In this episode, we’re joined by David Han, Institutional Research Analyst at Coinbase, to discuss the latest market trends, onchain developments, and David's journey into the crypto space. Our conversation covers the purpose of Coinbase’s research team, the state of onchain analysis, and more specifically how important access to verifiable onchain analytics is. We speak about the state of Bitcoin and Ethereum ETFs, and where the difference in traction stems from. We touch on Bitcoin dominance, and dive into Ethereum’s current scaling roadmap and address how the L2 roadmap might be slightly extractive to ETH.
We move on to speak about tokenization, and real-world assets, where David shares insights from his previous role at Goldman Sachs, where he was part of the team developing a tokenization platform, and we speak about the hurdles faced by institutional adoption of blockchain technology. David also discusses underutilized onchain metrics, the need for quality filters, his creation of custom metrics to serve this need, the overall state of the crypto market outside of just BTC and ETH, and what aspects of growth on L1s like Solana and TON investors should be focusing on.
Tune in for a great discussion on the Fundamentals of everything onchain.
David Han on X: https://x.com/0xdavidhan
Coinbase Institutional on X: https://x.com/CoinbaseInsto
Coinbase Institutional Research: https://www.coinbase.com/institutional/research-insights
ETH and the Rise of L2s: https://www.coinbase.com/en-sg/institutional/research-insights/research/market-intelligence/eth-and-the-rise-of-l2s
Interpreting Token Inflation: https://www.coinbase.com/en-sg/institutional/research-insights/research/market-intelligence/interpreting-token-inflation
Measures of Adoption in the EVM (H-index): https://www.coinbase.com/en-sg/institutional/research-insights/research/market-intelligence/measures-of-adoption-in-the-evm
Timestamps:
00:00 Introduction
00:43 David Han's Journey into Crypto
03:40 Role and Focus of Coinbase's Research Team
06:00 Importance of Onchain Analytics
08:39 Challenges in Comparing Crypto and TradFi Metrics
09:59 Underutilized Onchain Metrics: Quality Filters & The H-index
13:49 How Project Teams Should Aim to Showcase Their Onchain Data
17:47 Bitcoin vs. Ethereum ETFs: Institutional Perspectives
27:20 Institutional Investment in ETH vs. BTC
28:13 Bitcoin Dominance and Market Trends
31:35 Ethereum's Evolving Narrative and L2 Impact
36:02 Tokenization: Leanings from Goldman’s Digital Assets Team
44:57 Token Inflation and Market Dynamics
52:07 Emerging Trends on Solana and TON
54:11 Conclusion and Upcoming Research
Make sure to leave a comment if you have any questions 🙌
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Fundamentals