The Milk Road Show

Coinbase Head of Research Says Macro + Institutions Will Send Crypto Vertical

Sep 19, 2025
Guest
David Duong
David Duong, the Head of Research at Coinbase, shares his expertise on macroeconomic trends and their impact on the crypto market. He explains how a perfect macro setup could allow institutions to outpace retail investors and cautions that many traders are misreading current cycles. Duong highlights the influence of Fed rate cuts, the potential influx of $7 trillion into risk assets, and the importance of analyzing trading volume structures. This insightful discussion is a must-listen for anyone interested in understanding the future of crypto.
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INSIGHT

Fed Cut Opens Liquidity Door

  • David Duong says the Fed's rate cut opens the door for more liquidity into risk assets.
  • He expects institutional and retail flows to re-enter as cash yields fall on money market funds.
INSIGHT

Sticker Shock Masks Undervaluation

  • Duong argues current prices may show sticker shock, but fundamentals imply risk assets are about 10% undervalued.
  • He expects a parabolic move higher if macro conditions hold.
ADVICE

Weigh Pocketbook Stress Before Risking Cash

  • Consider that labor-market weakness could keep some retail sidelined despite lower cash yields.
  • Reassess allocation only when personal pocketbook stress eases enough to accept risk exposure.
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