Coinbase Institutional Market Call

In this episode, our panel unpacks key updates including the anticipated FTX repayment schedule and the latest regulatory developments, while also discussing broader macroeconomic trends.Topics Covered:Risk Overview: Josh starts by providing analysis of the current risk picture, focusing on perp funding rates, basis, volumes, and institutional interest in the market.FTX Repayments: A detailed look at the FTX repayment timeline, and what impact that could have on the market.Macro Overview: David Duong recaps key macro themes, including last week’s NFP data, the upcoming inflation report, and the diminishing effects of China’s stimulus on global markets. He also talks through what he thinks the market will focus on next.Onchain Insights: David Han discusses high ETH transaction fees, increased onchain DEX volumes (centered on ETH and SUI), and updates on EIP 7782.Make sure to like, subscribe, and check out the team’s research in the show notes for deeper insights into these developments!Host: Ben Floyd, Head of Execution ServicesPanelists:David Duong, Head of Institutional ResearchDavid Han, Research AnalystJoshua Pak, CES SalestraderLinks: Coinbase Research

In this episode, we explore the latest movements in the crypto market, including Kamala Harris’ recent mention of digital assets and its potential impact on regulation. Our expert panel breaks down the dynamics driving ETF flows, funding rates, and key macro trends influencing the market.Topics Covered:Market Overview: Georg Toropov kicks off with a comprehensive market update, highlighting ETF flows, funding rates, and the major movers shaping today's crypto landscape.Kamala Harris & Digital Assets: We discuss Kamala Harris’ recent mention of digital assets and and the potential regulatory implications for the crypto space.Flows & Unlocks: Georg provides insights into hedge fund activity and key upcoming token unlocks, including SUI, ZETA, and TIA.Mt. Gox Distribution: David Duong updates us on the timeline for the Mt. Gox distribution, with ~45k BTC still to be released and uncertainty surrounding the exact timing.Macro Outlook: David Duong gives a detailed macroeconomic analysis, covering Middle East tensions, the Fed’s hawkish stance, and important economic indicators like JOLTS and the upcoming non-farm payrolls report.Onchain Update: David Han wraps up with an onchain update, covering the rise in ETH fees, an overall increase in onchain activity, and the EigenLayer token unlock.Make sure to like, subscribe, and check out the team’s research in the show notes for deeper insights into these developments!Host: Ben FloydPanelists:David Duong, Head of Institutional ResearchGeorg Toropov, Senior CES TraderDavid Han, Research AnalystLinks: Coinbase Research

In this episode, we welcome Ralph Achacoso, CIO of Factor6 Capital, to dive deep into the intersection of Bitcoin mining and AI, discuss takeaways from Token49, and explore broader market movements and trends in the digital asset space. Our panel covers everything from ETF flows and funding rates to the potential launch of IBIT options, offering an insightful and timely discussion for crypto investors.Topics Covered:Market Overview: We kick off with a quick market update, covering ETF flows, funding rates, and key movers shaping the market.BTC Miners and AI Integration: We explore how BTC miners are engaging with AI, as well as the challenges and barriers of AI implementation in mining.AI x Crypto: Ralph shares how he thinks about AI x Crypto and where value could accrue.IBIT Options Overview: The panel discusses the potential launch of IBIT options, comparing them with the BITO options available today, and Ralph provides his expert perspective.Token 49 Rundown: David Duong gives a detailed breakdown of Token 49 discussions, highlighting key takeaways and what to watch out for.Macro Outlook: With recent Fed actions, David Duong provides a broader market outlook and what investors should expect moving forward.Onchain Developments: David Han wraps up with a look at the latest onchain activity, including developments around Ethereum's Pectra upgrade and  Wrapped Bitcoin.Make sure to like, subscribe, and check out the links to our research in the show notes for deeper insights.Host: Ben Floyd, Head of Execution ServicesGuest: Ralph Achacoso, CIO of Factor6 CapitalPanelists: David Duong, Head of Institutional ResearchGreg Sutton, Senior CES TraderDavid Han, Research AnalystLinks: Coinbase Research

In this engaging discussion, Jim Hiltner, co-founder of Superstate, breaks down the innovative fusion of traditional and decentralized finance. He shares the inspirational story behind Superstate and its vision for the future. Jim dives into their unique product, USCC, and the mechanics of market behavior, explaining how term futures can be positive even when perpetuals aren't. The conversation also addresses regulatory challenges and the technology shaping the financial landscape, revealing exciting opportunities that lie ahead.

Melanee Hannock, the Chief Digital and Innovation Officer of ALSAC St. Jude Children’s Research Hospital, shares her background in marketing and technology and how she helped pioneer St. Jude’s acceptance of cryptocurrency donations. St. Jude first started accepting crypto as a way to tap into an emerging donor demographic and new revenue stream. Hannock discusses the key benefits as well as challenges of accepting crypto as part of their charity efforts. She also looks ahead to the growth in this sector and offers helpful guidance to other non-profits considering crypto philanthropy to support important missions, as blockchain technology becomes more mainstream.Market Movements:Later in the episode, we also discuss the latest in crypto markets. Most major coins recovered after last Monday’s sell-off, with moderate strength in BTC and ETH while altcoins have struggled to gain momentum due to inflationary unlock schedules-- albeit there have been some notable exceptions. Meanwhile, in web3, we discuss the vulnerability patch in Solana and why it got a mixed reaction from the community. Finally, we discuss our new research report on “ETH and the Rise of L2s,” where we parse the economics of blockchain scaling and the tradeoffs specific to an L2-focused roadmap.Special Guest:Melanee Hannock, Chief Digital and Innovation Officer of ALSAC St. Jude Children’s Research HospitalHost:David Duong, CFA - Head of Institutional ResearchPanelists:Georg Toropov, Senior CES TraderDavid Han, Research Analyst

Crypto markets are moving in sympathy with other asset classes as concerns over a global recession and rising tensions in the Middle East proliferate. While prices have recovered somewhat, the uncertainty lingers. Follow our Head of Research David Duong, Senior CES Trader Georg Toropov, Head of Prime Financing Trading Sarah Williamson and Research Analyst David Han as they discuss what happened in markets, the challenges ahead for the Federal Reserve, the current financing situation and what to expect for the rest of 3Q24. They also look at the plethora of web3 and onchain developments including the latest with Eclipse, Avalanche's partnership with the California DMV, Jupiter's announcement to reduce it's JUP supply and the recent Terra hack.2:30 What’s driving the big market moves8:25 Market technicals10:25 Potential Fed response15:23 Endogenous crypto catalysts17:50 Financing update, leverage, and margin calls24:18 Crypto flows27:00 ETFs30:40 Onchain updates36:40 Jupiter cutting token supply37:54 Ethereum Pectra upgradePlease like and subscribe to our podcast and visit our research portal for more content.Host: David Duong, CFA - Head of ResearchPanel:Georg Toropov - Senior CES TraderSarah Williamson - Head of Prime Financing Trading David Han - Research Analyst

In this episode, we have a special guest, Jack Platts, co-founder of Hypersphere, joining us to provide deep insights into the cryptocurrency market. We delve into significant market movements, macroeconomic trends, and key insights from the newly released Q3 Guide to Crypto Markets. Our expert panel, featuring Jack Platts, Greg Sutton, David Duong, and David Han, offers comprehensive analyses and actionable strategies for investors. (1:05) Interview with Jack Platts:Background and Career:Jack shares how his experience at the Web3 Foundation prepared him to launch Hypersphere.(6:30) Political Climate and Crypto:Discuss the current US political climate and its impact on crypto, including insights from the event at Mar-a-Lago.11:40 TON Ecosystem:Explore the TON ecosystem and its potential.19:47 Early-Stage Investments:Insights into writing checks into early-stage Layer 1 deals like Berachain.28:30 Future Excitement:What excites Jack the most about the future of crypto.35:54 Market Movements:Post-Trump BTC Nashville:Greg Sutton discusses market movements following Trump's appearance at BTC Nashville.37:55 ETH ETF Update:Explore the latest updates on Ethereum ETFs and how large wallet movements are influencing the market.39:35 Macroeconomic Trends:Key Economic Indicators:David Duong and Greg Sutton analyze crucial economic data, including JOLTS and consumer confidence on Tuesday, and significant earnings reports from MSFT, Meta, and the FED on Wednesday, followed by Amazon and Apple on Thursday.44:10 Onchain Developments:Governance and Protocol Updates:David Han delves into recent governance activities on Compound, and the latest updates on AAVEnomics and its safety module.48:45 Q3 Guide to Crypto Markets:Report Insights:David Duong and David Han discuss the changes made from the previous edition of the Guide to Crypto Markets.Compelling Trends:Highlight the most compelling or surprising insights from the report and the sectors or assets presenting significant opportunities.Strategic Adjustments:Based on the findings in the Q3 Guide, they offer advice on how investors should adjust their strategies to navigate the evolving market landscape.This episode is packed with expert analyses, timely updates, and strategic insights essential for anyone involved in the cryptocurrency market. Whether you're an investor, a market enthusiast, or simply interested in the latest trends, this discussion provides valuable knowledge to help you stay ahead in the rapidly evolving world of digital assets. Download the Guide to Crypto Markets Here: Subscribe and stay informed: Don’t miss our continued deep dives into cryptocurrency trends, market dynamics, and pivotal developments influencing the global markets.

In this comprehensive episode, we delve into the latest developments, from the impact of ETH and BTC ETFs to significant political shifts and long-term catalysts. Our expert panel, including David, Greg, and David Han, provides in-depth analyses and insights into the forces shaping the future of digital assets.(2:08) ETH and BTC ETF Updates:ETH ETFs Performance: David and Greg discuss the trading volume of ETH ETFs so far, the 10% drop in ETHE, and the implications of moving ETHE to mini ETH. They also cover issuer fees and Bitwise's disclosure of ENS addresses for spot Ethereum ETF holdings.(7: 05) BTC ETF Inflows: Greg highlights the significant inflows into BTC ETFs, with IBIT receiving $526 million yesterday alone.(10:58) Political Landscape and Predictions:Biden Drops Out: Our panel discusses the implications of Biden dropping out of the race, Kamala Harris stepping in, and current prediction market trends showing 64% for Trump (down from 70%) and 33% for Kamala.Fairshake Super PAC: Explore how the pro-crypto group Fairshake has become the largest super PAC of the election cycle, raising over $200 million.Trump at Bitcoin 2024: Speculation around Trump's potential announcement to add Bitcoin to US reserves during his speech at Bitcoin 2024 on July 27th.(20:09) Long-Term Crypto Catalysts:(20:20) Mt Gox Distributions: Greg and David Duong discuss the upcoming ~$3 billion distribution in kind from Mt Gox and its potential market impact.(21:30) FTX Claims Trading: An update on FTX claims trading ~$1.20, the unclear timeline, and hedge funds accumulating positions, now totaling $400 million.Market Flows and Volumes:Funding and Futures Update: Greg provides insights into general market flows, volumes, and the latest updates on funding and futures.(23:55) Real World Asset Developments:Private Credit Fund: David Han covers Hamilton Lane's launch of a $920.7 billion private credit fund on Solana and Ethereum, highlighting the integration of real-world assets into blockchain platforms.(25:55) Onchain Activity:Solana vs. Ethereum DEX Volumes: David Han reports that Solana DEX volumes have recently surpassed Ethereum DEX volumes on a monthly basis.Pump.fun Revenue: Recap of Pump.fun generating $1 million in daily revenue, surpassing MakerDAO.Memecoin Volumes: Analysis of memecoin volumes being more "sticky" than anticipated.This episode offers a thorough exploration of the latest trends, political developments, and long-term catalysts in the cryptocurrency market. Whether you're an investor, a crypto enthusiast, or simply curious about the evolving financial landscape, this discussion provides valuable insights into the strategic movements shaping the future of digital assets.Subscribe and stay informed: Don’t miss out on our continued deep dives into cryptocurrency trends, market dynamics, and pivotal developments influencing the global markets.Host:Ben Floyd, Head of Execution ServicesPanelists:David Duong, Head of Institutional ResearchGreg Sutton, Senior CES TraderDavid Han, Research Analyst

Join us in this episode as we dissect the latest trends and shifts in the cryptocurrency market, along with key political influences and macroeconomic indicators. Our discussion spans from significant market movements to in-depth insights on recent political developments and major cryptocurrency conferences. Market Outlook: German Government and Mt. Gox Flows: The team analyzes the impact of the large financial flows from the German government and ongoing Mt. Gox settlements while also discussing the recent positive price movements in the crypto market. ETF Dynamics: Dive into the strong inflows into BTC ETFs with updates on both ETH and SOL ETFs, exploring how these financial products are shaping market behavior. Macro Economic Trends: Inflation and Interest Rates: Examine the latest data showing a decline in supercore inflation for two consecutive months and how this is shaping expectations for potential rate cuts. Powell’s Testimony: Reflect on the implications of Federal Reserve Chair Jerome Powell's recent testimony, which appeared more lenient towards the possibility of rate cuts, assessing its impact on financial markets. Political Landscape: Trump’s Crypto Influence: Speculate on what Donald Trump’s political actions could mean for the future of cryptocurrency, considering his past statements and potential policies should he re-enter office. JD Vance’s Crypto Advocacy: Explore the background of JD Vance and his history with cryptocurrency, discussing how his position could influence legislative attitudes towards digital assets. ETHCC Highlights and Sector Insights: Ethereum and Layer 1 Direction: Gain insights into the strategic direction of Ethereum’s Layer 1 from the latest ETHCC conference. Layer 2 Differentiation and Challenges: Discuss the differentiation among Layer 2 solutions, touching on community fragmentation, interoperability, and the update on consumer applications, which are crucial for the adoption and growth of these technologies. Subscribe and stay informed: Don’t miss out on our continued deep dives into the trends, dynamics, and pivotal developments influencing the cryptocurrency markets globally. Host: Ben Floyd, Head of Execution Services Panelists: David Duong, Head of Institutional Research Joshua Pak, CES Trader David Han, Research Analyst 

Decoding Crypto Dynamics: Market Catalysts and Strategic InsightsTune into this episode as we dive into the short-term catalysts and strategic insights shaping the cryptocurrency landscape. Our expert panel, featuring David, Sarah, andGeorg unpacks everything from market overhangs to macroeconomic events, providing a comprehensive analysis of the current state of the crypto world.1:45 Key Market Catalysts- **Overhang Influences:** Explore significant overhangs affecting the market such as the news around Mt. Gox and the German government BTC holdings, including the implications of potential Mt. Gox distribution timelines.7:45 **Deleveraging Dynamics:** Sarah provides an in-depth look at the current state of deleveraging across various client types, including insights into orderly margin calls during the recent volatility. Sarah also provides an overview of the portfolio margin system at Coinbase.**FTX Claims and Recovery:**16:20 **FTX Timeline:** Georg discusses the timeline for FTX claims and assesses the potential positive outcomes for the market as these claims progress.18:26 **Macro Economic Trends:**- **Busy Economic Calendar:** David highlights key recent and upcoming macroeconomic events, including last week's non-farm payroll data, this week's CPI, and insights from multiple Federal Reserve members' speeches.20:24 **Political and Regulatory Impact:**- **Political and Legal Considerations:** David continues, delving into the latest political updates that could influence the crypto industry and examines how the Chevron deference might impact rule-making in this space.**Market Pressures and Predictions:**23:34 **Token Unlocks:** Georg analyzes the current pressure on the market due to token unlocks and discusses the implications of these events on market dynamics.26:00 **BTC Supercycle Discussion:** Georg and David follow up revisiting the concept of a Bitcoin supercycle and its potential impacts on the broader market.30:10 Monthly Outlook - Advanced Predictive Analysis:**- **Machine Learning Insights:** David wraps up with his monthly outlook, discussing what machine learning models are predicting about future crypto market movements, offering a unique analytical perspective to our listeners.This episode is packed with critical insights and analysis, perfect for anyone interested in understanding the intricate details and broader trends affecting the cryptocurrency market today. Whether you're an investor, trader, or simply crypto-curious, these discussions will provide valuable insights into the strategic movements shaping the future of digital assets.**Subscribe to stay updated:** Don’t miss our deep dives into cryptocurrency trends, market dynamics, and pivotal developments that influence investment and regulatory frameworks around the globe.Host: Ben Floyd, Head of Execution ServicesPanelists:David Duong, Head of Institutional ResearchSarah Williamson, Head of Prime Financing TradingGeorg Toropov, Senior CES Trader