Coinbase Markets Podcast

In this episode, Coinbase Research dissects the post-Thanksgiving crypto landscape, marked by low liquidity and high volatility. We debate a “trend variant” approach to dollar cost averaging (DCA), explore the implications of the Fed ending quantitative tightening, and the market implications of a highly anticipated December Fed rate cut—stressing that the commentary’s tone will matter more than most meetings. The sell off from concerns over a Bank of Japan hike (leading to an unwind of JPY carry trades) seems to be over for now. We also examine the unsettling trend of AI-driven white-collar layoffs and its effect on the ‘K-shaped economy’. Finally, we dive into bitcoin’s key onchain and technical signals, from long-term holder distribution and bearish options positioning to the critical battle to reclaim the 50-day moving average and the $98K-100K support zone.Speakers:David Duong, CFA - Global Head of Investment Research (X: Dav1dDuong)Colin Basco - Research Associate (X: colin_basco)

Crypto markets have gone through a broad repricing as doubts about AI ROI, the unwind of the momentum trade, and renewed uncertainty around the December FOMC meeting collide. We unpack why this macro mix matters more than usual: a prolonged government shutdown has jeopardized October 2025 releases, adding to uncertainty about what comes next. That said, we think the signal from small business earnings still points to cuts. But the longer-time-frame trend reduces the room for speculation, making it hard to pick strong altcoin names. Should investors buy/hold/sell here? Is this the capitulation we were waiting for, or will there be a further purge? Tune in to hear our latest thoughts.Speakers:David Duong, CFA - Global Head of Investment ResearchColin Basco - Research Associate

This episode unpacks a fragile week in crypto markets, discussing why reactive positioning can beat buying dips in downtrends, and what November’s liquidity signals could mean for a potential year‑end turn. We map the landscape of softening demand—from corporate treasuries to ETF outflows—alongside key technical zones that now define the range, and what renewed options hedging is signaling about downside risk and rebound potential.  We also talk about how shifting FOMC odds are feeding risk sentiment, and why the much‑debated AI trade—between massive capex and slower monetization—matters for crypto markets and sector rotation.Speakers:David Duong, CFA - Global Head of Investment ResearchGeorg Toropov - Senior CES Sales TraderColin Basco - Research Associate

Starting today, all Coinbase One US subscribers will have early access to Coinbase Research. If you’re a CB1 subscriber, check your inbox now. In this episode, we cover some of the topics from our latest Monthly Outlook. We also wade into the enterprise L1 debate following the announcement that long-time Ethereum Foundation researcher Dankrad Feist is joining Tempo — a new L1 focused on payments and stablecoins. We also walk through the latest Charting Crypto report where we unpack new investor survey signals, dig into our Global M2 Money Supply Index, and discuss the role of digital asset treasuries as a force for structural demand across BTC and ETH.Speakers:David Duong, CFA - Global Head of Investment ResearchBen Rodriguez - Senior Protocol SpecialistColin Basco - Research Associate

In this episode, we dig into whether there’s more downside ahead or if the worst is now behind us following the leverage flush on October 10. We discuss how elevated altcoin open interest set up cascading liquidations and why the reset cleans up positioning but doesn’t guarantee direction. Flows remain mixed with limited BTC dip‑buying, a concentrated ETH bid, and some ETF outflows—so we prefer reactive over anticipatory positioning until breadth improves. Finally, a growing privacy theme centers on Zcash, with momentum holding even through the drawdown. Into next week, a 25bps Fed cut is the base case, though a dovish Beige Book is increasing the odds of the board front loading the easing cycle into early next year.Speakers:David Duong, CFA - Global Head of Investment ResearchGeorg Toropov - Senior CES Sales TraderColin Basco - Research Associate

The phrase “Black Friday” now carries a very different connotation for crypto market participants following Friday’s flash crash that saw $19B in leveraged positions wiped out. Ostensibly, the catalyst for the move was the announcement of 100% tariffs and new export controls on China (subsequently walked back), but the unprecedented scale of the move suggests many moving parts to the story. We break down the main vectors contributing to the sell off, including the market’s massive liquidity drain, the collateral valuation mechanics of certain crypto-trading platforms, and the role that auto-deleveraging mechanisms played. We also discuss the lessons being learned in the aftermath and what this means for both retail and institutional investors going forward.Speakers:David Duong, CFA - Global Head of Investment ResearchJoshua Pak - Senior CES Sales TraderColin Basco - Research Associate

Bitcoin pushed past $125,000 this week as US spot ETFs saw massive inflows, and corporate treasuries added to their reserves. With the US government shutdown, what data should we be looking at for markets? Meanwhile, SWIFT’s recent blockchain announcement suggests traditional finance is rapidly adapting to crypto realities, while Stripe’s revolutionary “Open Issuance” platform democratizes stablecoin creation with backing from BlackRock and Fidelity. In other topics, are you sick of hearing about gold? Too bad because we talk about it. On the regulatory side, the CFTC launched its Tokenized Collateral and Stablecoins Initiative as regulators embrace crypto derivatives, and the SEC has been making headlines with its no-action letters and new fast-track standards for crypto ETF listings. This episode is perfect for institutional investors, crypto researchers, DeFi builders, and anyone tracking the intersection of traditional finance and digital assets.Speakers:David Duong, CFA - Global Head of Investment ResearchColin Basco - Research Associate

This episode breaks down the key turning points in the current macro environment, exploring why risk assets are struggling despite recent Fed dovishness and what’s driving the recent pause in DeFi total value locked (TVL) growth, even as markets search for new catalysts. The conversation moves into real-world adoption, examining fresh stablecoin and asset-tokenization initiatives on Avalanche, and considers the broader implications for digital asset treasury (DAT) markets—including the merger between Strive and Semler Scientific. We offer insights from our latest institutional research, touching on the impending US government shutdown, the evolving regulatory landscape and major onchain trends.Speakers:David Duong, CFA - Global Head of Investment ResearchColin Basco - Research Associate

This week, the team analyzes the liquidation-driven downturn in BTC, ETH, and altcoins, alongside the broader macroeconomic outlook for Q4. Plus, Colin provides an in-depth analysis of ETH fundamentals, DAT activity, and developments on Base.Speakers:- Joshua Pak, Senior CES Sales Trader- Colin Basco, Institutional Research

David and Colin answer three pressing questions from institutional investors: is the DAT cycle over? Do Fed cuts represent a local top? Does seasonality (e.g. Uptober) really matter in crypto? They also discuss what's happening with Nakamoto Holdings, how much the Fed could cut before the end of the year, and the most relevant market news. You don't want to miss this one.Speakers:David Duong, CFA - Global Head of Investment ResearchColin Basco - Research Associate