The Milk Road Show Coinbase’s Q3 2025 Crypto Forecast: BTC ATHs, ETH Rotation & What’s Next w/ David Duong
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Jul 17, 2025 David Duong, Head of Research at Coinbase, shares invaluable insights into the future of cryptocurrency markets. He discusses Bitcoin's dominance and its rise to new all-time highs alongside increased interest in altcoins. The potential impacts of ETFs, the significance of stablecoins, and the evolving strategies of corporate treasuries are hot topics. Duong also explores the interplay between crypto and AI, illustrating how these trends could reshape the financial landscape as institutional investments are on the rise.
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Bitcoin Dominance Surges Institutionally
- Bitcoin dominance is surging, reaching around 63%, with most institutional clients anchored in Bitcoin and select large-cap altcoins.
- The influx of retail capital into meme coins diluted altcoin enthusiasm, shifting focus back to Bitcoin and major coins like ETH and SOL.
Liquidity and Fed Cuts Influence Markets
- Additional liquidity injections, both fiscal and monetary, are key factors for crypto market growth in Q3 2025.
- Despite falling futures market probabilities, Fed rate cuts remain expected due to real rates and a continued disinflationary trend.
Watch Treasury Yields and Fed Cuts
- Monitor U.S. Treasury yield curve steepening as it may increase borrowing costs and impact markets negatively.
- Expect the Federal Reserve to deliver rate cuts eventually, despite market pricing fluctuations.