoin’s dominance in the crypto market.
• Seasonal Challenges and Rate Concerns: We delve into the tough seasonal trends and the ongoing weakness in traditional markets exacerbated by rate hike concerns.
• Funding Rates and Liquidation Trends: Get updated on the latest shifts in funding rates and what recent liquidations could mean for the market.

BTC Halving:

• Bitcoin Halving Update: An essential briefing on the latest developments regarding the Bitcoin halving and its potential implications.

Financial Structures and Trends with Zaid Khan:

• Crypto Lending Market Evolution: Zaid provides insights into how the structure of the crypto lending market has changed since the last cycle.
• Market Trends Snapshot: A quick overview of current market trends, the rising demand for USD, and general rate conditions.
• Margin Finance Developments (18:55) : Updates on Margin Fi TVL after their CEO resigned

Wallet Ecosystem Innovations with Ryan Yi:

• Exploring Wallet Diversity (28:14): Ryan breaks down the different types of wallets emerging in the ecosystem, highlighting growth in unique addresses and what these new wallet infrastructures enable.
• Apps Worth Trying: Recommendations on some innovative apps to experiment with in the new wallet landscape.

Whether you're a seasoned trader or a crypto newcomer, this episode will equip you with the knowledge to understand the latest market fluctuations and wallet technology advances.  Don't forget to like and subscribe for more insightful discussions on the rapidly evolving world of digital assets.

Host: Ben Floyd, Head of Coinbase Execution Services

Panelists:
Greg Sutton, Senior CES Trader
David Han, Research Analyst
Zaid Khan, Head of EMEA Financing Trading
Ryan Yi, Corporate Development Manager, Ventures

Links:
Coinbase Institutional Research website

If you want to learn more about any of Coinbase's products, please email [email protected]

In this episode, we welcome Joshua Frank, Co-Founder and CEO of The Tie, to unravel the complexities and anticipate the future trends of the cryptocurrency market. From the implications of the Bitcoin halving to the evolving landscape of ETFs, and the shifting balance between retail and institutional influence, this discussion offers a comprehensive overview of what's shaping the crypto world today and tomorrow.

Key Discussions:

Bitcoin Halving Insights: Joshua and David shares their expert analysis on the significance of the Bitcoin halving. Is it as impactful as it's touted to be, and what might the market response signal for future cycles?

ETFs and Wealth Management: We're on the cusp of witnessing RIAs and wealth management platforms integrating crypto, particularly 90 days post-ETF launch. How much will activate and what does this mean?

Public Filings - Retail vs. Institutional: With 13F filings on the horizon in May, we dive into the debate on whether the crypto market is predominantly retail or institutionally driven and what the data might reveal. What can we learn about the future of the crypto market from Form D filings? This segment aims to decode the information these filings offer about crypto's trajectory.

Upcoming Unlocks into Year End: Addressing the significant volume of unlocks anticipated this year and their potential impact on the market.

ETF Flows and Market Sentiment: Rounding off with an update on ETF flows, BTC & ETH basis, and the nature of client conversations surrounding the Ethena project, providing a pulse on current market sentiment. A Liquid Restaking Update: An update on liquid restaking developments, along with a discussion on some of the emerging concerns in this space.

Whether you're an investor, enthusiast, or industry professional, join us for a thought-provoking discussion that demystifies the dynamics at play in today's digital asset landscape.

Don't forget to like and subscribe for more in-depth analyses and expert conversations that keep you informed on the rapidly evolving world of cryptocurrencies.

Special Guest: 

• Joshua Frank, Co-Founder & CEO, The Tie

Host: 

• Ben Floyd, Head of Coinbase Execution Services

Panelists:

• Greg Sutton, Senior CES Trader
• David Han, Research Analyst

Links: Coinbase Institutional Research website

Join us in this week's enthralling episode for a comprehensive journey through the cryptocurrency landscape, as we untangle the complex world of derivatives markets, navigate the unpredictable waves of altcoins, and shed light on groundbreaking onchain developments. We initiate our exploration with a detailed analysis of the derivatives market, spotlighting the notable reset in funding rates, the impact of $65 million in liquidations, and providing an insightful update on the evolving ETF scene.
Derivatives Insight:
 

• We explore the CME and perpetual basis dynamics, dissecting the significance of $65 million liquidated, funding rates falling below 11%, and an open interest (OI) of $22 billion. This segment aims to demystify what these developments mean for the broader market and individual investors.

Macro Perspectives:
 

• Set against the backdrop of strong ISM and GDP data, coupled with the anticipation of forthcoming rate cuts, we delve into the macroeconomic factors potentially steering crypto price actions.

ETF Update:
 

• Our discussion takes you through the shifting terrain of the ETF market, highlighting the substantial outflows from GBTC, which now exceed $15 billion, and how behemoths like Blackrock and Fidelity are navigating with their crypto products.

Onchain Updates:
 

• In a special farewell to Sid, he offers one last insightful look into the latest onchain trends, including Base’s growing traction, the innovative Farcaster, and the introduction of DEGEN L3. Sid also discusses the game-changing promise of L3 solutions in enhancing blockchain ecosystems.

Airdrops and Beyond:
 

• We broaden the scope to significant airdrops, such as Wormhole’s distribution of 670 million W tokens and the noteworthy $750 million airdrop by Ethena, analyzing their potential market impact. Moreover, we take a deep dive into the Ethena Protocol, exploring its evolving role and potential applications in the DeFi space.

Designed for enthusiasts, investors, and anyone keen to stay abreast of crypto's derivatives complexities, the vibrant world of altcoins, and onchain advancements, this episode promises enlightening discussions and invaluable insights.
Remember to like and subscribe to stay updated on the cutting-edge developments shaping the digital asset landscape.

Host: Ben Floyd, Head of Coinbase Execution ServicesPanelists:
Greg Sutton, Senior CES Trader
Georg Toropov, Senior CES Trader
Sid Shekhar, Senior Blockchain ManagerLinks:
Coinbase Institutional Research website

Our special guest Ben Rodriguez (Senior Protocol Specialist, Coinbase Cloud) helps us navigate the Ethereum layer-2 landscape post-Dencun Fork, as the total value locked on these networks has picked up sharply in recent weeks. But there still seems to be some congestion-induced fee volatility on these L2s despite the fact that EIP-4844 helped reduce fees. We also discuss EigenLayer with respect to the upcoming launch of actively validated services as well as the tradeoffs inherent in liquid restaking tokens.Separately, our senior CES sales traders Georg Toropov and Greg Sutton walk us through the markets and flows, covering the recovery in bitcoin performance after some big outflows from spot BTC ETFs. Altcoins are similarly retracing in sympathy. Other key themes:
 

• The Federal Reserve kept three rate cuts for 2024 in their dot plot and increased US growth expectations
• Flows last week suggest that many institutions actually feel underallocated to this space, indicating the pain trade may be higher
• Some ETH related news as BlackRock launched a digital liquidity fund on Ethereum, while the Ethereum Foundation received an enquiry from an unidentified “state authority”
• Funding rates in perpetual futures markets for bitcoin are normalizing from levels as high as 60-70% in bitcoin back down to sub-20% levels

Don’t forget to like and subscribe for further in-depth discussion.

Host: David Duong, Head of Institutional Research
Special Guest: Ben Rodriguez, Senior Protocol Specialist, CoinbasePanelists:
Greg Sutton, Senior CES Trader
Georg Toropov, Senior CES Trader

In this episode, we welcome Sui Chung, CEO of CF Benchmarks, as our special guest to unravel the intricacies of crypto index provision and its important impact on the market. Sui offers an enlightening overview of the role of an index provider and delves into the impressive scope of CF Benchmarks, which underpins >$20Bn of assets. He provides insider insights into the anticipated integration of wirehouses, the significant capital influx expected from wirehouses and RIAs, and explores the burgeoning international demand and possibilities for increased investment.Sui also sheds light on the observable shifts in spot volume patterns following the launch of ETFs, setting the stage for an in-depth discussion on the evolving landscape of digital asset investments.Market Update:

• Addressing the recent weaknesses in BTC and ETH.
• The notable strength in SOL and MKR, shedding light on the factors driving their performance.
• Flows in AI-related crypto names
• Implications of funding rate reductions.

Macro Insights:

• Latest expectations for the FOMC, the significance of the dot plot, offering a comprehensive analysis of how global macroeconomic factors are influencing the crypto space.

This episode is a treasure trove for anyone keen on understanding the complex world of crypto indices, the market’s current state, and the macroeconomic elements at play.

Don’t forget to like and subscribe for further in-depth discussion.

Host: 

• Ben Floyd, Head of Execution Services

Special Guest: 

• Sui Chung, CEO CF Benchmarks

Panelists: 

• David Duong, Head of Institutional Research
• Greg Sutton, Senior CES Trader

Timestamps

00:00 Podcast introduction
02:12 Sui Chung introduction
04:27 What’s the role of CF Benchmarks and why is it significant for investors?
06:50 What challenges have you faced in the space as an Index provider?
11:24 What are the key considerations around bringing Wirehouses onboard?
16:30 Who are the main Wirehouses we should be aware of and what do they do?
19:20 How much capital is involved when we discuss Wirehouses?
23:05 What’s going on with ETFs outside of the US?
27:40 What do you think about the capital pool in HK and China?
30:20 Have you seen any recent changes in spot volumes given the state of the US?
34:50 How are ETFs impacting trading in other instruments?
37:17 How do you think about Indexing in the crypto ecosystem?
42:11 Market update
53:20 Macro
56:52 Conclusion

In another busy week, this episode dissects the monumental achievements and pivotal trends shaping the blockchain and digital asset world.

Market Update:

• Scaling New Heights: Revel in Bitcoin’s landmark achievement as it hits a new all-time high above $72,900, marking a significant milestone in crypto history.
• The Convergence of Crypto and AI: Explore the innovative realms where cryptocurrency meets artificial intelligence, spotlighting trailblazing projects like WLD and FET.
• The Meme Coin Phenomenon: Delve into the world of meme coins, embracing their unique role and the lighthearted spirit they bring to the crypto space.
• Anticipating the Bitcoin Halvening: Discuss the implications of the upcoming Bitcoin halvening and its potential impact on the market.
• ETF Dynamics: Examine the current state of Bitcoin within ETFs and assess the growing likelihood of an ETH ETF making its debut.

Macro & Research Insights:

• Sticky Inflation: Analyze this morning’s CPI report, offering a critical view on the persisting inflation and its ramifications.
• The Dencun Fork: Unpack the recent performance leading into the Dencun fork, focusing on EIPs 7514 and 4844, and their influence on the ecosystem.

Onchain Activities:

• Social Dynamics on the Chain: Explore what recent developments mean for onchain activity, particularly in terms of social interaction.
• Frames Platform Update: Get the latest insights into Frames and its evolving role in the blockchain landscape.

Flow Analysis:
 

• Market Liquidity and Maker DAO: Address the concerns around high funding rates and delve into significant changes to Maker DAO and the broader implications for DAOs in Wyoming.

Join our panel of experts as they navigate the complexities and breakthroughs in today’s crypto ecosystem. This episode is a must-listen for enthusiasts and professionals alike, seeking to stay informed and ahead in the rapidly evolving world of digital assets.

Host: 

• Ben Floyd, Head of Execution Services

Panelists: 

• David Duong, Head of Institutional Research
• Greg Sutton, Senior CES Trader
• Sid Shekar, Staff Blockchain Researcher
• Georg Toropov, Senior CES Trader
   

Join us for an in-depth exploration of the latest advancements in the crypto space, with a spotlight on Base, Ethereum’s Layer 2 solution that’s rapidly gaining traction. This episode features a special guest, Jesse Pollak, who is about to celebrate his 7th anniversary at Coinbase. Jesse’s journey from leading retail operations to focusing on the development of Base has positioned him as a key figure in the crypto community. His unique insights into the evolution of Base and its significant role in the broader crypto market promise to make this a captivating discussion.

Base Unveiled: Jesse Pollak, renowned as Base Contributor #1, delves into the impressive journey of Base, highlighting its achievement of $1B in Total Value Locked (TVL) and the emerging applications finding success on the platform. He provides an insider’s look at upcoming technical enhancements, including the anticipated impact of EIP-4844 on transaction fees. Jesse also discusses how the launch of Coinbase Smart Wallets aims to revolutionize the onboarding process, enhancing UX and safety for users. Moreover, Jesse shares his personal experiences with Farcaster and gives us a sneak peek into the future developments planned for Base in 2024.

Market Update: Dive into a comprehensive market analysis with Greg and Ben, covering the latest trends in ETF flows and key dates crucial for understanding new product holdings. They explore the landscape for a potential ETH ETF and its implications for staking. The resurgence of retail interest is evident from Coinbase’s ascent in app store rankings, the profitability of holders, and the surprising uplift of meme coins. This segment promises to shed light on the current dynamics shaping the crypto market.

Economic Insights: David presents his latest findings on USDC and discusses essential economic data set to be released, which could significantly sway the direction of interest rates. This analysis is crucial for anyone looking to understand the macroeconomic factors influencing the crypto space.

DeFi and NFTs Spotlight: Sid brings attention to the notable increase in Total Value Locked across DeFi platforms and the remarkable rise in NFT values, with a special focus on CryptoPunks. Additionally, he addresses the current costs and efficiency of executing transactions on Base compared to Ethereum L1, highlighting Base’s potential to transform transaction experiences.
This episode is a must-listen for anyone interested in the cutting-edge developments in digital assets and blockchain technology. Engage with us as we unravel the complexities of Base, the crypto market’s current state, and the exciting possibilities on the horizon.

Host: 

• Ben Floyd, Head of Execution Services

Special guest: 

• Jesse Pollak, Base Contributor #1

Panelists:

• David Duong, Head of Institutional Research
• Greg Sutton, Senior CES Trader
• Sid Shekar, Staff Blockchain Researcher

In this episode of our podcast, we sit down with Shiliang Tang, President of Arbelos Markets, who entered the crypto space in 2012 and has since become a leading authority in the crypto derivatives market. Shiliang shares his unique insights on how market structures have evolved over the years and the significant role derivatives have played in the recent upward trends in the market.

Diving deeper, Shiliang discusses the influence of an ETH overwriter from Asia and its implications for the market dynamics. Our market update segment, with our experts David Duong, Gregory Sutton and Sid Shekhar, provides a comprehensive analysis of the current state of various cryptocurrencies including:

 BTC’s Strength and Dominance: A rally in Bitcoin dominance prompts speculation on a potential dominance rally leading into the Halvening, and the subsequent possibility of a market rotation.

The outlook for ETH/BTC in the context of a potential ETH ETF, Eth Denver and the Dencun update.

Strength in UNI and the DeFiPulse Index after the announcement of Uniswap’s recent fee proposal

STX Strengths: STX’s narrative as a Bitcoin Layer 2 solution.

Meme Coins and GameFi: A look into the rally of meme coins like Pepe, Floki, and Dogwifhat, and updates on GALA and gamefi.

David Duong shares his insights on the broader economic landscape, suggesting that a soft landing for the economy appears to be on the horizon, potentially impacting asset pricing. He notes the influence of Nvidia’s movements on market flows, indicating a growing "risk on" sentiment. However, he cautions about the traditionally negative seasonality in March, tied to tax payments, and points out the importance of upcoming data releases, including new home sales and the core PCE number, in shaping market expectations.

Greg shares an update on flows on the desk as well as ETF flows. In addition, he covers funding rates and thinks through possible paths ahead.

Sid explores the potential for transaction based innovations within Farcaster Frames and Ethena’s interest in delta hedging derivative positions. Sid also touches on the growth in Ethena’s TVL and its significant growth in perps OI.

Don’t forget to like and subscribe for more insightful discussions on the forefront of digital asset trends and innovations.

In this episode, we celebrate Ethereum breaking the $3k mark, a testament to the anti fragile nature of the crypto market. Georg takes the lead with an in-depth analysis of ETF flows, highlighting a record-breaking week and the year-to-date performance that paints a picture of growing investor confidence. He also provides a comprehensive market update, delving into the greed and fear index and the strategic positioning within ETH as it achieves this new milestone. Additionally, Georg sheds light on FIL’s significant open interest and the emerging story of SEI. 

David steps in with crucial macro updates in anticipation of a bustling week ahead, featuring fed minutes, initial jobless claims, and insights from various Fed members this week. He explores the potential trajectory for an ETH ETF, shares updates on Eigenlayer, and discusses the prospects of a DeFi renaissance, setting the stage for a deep dive into the macroeconomic factors influencing the crypto space. 

Sid rounds off the discussion with a focus on Web3 developments, demystifying the concept of liquid re-staking and addressing the risks associated with restaking strategies. He highlights a popular trade involving stETH and ETH. Sid also covers the Starknet airdrop, discussing the tokens and the second-order effects of reward distribution within the ecosystem. 

Join us for this comprehensive exploration of the latest trends and shifts in the cryptocurrency market, from Ethereum’s impressive rally to the cutting-edge developments in Web3. Stay tuned for a deep dive into the strategies, risks, and opportunities that lie ahead in this rapidly evolving landscape. Don’t forget to like and subscribe for more thought-provoking discussions and to stay at the forefront of digital asset trends and innovations.

In this episode, join us as Josh kicks things off with a comprehensive market update, covering the significant movements in BTC, the latest on ETF flows, and an in-depth look at locked ETH dynamics, including developments around Eigenlayer, stETH, Blast, and the anticipation surrounding upcoming unlocks. This segment provides a nuanced understanding of the factors driving current market behaviors and what they might indicate for the future. 

David takes the conversation further into the realm of macroeconomics, dissecting today's inflation data and offering his seasoned outlook on potential rate cuts. His analysis bridges the gap between traditional financial indicators and their implications for the crypto market, providing listeners with a clear picture of the economic landscape ahead. 

Greg delves into the realm of institutional engagement, sharing insights from recent flows, volumes, and conversations with institutional clients, alongside a detailed examination of CME futures & options open interest. This segment sheds light on the institutional mindset and strategic positioning in the crypto space, revealing trends and sentiments that are shaping the market. 

Sid brings a fresh perspective with an update on Farcaster Frames, discussing their burgeoning potential and the exciting possibility of implementation on Solana. This discussion highlights the innovative applications and community engagement driving the growth of decentralized platforms. 

We wrap up this episode with us for a deep dive into the pivotal developments and strategic insights that are defining the landscape of digital assets and macroeconomic trends. Don’t forget to like and subscribe for more thought-provoking discussions and stay at the forefront of digital asset trends and innovations.

In this engaging podcast episode, we dive deep into the latest developments across the traditional and cryptocurrency markets, starting with Georg's comprehensive market update. David then offers a crucial macroeconomic perspective, shedding light on the implications of Powell's recent remarks which have tempered expectations for an imminent interest rate cut in March, pivoting our sights towards a potential May adjustment. This segment explores the enduring disinflationary trends, with a particular focus on China's economic landscape and the troubled commercial real estate sector and how that could affect crypto prices.

Greg takes the helm to analyze current flows and the intricacies of perpetual futures positioning, providing listeners with an insight into the market' sentiment. Sid brings to the fore the remarkable growth of Farcaster and the buzz around the Jupiter airdrop, highlighting the innovative developments within the Solana community.Beyond these updates, the episode covers a spectrum of critical topics:

• The latest on FTX, including their plans to return 100% of funds to customers based on current value and the decision against restarting the exchange.
• Insights into the Tether Foundation's profitability amidst the market's ebbs and flows.
• A discussion on mining from a supply perspective, including considerations around the halvening and the introduction of ordinals.
• A closer look at Farcaster Frames, which grants every user an onchain account on Optimism, showcasing the platform's meteoric rise in user engagement and the innovative applications developed by the community.
• Updates from the Solana ecosystem, including airdrops, new apps and the Chapter 2 phone.

Don’t forget to like and subscribe for more thought-provoking discussions and stay at the forefront of digital asset trends and innovations.

On Tuesday 30th January, the Coinbase Institutional Team hosted Jules Urbach the CEO of Otoy, the company behind Render and Trevor Harries-Jones, the COO. Located at our Hudson Yards office, David Duong (Head of Institutional Research) and Ben Rodriguez (Senior Protocol Specialist) conducted an insightful fireside discussing the following:

• Rendering of 3D content vs decentralized GPU
• How they overcome some of the key bottlenecks such as data quality, model complexity, and hardware limitations
• The recent announcement of the Render Network Foundation
• Render’s rationale behind migrating to the Solana ecosystem
• Crypto’s cold start problem & sustainable DePIN development

In this enlightening episode, we’re joined by Ben Dean, Director of Digital Assets at WisdomTree, to unravel the complexities and future of cryptocurrency ETFs. Ben shares his journey into the crypto space deep dives into the current state of spot Bitcoin ETFs, 2 weeks post-launch, amidst Bitcoin’s weakness.

We discuss the potential for an Ethereum ETF and the nuanced demand potentially awaiting unlock for Ethereum exposure. The conversation also covers forthcoming ETH ETF deadlines, suggesting a significant probability increase for approvals, with a keen eye on May as a critical timeline. The conversation navigates to concerns around security classifications, staking complications, and the intricacies of ETF redemption processes. Moreover, Ben provides insights into the existence and success of ETH ETFs in Europe and Brazil versus the potential for a U.S. ETF, considering the unique regulatory and market dynamics. He also contemplates the future of Ethereum, including scaling, privacy enhancements, and the evolution of compliant tokenisation. Wrapping up, we touch on the prospects of SOL futures and an ETF, broadening the discussion to encompass the wider landscape of digital asset infrastructure.

In addition to these topics, the episode also includes our regular segments on market flows, macroeconomic analysis and Web3, including the upcoming Jupiter airdrop, Telegram’s recent conference in London and Farcaster’s recent explosive user growth.

Don’t forget to like and subscribe for more thought-provoking discussions and stay at the forefront of digital asset trends and innovations.

In this captivating episode, we’re excited to host Arianna Simpson, General Partner at a16z and a seasoned veteran in the crypto space with over 11 years of experience. Arianna shares her profound insights into the direction of consumer Web3 heading into 2024, offering a unique perspective gained from her extensive involvement in the industry. 

We delve into the innovative developments observed during the crypto winter, uncovering what has been brewing behind the scenes. Arianna discusses the burgeoning potential of Web3 gaming and creator economies, highlighting how these domains are set to revolutionize user interaction and engagement. 

The conversation shifts to the key themes a16z is focusing on within the Web3 space, including infrastructure trends that are paving the way for new use cases. Arianna talks about the importance of scalable Layer 2 solutions like Base and Optimism (OP), and how they're enabling more consumer-friendly applications. We also explore the dynamics of Web3 communities, the diversity among developers in this space, and overarching consumer trends. Arianna then provides an overview of the a16z State of Crypto index, covering vital indicators like active addresses, developer activity, and NFT creator trends. 

For those want to test in real life, the discussion on Blackbird, a Web3 powered restaurant loyalty network was especially relevant for those in NYC for Restaurant Week. 

Additionally, we touch upon the growing traction of Web3 social platforms, with a focus on Farcaster on Optimism. In addition to these topics, the episode also includes our regular segments on market flows and macroeconomic analysis. 

Don't forget to like and subscribe for more thought-provoking discussions and stay at the forefront of digital asset trends and innovations. 

Links mentioned a16z State of Crypto Index - https://a16zcrypto.com/stateofcrypto/ 

In this special edition of our podcast with James Seyffart, an ETF research analyst at Bloomberg intelligence, we dive into the launch of spot bitcoin ETFs in the US - a watershed moment for the expansion of the cryptoeconomy. We compare and contrast these products with BITO and the seminal gold ETF, hypothesize on their future differentiation, and consider key aspects such as proof of reserves and fee waivers.

We also cover liquidity and AUM perspectives and the other attributes that may help ETFs succeed, alongside our thoughts on market share distribution and the strategic considerations for issuers post-launch. The conversation then looks at where additional demand may come from -- such as the integration of these ETFs into diverse portfolios,  other ETFs and model portfolio allocations.

Additionally, we unravel the complexities of wirehouses, explaining their function and impact on custodial relationships. As we explore product developments atop ETFs, we touch upon potential restrictions, such as the prohibition of options, and the often slow adoption rate of some platform houses.

This episode is a must-listen for anyone seeking to understand the new bitcoin ETFs. Tune in for a comprehensive understanding of what the next year holds and remember to subscribe for more in-depth analysis and expert takes on the crypto market's future.

In the final podcast of the year, we delve into David’s comprehensive 2024 crypto market outlook (read it here), offering a glimpse into the future of key players like Solana, Ethereum, and Bitcoin. David unpacks the potential trajectories and pivotal developments anticipated for these major assets, providing listeners with an informed perspective on what to expect in the coming year.

We also explore the evolving landscape of ETFs within the crypto space, discussing their potential impact and the new dynamics and products they might introduce. Special attention is given to DEPIN and the burgeoning area of Data Availability, highlighting how these elements could reshape the digital asset environment for the better.

At the end of the call, our team shares their personal excitement for 2024, revealing what they are most looking forward to. Whether it’s technological advancements, regulatory changes, or market trends, this segment offers a unique blend of professional analysis and personal enthusiasm.

Wishing everyone Happy Holidays! Thank you so much for listening and remember to subscribe for more in-depth analysis and expert takes in 2024.

Host:

• Ben Floyd, Head of Execution Services

Panelists:

• David Duong, Head of Institutional Research
• Greg Sutton, Senior CES Sales Trader
• Georg Toropov, Senior CES Sales Trader

In this week’s episode, we welcome James Check, the lead analyst at Glassnode, as our special guest. James delves into the on-chain dynamics of the recent Bitcoin rally and its subsequent price drop last Sunday, offering a detailed analysis of the market’s movements. He sheds light on how the behavior of long-term holders and the average acquisition price of Bitcoin influence its trading patterns.

Further exploring the lifecycle of bull markets, James provides an expert perspective on the different stages and what might lie ahead for crypto enthusiasts. A significant focus is placed on the upcoming Bitcoin halving in 2024, discussing potential outcomes and expectations within the community. James also examines the expanding world of derivatives in both onshore and offshore markets, highlighting their growing impact on the cryptocurrency landscape.

Josh then steers us through a comprehensive market update, focusing on significant developments in the Solana ecosystem, including Orca and Helium, along with Helium’s new mobile plan and the notable rise in AVAX.

David concludes the episode with a macroeconomic overview and teases some key findings from our recent survey conducted in collaboration with Interactive Investor, offering a glimpse into the sentiments and trends shaping the future of digital assets.

Remember to subscribe for more in-depth discussions and expert insights in the dynamic world of crypto.

In this week's episode of our podcast, we're joined by special guest Anjan Vinod, Vice President at Parafi, one of the oldest crypto funds, who brings a wealth of expertise in the evolving landscape of digital assets. Anjan dives into the intricate trade-offs between modular and monolithic blockchain structures, discussing how these choices impact the ecosystem. He also sheds light on the burgeoning growth in Real World Assets within the crypto space, along with insights into the DEPIN..

Anjan further explores the evolving landscape of stablecoins, dissecting their product-market fit and potential future trajectories. The discussion also veers into the realm of prediction markets, examining their past, current status and future prospects.

Georg then takes us through a comprehensive market update. He analyzes the current dynamics of BTC and ETH dominance versus altcoins, highlighting significant capital rotations into altcoins with STX as a prime example. Georg also discusses Celestia’s performance, attributing its success to the rising popularity of modular chains.

Finally, David provides an overview of the upcoming macroeconomic data and its potential impact on the crypto market, pinpointing specific crypto-related elements that warrant close attention.

Don’t forget to subscribe for more insights and in-depth analysis in the fast-paced world of digital assets.

Host:

• Ben Floyd, Head of Execution Services

Guests:

• Anjan Vinod, Vice President at Parafi
• Georg Toropov, Senior CES Sales Trader
• David Duong, Head of Institutional Research

In this episode of our podcast, Josh kicks off with the latest news shaking the crypto world. We dissect the Binance news, delve into the groundbreaking entry of USDC in Japan, and analyze recent trends in crypto fund inflows. 

David takes the reins to explore macroeconomic factors, focusing on consumer spending and what the outlook for 2024 could mean for the digital asset space. This segment offers a crucial understanding of how broader economic trends might influence crypto markets. 

Greg, in his segment, presents an intriguing hypothesis from a recent JPM note on potential flows in GBTC post any ETF conversion. He also breaks down the futures basis in Bitcoin, offering strategies on how to navigate these trades, and highlights an uptick in flows observed on the desk. 

Lastly, we dive into the realm of Web3 with Sid. The launch of Blast, a new Layer 2 platform created by the founder of Blur, has garnered attention with a staggering $600 million in TVL in its first week. We also discuss the possible ramifications of a potential hard fork in Cosmos, providing insights into what this could mean for the ecosystem. 

Don’t forget to like, subscribe, and connect with the Coinbase Institutional team for further insights and updates. 

Host: 

• Ben Floyd, Head of Execution Services 

Panelists: 

• Josh Pak, CES Sales Trader 
• David Duong, Head of Institutional Research 
• Greg Sutton, Senior CES Sales Trader 
• Sid Shekhar, Blockchain Research Manager

In this special Thanksgiving episode, we invite some of our previous guests to talk through two themes:

1. What they’re excited about across markets and web3

2. What they’re thankful for!

Thank you to the following contributors for their incredible insights!

• Tania Reif, Founder & CEO - Senda Digital Assets
• Seth Ginns, Managing Partner - Coinfund
• David Duong, Head of Research - Coinbase
• Jennifer Murphy, Founder & CEO - Runa Digital Assets
• Cosmo Jiang, Portfolio Manager - Pantera
• Vance Spencer, Co-Founder - Framework Ventures
• Sid Shekhar, Blockchain Research Manager - Coinbase
• Jai Prasad, Co-Founder - Definitive
• Viktor Bunin, Group Protocol Specialist - Coinbase
• Anthony Bassili, Head of Tokenization - Coinbase

Thanks for listening in and Happy Thanksgiving!

In this episode of the Coinbase Institutional podcast, we delve into investor positioning and reveal pivotal insights into ETF expectations, the impact of the upcoming halving, and other considerations dominating institutional minds. 

We also tackle the burning question on everyone’s lips: are we in a bull market? Our analysis takes a deep dive into the latest macroeconomic data, flows and news, providing listeners with a comprehensive understanding of the current climate influencing digital assets. 

Additionally, we cover new and returning capital in the crypto space and take a look at futures basis and the Grayscale product discounts. 

In Web3, we discuss the uptick in Solana and a general update on the increased activity we’re seeing here. 

Don’t forget to like, subscribe, and connect with the Coinbase Institutional team for further insights and updates. 

Host: 

• Ben Floyd, Head of Execution Services 

Panel: 

• Georg Toropov, Senior CES Salestrader 
• David Duong, Head of Institutional Research 
• Greg Sutton, Senior CES Salestrader 
• Sid Shekhar, Blockchain Research Manager 

On Friday 27th October, the Coinbase Institutional team hosted Robbie Ferguson, the Co-Founder and President of Immutable. Located at our Hudson Yards office, David Duong (Head of Institutional Research) and Ben Rodriguez (Senior Protocol Specialist) conducted a far reaching interview discussing the following:

• Immutable partnership with Polygon Labs
• The Immutable Passport
• The dynamics behind the IMX token
• How the Immutable team think about zero knowledge technology
• What the outlook is for a breakout triple A rated game integrated with Web3

In this week edition of the Coinbase Institutional podcast, we sit down with Tushar Jain, Managing Partner at Multicoin Capital, for an in-depth discussion on Solana and insights from the recent Breakpoint conference. Tushar, with his intimate knowledge of Solana, unpacks the event's major highlights, including the buzz around Firedancer, Solana's ventures into payment solutions with heavyweights like Visa, and the innovative DePin projects. 

The conversation navigates through the frameworks Tushar uses when valuing Layer 1 protocols, focusing on the metrics he finds most important, while also contrasting integrated and modular blockchain infrastructure. Tushar also shares his perspective on the lingering FTX overhang of SOL tokens affecting the market. 

Also covered 

- Basis and funding 

- Macro 

- Web3 

This episode is an essential listen for anyone looking to comprehend the current dynamics of shaping Solana's ecosystem. 

Like, subscribe, and reach out to the Coinbase Institutional team for deeper insights and analysis. 

Host: 

• Ben Floyd, Head of Execution Services 

Panel: 

• Tushar Jain, Managing Partner at Multicoin Capital 
• David Duong, Head of Institutional Research 
• Greg Sutton, Senior CES Sales Trader 
• Sid Shekhar, Blockchain Research Manager 
• Josh Pak, CES Sales Trader

We’re joined by Jennifer Murphy, the innovative Founder and CEO of Runa Digital Assets, to discuss the current market environment and answer the question on everyone's mind: are we in a bull market?

Jennifer spent over 30 years in asset management before founding Runa and brings her extensive knowledge to the table, providing valuable insights on the pressing question of whether we are currently navigating a bull market in digital assets. She meticulously discusses the far-reaching implications of introducing an ETF to the crypto space, and shares her expert perspective on Network Theory.

David and Jennifer explore the rapidly evolving frameworks for valuing digital assets, shedding light on the nuances and trends shaping the market. The conversation also turns to the world of Gamefi, where the opportunities and potential pitfalls in this exciting domain are discussed.

Beyond these topics, the episode also features a timely update on Solana in anticipation of the Breakpoint event, a thoughtful analysis of Van Eck’s take on Sol, and an in-depth exploration of the Unibot exploit and the integration of real-world assets on the Tron network which are now well over $1B.

Like, subscribe, and reach out to the Coinbase Institutional team for deeper insights and analysis.

Host:

Ben Floyd, Head of Execution Services

Guests:

Jennifer Murphy, Founder and CEO at Runa Digital Assets

Georg Toropov, Senior CES Salestrader

David Duong, Head of Institutional Research

Greg Sutton, Senior CES Salestrader

Sid Shekhar, Blockchain Research Manager

Join us for this week’s crypto podcast, featuring Paul Yablon, Founder and CIO at Room40, as a special guest. 

Paul walks through the structural changes in the crypto market that have underpinned the price action over the past weeks and elaborates on reasons for the current rally. 

David and Paul engage in a conversation about macroeconomic trends, inflationary vs deflationary pressures and the outlook for the US economy also discussing the idiosyncratic decoupling of crypto despite macro concerns. Paul also shares some insights on Solana, real world assets in crypto and other projects he is excited about. 

Georg walks through the latest ETF news driving the price action of the last week, dealer BTC vs ETH gamma profiles and altcoin performance while Greg shares some colour on institutional interest picking up, trading volumes and flows. 

Sid then concludes talking about DYDX v4, Celestia’s upcoming mainnet launch and a large sell off in Friend tech as well as the rise of competing SocialFi protocols. 

Please like or subscribe if you like our content and reach out to the Coinbase institutional team if you want to get more insights! 

Featuring: 

• Ben Floyd, Head of Execution Services 

Special guest:

• Paul Yablon, Founder and CIO at Room40 

Panel:

• Georg Toropov, Senior CES Salestrader 
• David Duong, Head of Institutional Research
• Greg Sutton, Senior CES Salestrader
• Sid Shekhar, Blockchain Research Manager 

This week, we look beyond the fake news on spot bitcoin ETF applications and discuss what’s next following the SEC’s decision not to appeal the ruling in the Grayscale case. Josh takes us through this and the latest crypto news, including new fees on Uniswap’s front end. David discusses a busy macro week with a number of Federal Reserve speakers on the tape including Chair Jerome Powell on Thursday (October 19) alongside retail sales, housing data and 3Q23 equity earnings. He also talks about entry and exit queues on Ethereum and the effect on staking yields. Greg provides updates on trading volumes and compares technical charts for BTC/USD vs ETH/USD. Finally, Sid walks us through emerging developments on friend.tech and the TrueUSD security breach.

Please like or subscribe if you like our content!

Host 

Ben Floyd, Head of Execution Services 

Presenters 

Josh Pak, CES Salestrader 

David Duong, Head of Institutional Research 

Greg Sutton, Senior CES Salestrader 

Sid Shekhar, Staff Blockchain Researcher

Link to Research and Insights Hub.

Welcome to this week's crypto podcast, featuring a special guest, Cosmo Jiang, Portfolio Manager at Pantera Capital, a veteran in traditional finance with 12 years of experience spanning M&A, PE, and L/S equity hedge funds. Cosmo provides valuable insights into the world of crypto and blockchain. 

Cosmo discusses various aspects of the crypto landscape, including the competition between Layer 2 solutions and Ethereum, the potential for expanding the Total Addressable Market (TAM) as Layer 2 scales, the emergence of major consumer applications, the concept of account abstraction, the intersection of NFTs and gaming, and the significance of decentralized compute networks like DEPIN. 

Also covered by the team: 

- Positioning, comparing the skew of ETH versus BTC in the market. 

- The Grayscale appeal this week and provides macroeconomic insights. 

- Market flows and comparing ETH versus BTC futures. He also delves into the dynamics of ETH transactions. 

- Sid returns to discuss the latest developments in friendtech, soon to launch ARB incentives, and the tokenization of Real World Assets (RWA), providing a well-rounded view of the Web3 ecosystem. 

Host 

• Ben Floyd, Head of Execution Services 

Special Guest 

• Cosmo Jiang, Portfolio Manager at Pantera Capital 

Presenters 

• Georg Toropov, Senior CES Salestrader 
• David Duong, Head of Institutional Research 
• Greg Sutton, Senior CES Salestrader 
• Sid Shekhar, Blockchain Research Manager

Join us for this week’s crypto podcast, featuring Seth Ginns, Managing Partner at CoinFund.

Georg starts the podcast discussing recent price action, some news around new Coinbase licenses and an update on FTX.

David and Seth engage in a conversation about macroeconomic trends, discussing peak USD, real rates, and core inflation and provide an opinion on what to look out for in the coming months.

Greg provides updates on institutional interest, trading volumes, quickly moving BTC basis rates, and the current discounts of ETHE and GBTC.

Seth concludes with a discussion on tokenization in Real World Assets (RWA), exploring this emerging trend in the crypto space.

Host 

Ben Floyd, Head of Execution Services 

Special Guest 

Seth Ginns, Managing Partner at CoinFund 

Presenters 

Georg Toropov, Senior CES Salestrader 

David Duong, Head of Institutional Research 

Greg Sutton, Senior CES Salestrader 

Link to Research and Insights Hub.

Join us for this week’s podcast, featuring a special guest, Lewis Cohen, a leading blockchain lawyer, who provides us with a regulatory update. Lewis shares essential insights into current cases that demand our attention and offers his outlook on regulation, including the potential for an ETF approval.

David takes a deep dive into the macro outlook, discussing the possibility of a government shutdown and evaluating the recent performance of various assets based on key metrics like Total Value Locked (TVL), revenue, and active addresses.

Greg and Josh dive into the upcoming options expiry, exploring its potential impact on the crypto market. They also discuss Tether’s investments in miners, exchanges operating without licenses in Hong Kong and recent flows on the desk.

Host

• Ben Floyd, Head of Execution Services

Special Guest

• Lewis Cohen, Co-Founder DLXLaw

Presenters

• David Duong, Head of Institutional Research
• Greg Sutton, Senior CES Salestrader
• Joshua Pak, CES Salestrader

Link to Research and Insights Hub

• https://www.coinbase.com/institutional/research-insights

David reports on Token2049. He takes us through what participants were most interested in and the general sentiment. He also covers the upcoming macro calendar and what we could expect from the FOMC. The team reviews recent market action, including spot flows and a large ETH option trade that got the market talking. Lastly, Sid touches on Eigenlayer and why data availability is important. He also provides an update on friend.tech. 

Participants: 

• Ben Floyd, Head of Execution Services (host) 
• David Duong, Head of Institutional Research 
• Greg Sutton, Senior CES Salestrader 
• Josh Pak, CES Salestrader 
• Sid Shekhar, Blockchain Research Manager 

Check out our institutional research & insights.

This week, Greg and Georg provide an in-depth analysis of the FTX court documents, addressing questions about the selling timeline, important assets in the estate, market impact expectations, and the implications for GBTC and ETHE holdings. They also discuss potential recovery and current claims trading valuations. Plus, they explore the potential insights from the court filing regarding FTX 2.0.

In the macro segment, Georg and Greg provide insights into the broader economic landscape, including bear steepening in the US yield curve, upcoming US CPI data, and central bank decisions. They also touch on recent comments from Janet Yellen and expectations regarding monetary policy changes.

Sid takes the stage to discuss Web3 developments, including updates on Friend.tech, explains how their protocol fees work, and the benefits of buying keys (following someone on the platform). He also highlights the growth of real-world assets on the blockchain through platforms like Maple and Ondo, hosted on L2 solutions like Mantle, Ethereum and Stellar.

Host:

• Ben Floyd, Head of Execution Services

Participants:

• Greg Sutton, Senior CES Salestrader
• George Toropov, Senior CES Salestrader
• Sid Shekar, Blockchain Research Manager

Links for show notes: 

Coinbase Execution Services Market Positioning Report 

FTX Court Filing - Doc 2463

This week Matt Boyd, Head of Prime Finance at Coinbase, joins the group to talk about shorting and lending in crypto. The team also covers the whipsaw price action the market endured after the GBTC news was released. What are the important catalysts now and when might we hear more? David gives us his thoughts on the macro calendar and last week’s NFP print. Lastly, with the GBTC discount now at 20%. What does that say about the probability of an ETF?

Host

• Ben Floyd, Head of Execution Services

Presenters

• Matt Boyd, Head of Prime Financing
• David Duong, Head of Institutional Research
• Greg Sutton, Senior CES Salestrader
• George Toropov, Senior CES Salestrader

Link to Research and Insights Hub.

Grayscale's legal victory is a big moment for the crypto industry. We discuss its implications and dive into how different investors may be thinking about the GBTC trade now as well as what they could do next. In macro, we discuss the significant comments made by Jerome Powell at Jackson Hole, offering valuable insights into the impact on the broader crypto complex.

Greg then provides an update on August volumes and positioning post Jackson Hole and pre the Grayscale news covering both spot and vol.

Sid takes the stage to provide updates on BASE, discussing its governance structure and plans for decentralization. He also shares an exciting update on friends.tech, shedding light on the latest developments and innovations in this intriguing domain.

Host

• Ben Floyd, Head of Execution Services

Presenters

• David Duong, Head of Institutional Research
• Greg Sutton, Senior CES Salestrader
• Sid Shekhar, Staff Blockchain Researcher

Link to Research and Insights Hub

The team breaks down last week’s market volatility, what they think caused it, and how traders are positioned going forward. With rates likely to stay higher for longer, what does that mean for crypto? And will a slow down in China help or hurt our markets? Lastly, Sid teaches us about the new decentralized social app Friend.tech. 

Host: 

Josh Pak, Senior CES Salestrader 

Guests: 

Georg Toropov, Senior CES Salestrader 

David Duong, Head of Institutional Research 

Greg Sutton, Senior CES Salestrader 

Sid Shekar, Blockchain Research Manager 

Visit the Research and Insights Hub: https://www.coinbase.com/institutional/research-insights 

Vance Spencer, co-founder of Framework Ventures, joins the group this week to talk about the opportunities he sees in the crypto markets. David provides insight into the evolving macro landscape. Greg highlights divergent positioning in BTC and ETH. Sid updates us on the Base launch. And Georg brings us up to speed on this week’s crypto news.

Host 

• Josh Pak, Senior CES Salestrader

Presenters 

• Georg Toropov, Senior CES Salestrader
• David Duong, Head of Institutional Research
• Greg Sutton, Senior CES Salestrader
• Sid Shekar, Blockchain Research Manager

Link to Research and Insights Hub

This week we welcome a special guest, Rick Schonberg, Product Director for Coinbase’s institutional platform, to talk about exciting developments to Coinbase Prime’s algo offering. Georg gives a market update, discussing recent alt coin movers and Tether trading dynamics. David shares his views on the economy both in the U.S. and abroad, and the implications this has for the crypto market. Trish walks through flows and divergent seasonality aspects to consider for crypto relative traditional markets. Lastly Sid gives a Curve update and shares some opening metrics for the launch of Base mainnet.

Host

• Josh Pak, Senior CES Salestrader

Panelists

• Georg Toropov, Senior CES Salestrader
• David Duong, Head of Institutional Research
• Trishul Luhar, Senior CES Salestrader
• Sid Shekar, Blockchain Research Manager

Link to Research and Insights Hub

This week the team covers the CRV exploit, what a reentrancy attack is, and what the exploit means for DeFi and liquidity. George also touches on the Base launch and the movers from last week. David reviews what were learned from central banks, USD strength, and crypto correlations. Trish takes us through flows with a focus on retail. He also provides insight into institutional client sentiment heading into late summer 

Host 

• Greg Sutton, Senior CES Salestrader 

Presenters 

• Georg Toropov, Senior CES Salestrader 
• David Duong, Head of Institutional Research 
• Trishul Luhar, Senior CES Salestrader 
• Sid Shekar, Blockchain Research Manager 

Link to Research and Insights Hub

Ryan Yi from Coinbase Ventures starts us off with an overview of Coinbase Ventures, delving into the current venture funding environment and discussing recent improvements to builder ecosystems, user experience, and utility in the crypto space.

Georg shares updates on the reduced BTC dominance offshore, the launch of Worldcoin, and developments in the XRP case.

David offers a comprehensive summary of major macro events this week, including updates from the Fed, ECB, BOJ, and others. He also highlights key takeaways from EthCC, covering discussions on Coinbase’s Cafe, Vitalik's insights on account abstraction, and Justin Drake's thoughts on MEV burn as well as decentralized sequencers, DVT, and zk proofs.

Greg shares insights on institutional flows, the options market, and his thoughts on positioning in the current market, offering valuable perspectives for investors and traders.

Tammy explores the potential applications of blockchain and AI/ML, focusing on the intriguing combination of zero-knowledge proofs (ZK) and AI. She discusses how these technologies could revolutionize various industries, presenting exciting opportunities for innovation.

Host

• Ben Floyd, Head of Execution Services

Special Guest

• Ryan Yi, Coinbase Ventures

Presenters

• Georg Toropov, Senior CES Salestrader
• David Duong, Head of Institutional Research
• Greg Sutton, Senior CES Salestrader
• Tammy Yang, Senior Blockchain Researcher

Link to Research and Insights Hub

• https://www.coinbase.com/institutional/research-insights

Welcome to this week’s podcast, where our expert panel dives into a wide range of topics shaping the crypto landscape.

This week, Special guest Jordan Salberg, Senior Counsel, Product kicks off the discussion by providing insights on the recent XRP ruling, what that means for the industry and other assets. He also updates us on the ongoing ETF process and what we should be looking out for in the coming weeks.

Georg delves into fund inflows and outperformance of certain alt coins. He also covers BTC/ETH dominance trends, his thoughts on the pull back towards the end of the week and some of the recent positive comments.

David focuses on recent inflation print, discussing their implications for the broader economy. He also provides insights on the upcoming Fed meeting and the latest economic data from China, offering a comprehensive macroeconomic perspective.

Greg takes a closer look at market flows, analyzing the impact of the recent summary judgment on market dynamics. He also explores the options markets, providing valuable insights into trading trends and also his perspective on the pull back.

Tammy Yang, a Senior Blockchain Researcher steps in for Sid, providing an update on custodial and non-custodial stablecoins. She highlights the recent launch of Gho by Aave and offers insights into the evolving landscape of stablecoin solutions.

Please, don’t forget to like and subscribe so others can benefit from the team’s great content!

Host

• Ben Floyd, Head of Execution Services

Special Guest

• Jordan Salberg, Senior Counsel, Product

Presenters

• Georg Toropov, Senior CES Salestrader
• David Duong, Head of Institutional Research
• Greg Sutton, Senior CES Salestrader
• Tammy Yang, Senior Blockchain Researcher

Link to Research and Insights Hub

• https://www.coinbase.com/institutional/research-insights

This week, our Special Guest, Brian Foster takes the lead, exploring the significance of the recent ETF applications, Coinbase’s role in this space, and explains the surveillance sharing aspect. He dives into why now is an opportune time for ETFs and discusses their relation to other ways of accessing bitcoin and crypto, including Coinbase’s own retail business.

Josh provides a market update, covering the biggest movers and the latest trends in NFT floors. He also discusses BTCs positive dynamics, the Binance.US discount, DCG-related news, and developments in the Polygon and Arbitrum ecosystems.

David covers important upcoming economic indicators such as CPI, PPI, and earnings reports from notable institutions like JPM and Citi. He also runs through the Cancun upgrade roadmap and the recent progress of L2 scaling solutions.

Greg analyzes flows and volatility, sharing insights on BTC and ETH basis. He also discusses the recent trends in the Bored Ape NFT market.

Sid addresses recent multichain hacks, providing analysis and insights into their impact on the crypto landscape and looks forward to EthCC in Paris next week.

Please, don’t forget to like and subscribe so others can benefit from the team’s great content!

Host

• Ben Floyd, Head of Execution Services

Special Guest

• Brian Foster, Director Americas Institutional Sales

Presenters

• Joshua Pak, CES Salestrader
• David Duong, Head of Institutional Research
• Greg Sutton, Senior CES Salestrader
• Sid Shekar, Engineering Manager

Link to Research and Insights Hub

• https://www.coinbase.com/institutional/research-insights

Join us for this week’s podcast where we cover recent market events in digital assets. Our trading team walks through token fundamentals and the surprising relative underperformance in ETH. We also discuss interesting flows, BTC dominance, and the somewhat unexpected alt-coin inflows seen on the desk in the last week. David walks through recent Central Bank policy updates and key takeaways from today’s ECB forum and the impact we could expect to see in liquidity conditions. Lastly, Sid, chats all things NFTs and walks through key indicators to assess market demand.

Watch the video or listen to the podcast on Spotify, Apple, or Audible.

Please RSVP to attend Coinbase Institutional’s exclusive web-event with Justin Drake from the Ethereum Foundation at https://ethereumupgradesandeconomics.splashthat.com/.

Link to Research and Insights Hub: https://www.coinbase.com/institutional/research-insights.

Host 

• Josh Pak, CES Salestrader 

Presenters 

• Georg Toropov, Senior CES Salestrader 
• David Duong, Head of Institutional Research 
• Trishul Luhar, Senior CES Salestrader 
• Sid Shekar, Blockchain Research Manager 

Join us for this week’s podcast where we cover recent events in the digital asset space. Our trading team discusses USDT and recent revelations around its past portfolio composition. We also explain how the Curve 3 Pool works and how the recent USDT imbalance can create arbitrage opportunities. David Duong, our Head of Research, takes us through the recent FOMC meeting and what it means for the macro backdrop as we head into summer. We also discuss perp funding rates, option skew, and improving seasonality trends. Lastly, Sid, our Senior Blockchain Researcher, talks opBNB and OP. 

Host 

• Ben Floyd, Head of Execution Services 

Presenters 

• Georg Toropov, Senior CES Salestrader 
• David Duong, Head of Institutional Research 
• Greg Sutton, Senior CES Salestrader 
• Sid Shekar, Engineering Manager 

Link to Research and Insights Hub

Join the Coinbase Institutional team where our expert panel discusses a wide range of topics shaping the crypto landscape.

Georg kicks off the discussion, sharing insights on the dominance of ETH and BTC and the recent price movements. Diving into details around the distribution of liquidity, he covers offshore volumes, DEX volumes, and the growth in USDT, providing valuable analysis on the dynamics of these key aspects in the crypto market.

David delves into key regulatory updates, including the release of the Hinman papers and the US House financial services draft legislation that outlines some potential paths for digital assets. He also provides insights on the CPI release and the upcoming Fed announcements.

Greg explores investor behavior around the recent market movements, analyzing volatility, changes in open interest, specific funding rates on tokens, and the impact of client flows on market dynamics.

Sid concludes the podcast by discussing the release of Uniswap V4, sharing his initial impressions. He also provides updates on the OP Bedrock upgrade, a significant development in the Web3 ecosystem.

Please, don’t forget to like and subscribe so others can benefit from the team’s great content!

Host

• Ben Floyd, Head of Execution Services

Presenters

• Georg Toropov, Senior CES Salestrader
• David Duong, Head of Institutional Research
• Greg Sutton, Senior CES Salestrader
• Sid Shekar, Engineering Manager

Link to Research and Insights Hub

• https://www.coinbase.com/institutional/research-insights

Join us for this week's podcast with insights and analysis on a range of topics impacting the digital asset space. Josh covers the latest market movers and the exciting intersection of AI with crypto, providing valuable insights into emerging trends and developments. Greg delves into macro analysis, exploring key insights and dates to watch out for. He also comments on market flows and crypto's recent volatility dynamics. Sid discusses the remarkable growth of the ETH staking queue and its implications, along with the latest developments in Web3, including a proposal for fees in Uniswap transactions. 

Mentioned in this recording: Patience is beautiful: https://cryptohayes.substack.com/p/patience-is-beautiful.

Host - 

• Ben Floyd, head of execution services 

Panelists - 

• Josh Pak, CES sales trader 
• Greg Sutton, Senior CES sales trader 
• Sid Shekhar, Blockchain research manager

In this week’s podcast, our special guest, Usman Naeem, who leads our derivative and agency trading businesses, shares his unique insights on navigating the crypto ecosystem’s volatility markets, shedding light on a market that can be challenging to understand. He runs through the recent changes in implied vs realised vol and how the skew and term structures has evolved recently and some thoughts on how people could think about trading vol here.

Georg will then take the stage to provide a comprehensive market update, covering recent price action over the weekend, key technical indicators, and notable news.

David leads us through the macro landscape, including discussions on the debt ceiling and the Non-Farm Payrolls (NFP) report for the week. Greg dives into exchange flows and desk activities, exploring the latest trends and dynamics.

To wrap up the call, Sid will delve into the exciting developments in Web3, touching upon a governance related exploit to Tornado Cash and his thoughts on Vitalik’s blog post about utilising Ethereum’s security for 3rd party protocols.

Join us for an informative and thought-provoking discussion as we cover crypto volatility, market updates, macro insights, exchange flows, and the fascinating world of Web3.

Remember to subscribe and rate us if you find our discussions valuable.

Host

• Ben Floyd, Head of Execution Services

Special Guest

• Usman Naeem, Head of Derivatives and Agency Trading

Presenters

• Georg Toropov, CES Salestrader
• David Duong, Head of Institutional Research
• Greg Sutton, Senior CES Salestrader

Coinbase Institutional Research and Insights Hub

John D'Agostino is a senior advisor to Coinbase and Chairman of US Asset Management Committee for the Department for International Trade. He has also held board positions on a number well known traditional and crypto hedge funds, and is the subject of the book “Rigged, the True Story of an Ivy League Kid who Changed the World of Oil,” which chronicles his journey helping set up the Dubai Mercantile Exchange. 

Host

• Ben Floyd, Head of Execution Services

Special Guest

• John D’Agostino, Senior Adviser to Coinbase

Presenters

• Joshua Pak, CES Salestrader
• David Duong, Head of Institutional Research
• Greg Sutton, Senior CES Salestrader

Visit the Research and Insights Hub.

Read John’s article about the UAE. 

In this week’s podcast, we dive into the policy landscape of the digital asset space with a special guest, Kara Calvert, Senior Director and Head of US Policy at Coinbase. Kara provides us with valuable insights into what’s happening in Washington and how it could impact the industry.

Georg provides a market update, covering price action, a new product release from MPL that combines defi/tradfi, and the change in market cap dominance of major assets.

David updates us on the Lido activation and withdrawals queues, the broader macro outlook what to watch at the Fed this week.

Greg runs through exchange flows and what’s been happening on the desk, including the sharp move lower last Wednesday, and provides an analysis of options markets.

Lastly, Sid discusses the memecoin frenzy that is driving up gas fees and causing a surge in unique addresses interfacing with dexes.

Host

• Ben Floyd, Head of Execution Services

Special Guest

• Kara Calvert, Head of US Policy

Presenters

• Georg Toropov, Senior CES Trader
• David Duong, Head of Institutional Research
• Greg Sutton, Senior CES Trader
• Sid Shekhar, Senior Blockchain Researcher

Links mentioned in show

Information on Crypto 435

Crypto 435 is our campaign to grow the crypto advocacy community and share tools and resources to make your voice heard.

Please get in contact if you want to help drive policy forwards

Mint a Stand With Crypto commemorative NFT

Coinbase response to Wells Notice

Coinbase Research & Insights Hub

This week the team discusses the positive market performance despite Genesis filing for Chapter 11 and take a closer look at BTC & ETH futures. They also review the macro situation, looking ahead to the Fed meeting on January 31/February 1 and the US debt ceiling. Lastly, they review the Electric Capital report on developer activity in 2022 as well as recent news on Uniswap and Ethereum.

This week the team covers what’s happened with the recent run-up in prices, including:

► What tokens have gained the most (hint: ChatGPT is playing a role)

► Trade flows and what hedge funds, miners, and corporates have been doing recently

► The upcoming spotlight that the macro environment might place on crypto prices

The team also shares some of the takeaways from the thousand of pages of year ahead reports we’ve all been reading.

This week the team covers what’s happened over the break including:

► Has SBF or Alameda’s wallet been selling SOL? Wallets connected to them appear to be

► The ongoing DCG & Gemini situation which has been taken to twitter

► ETH upgrades, updates on staked ETH and who is benefiting

The team also shares some of the takeaways from the thousand of pages of year ahead reports we’ve all been reading.


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This content is being provided to you for informational purposes only. Nothing discussed in this video is intended to be investment advice. This content, and any information contained therein, does not constitute a recommendation by Coinbase to buy, sell or hold any security, financial product or instrument referenced in the content.

Crypto trades higher on inflation surprise, but the Fed’s tone on Dec 14 could still dent the rally. The arrest of SBF is deflecting some of the attention away from the US House Financial Services hearings on FTX. Outflows at Binance unnerve some investors, but they’re relatively small relative to reserves. And finally, our predictions for markets and the crypto landscape in 2023.

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This content is being provided to you for informational purposes only. Nothing discussed in this video is intended to be investment advice. This content, and any information contained therein, does not constitute a recommendation by Coinbase to buy, sell or hold any security, financial product or instrument referenced in the content.

With FTX related fears moving into the rear view mirror, this week the team is talking through macro data points to watch out for, the strong out performance of LTC, and whether we will see a Santa Claus rally into year end. The team also tackles steep losses at Maple, a hack at ANKR, and share a PSA for BAYC holders.

SUBSCRIBE + Additional Resources:

► To view this week's episode on Youtube: https://youtu.be/ykQhCJqjs3w

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This content is being provided to you for informational purposes only. Nothing discussed in this video is intended to be investment advice. This content, and any information contained therein, does not constitute a recommendation by Coinbase to buy, sell or hold any security, financial product or instrument referenced in the content.

A quieter week for crypto, but there’s still contagion fears and macro risks on the horizon. The team discuss the mining sector and whether or not we should be worried about contagion. Sid also takes us through Curve’s new product launch which forced a short seller to cover their position in a 50% up move.

SUBSCRIBE + Additional Resources:

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► To view this week's episode on Youtube: https://youtu.be/RQku-39faKQ

► To learn more about our research visit our research and insights hub: https://www.coinbase.com/institutional/research-insights

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This content is being provided to you for informational purposes only. Nothing discussed in this video is intended to be investment advice. This content, and any information contained therein, does not constitute a recommendation by Coinbase to buy, sell or hold any security, financial product or instrument referenced in the content.

This week the team discusses the recent announcements from Genesis and DCG and what that could mean for the crypto space and GBTC product. We also provide an update on where the hacked funds from FTX are.

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► Please review Coinbase's approach to risk management and consumer protection: https://www.coinbase.com/blog/our-approach-to-transparency-risk-management-and-consumer-protection

► To view this week's episode on Youtube: https://youtu.be/195YjOZqkUM

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This content is being provided to you for informational purposes only. Nothing discussed in this video is intended to be investment advice. This content, and any information contained therein, does not constitute a recommendation by Coinbase to buy, sell or hold any security, financial product or instrument referenced in the content.

This week, we welcome two senior members of the Coinbase Institutional Sales team, to talk us through how institutions feel about crypto post FTX fallout and what the path forward looks like. We also dig into how this has affected the trading in crypto markets, what we learned by looking on-chain and of course, what the macro outlook is!

SUBSCRIBE + Additional Resources:

► Please review Coinbase's approach to risk management and consumer protection: https://www.coinbase.com/blog/our-approach-to-transparency-risk-management-and-consumer-protection

► To view this week's episode on Youtube: https://youtu.be/prZcEukOUis

► To learn more about our research visit our research and insights hub: https://www.coinbase.com/institutional/research-insights

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This content is being provided to you for informational purposes only. Nothing discussed in this video is intended to be investment advice. This content, and any information contained therein, does not constitute a recommendation by Coinbase to buy, sell or hold any security, financial product or instrument referenced in the content.

A lot has happened in crypto over the last 24 hours. The CB Institutional team break down the FTX/Alameda situation, what could happen next for FTX & SOL and what we’ve seen and heard from clients in the last 24 hours.

DISCLAIMER: 

This episode was recorded on the morning of November 9, 2022. At the time of recording Binance and FTX had publicly announced a tentative arrangement where Binance would fully acquire FTX.com. This story is developing therefore facts and viewpoints expressed may change.

SUBSCRIBE + Additional Resources:

► Please review Coinbase's approach to risk management and consumer protection: https://www.coinbase.com/blog/our-approach-to-transparency-risk-management-and-consumer-protection

► To view this week's episode on Youtube: https://www.youtube.com/watch?v=XPh-h9gzH4Q

► To learn more about our research visit our research and insights hub: https://www.coinbase.com/institutional/research-insights

► Follow us on Twitter: https://twitter.com/coinbaseinsto

This content is being provided to you for informational purposes only. Nothing discussed in this video is intended to be investment advice. This content, and any information contained therein, does not constitute a recommendation by Coinbase to buy, sell or hold any security, financial product or instrument referenced in the content.

Coinbase's VP of Global Regulatory Policy Scott Bauguess talks through what’s going on in DC with SBF’s proposal, Vitalik’s response and what the next few months could look like. We also talk about Coinbase supporting Ripple and Grayscale.

David talks through what to expect from the FED this week and his outlook for the end of the year. Georg covers some big movers and Greg runs through what he’s seeing on the desk on on the exchange.

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► To view this week's episode on Youtube: https://www.youtube.com/watch?v=rflpJ3lavNY

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This content is being provided to you for informational purposes only. Nothing discussed in this video is intended to be investment advice. This content, and any information contained therein, does not constitute a recommendation by Coinbase to buy, sell or hold any security, financial product or instrument referenced in the content.

This week the team covers SBF’s regulatory musings, ETH and BTC volumes on exchange and what it means for the market overall, along with upcoming macro catalysts. We also discuss the recent proposal of MakerDAO to blend CeFi and DeFi, as well as voting dynamics on Uniswap and the Reddit Avatars NFT launch. 

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A week where crypto prices ended up in the green, despite another large DeFi exploit. We also saw a new L1 has launch too much fanfare. We were given a better idea of the roadmap for the ETH Shanghai update and Wintermute repaid a large loan, confirming their solvency after their recent incident.

SUBSCRIBE:

► To view this week's episode on Youtube: https://www.youtube.com/watch?v=ZL1GL0C3pbA

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This content is being provided to you for informational purposes only. Nothing discussed in this video is intended to be investment advice. This content, and any information contained therein, does not constitute a recommendation by Coinbase to buy, sell or hold any security, financial product or instrument referenced in the content.

This week the team covers US CPI, Ripple’s Win, Weaker Volumes and the Binance Smart Chain exploit.

SUBSCRIBE:
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This content is being provided to you for informational purposes only. Nothing discussed in this video is intended to be investment advice. This content, and any information contained therein, does not constitute a recommendation by Coinbase to buy, sell or hold any security, financial product or instrument referenced in the content.

This week the team covers US dollar strength and extreme moves in the British Pound. Flows also turned risk off, but BTC and ETH have still been outperforming traditional FX. Sid covers the USDC expansion and updates to the Cosmos ecosystem.

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This content is being provided to you for informational purposes only. Nothing discussed in this video is intended to be investment advice. This content, and any information contained therein, does not constitute a recommendation by Coinbase to buy, sell or hold any security, financial product or instrument referenced in the content.

The Coinbase trading and research teams cover the successful ETH Merge and discuss what's next. They run through the two new ETH POW assets and their value today. It's an important week for Macro and David runs through what to look out for in the US and abroad. Lastly, Sid runs through the $160m hack of Wintermute, one of the most sophisticated market makers in crypto.

SUBSCRIBE:
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This content is being provided to you for informational purposes only. Nothing discussed in this video is intended to be investment advice. This content, and any information contained therein, does not constitute a recommendation by Coinbase to buy, sell or hold any security, financial product or instrument referenced in the content.

The Coinbase trading and research teams cover the countdown to the ETH Merge and launch of the ETH POW token.

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This content is being provided to you for informational purposes only. Nothing discussed in this video is intended to be investment advice. This content, and any information contained therein, does not constitute a recommendation by Coinbase to buy, sell or hold any security, financial product or instrument referenced in the content.

The September effect, trouble in Europe, the Bellatrix Upgrade, and what to watch in DeFi as we head into the merge. The Coinbase trading and research teams cover it all and more.

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This content is being provided to you for informational purposes only. Nothing discussed in this video is intended to be investment advice. This content, and any information contained therein, does not constitute a recommendation by Coinbase to buy, sell or hold any security, financial product or instrument referenced in the content.

This week the Institutional team discuss life post Jackson Hole, ETH options positioning & NFT liquidations.

At Coinbase, our mission is to create an open financial system for the world.

SUBSCRIBE:

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This content is being provided to you for informational purposes only. Nothing discussed in this video is intended to be investment advice. This content, and any information contained therein, does not constitute a recommendation by Coinbase to buy, sell or hold any security, financial product or instrument referenced in the content.