The Milk Road Show

Coinbase’s Q4 Crypto Survey: Is the Crypto Bull Run Over? w/ David Duong

23 snips
Oct 16, 2025
David Duong, Head of Institutional Research at Coinbase, brings his expertise to the conversation on institutional market trends. He dives into the intriguing results of Coinbase's Q4 Crypto Survey, highlighting the perspectives of institutional versus non-institutional investors. Duong discusses Ethereum's potential for a price surge, the growth of prediction markets like Polymarket, and the overarching influence of macroeconomic factors on the market. He also touches on the ongoing themes of de-dollarization and the debasement trade, illuminating key insights for crypto enthusiasts.
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INSIGHT

Macro Is The Dominant Market Driver

  • Macro conditions are the biggest simultaneous opportunity and risk for crypto right now.
  • Getting macro calls right will determine who wins this cycle.
INSIGHT

Leverage, Liquidity And Convexity Amplified The Crash

  • The flash liquidation was amplified by thin liquidity, excessive leverage, and weekend trading.
  • Price convexity and cross-margining made the move far worse than a single catalyst would imply.
INSIGHT

Short-Term Recovery Is Uncertain

  • A fast V-shaped recovery within Q4 is uncertain given the scale of the liquidation event.
  • Recoveries often take months even when fundamentals remain intact.
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