Coinbase Markets Podcast

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 

Nasdaq's Crypto Push and a Labor Market ShockerDescription: This week, we're analyzing a market that's showing a clear divergence. Bitcoin is seeing strong inflows of over $620 million, while Ethereum is experiencing significant outflows of $880 million. Price action reflects this, with Bitcoin holding a tight range, Ethereum trading flat, and Solana outperforming with a 9% gain. We'll look at what healthy perp funding rates tell us about market sentiment.The dominant theme is the shifting macro landscape. We received a major reality check on the U.S. labor market with large downward revisions to annual payroll data. This, combined with last week's weak JOLTs data, is increasing the odds of a larger Fed rate cut ahead of next week's FOMC meeting. All of this sets the stage for a critical CPI report on Thursday. We'll also touch on the latest OPEC+ announcements.This comes as traditional finance makes huge moves into the space. Nasdaq is investing $50 million in the Gemini crypto exchange and has also filed with the SEC to trade tokenized securities alongside traditional stocks. We'll also cover Ant Digital's plan to tokenize $8 billion in assets and the latest onchain news from MegaETH and Ethena.Topics Covered:Market Update:Diverging ETF Flows: BTC inflows ($620m) vs. ETH outflows (-$880m).Price Action: BTC range-bound, ETH flat, and SOL outperforming (+9%).Market Sentiment: Healthy perp funding rates and a rising COIN50 index.Macro Deep Dive:Labor Market Shocker: The 911k downward revision to benchmark payrolls.Fed Outlook: Increased odds of a rate cut ahead of the FOMC meeting.Key Data: What to expect from Thursday's CPI report.Fiscal & Geopolitics:  OPEC+ news.Regulatory & Adoption Breakthroughs:Nasdaq invests $50 million in Gemini.Nasdaq seeks SEC approval to trade tokenized securities.Ant Digital plans to tokenize $8 billion in assets.Onchain & Ecosystem News:MegaETH launches a native stablecoin with Ethena to subsidize fees.Coinbase News & Product Launches:Coming September 22: Mag7 + Crypto Equity Index FuturesCB ResearchCoinbase ResearchSpeakers:Ben Floyd, Head of Execution ServicesDavid Duong, Global Head of ResearchColin Basco, Institutional Research

This week, we sit down with Luca Netz, the CEO of Pudgy Penguins, to discuss the project and its vision. Additionally, the team shares insights on market expectations for September, a month historically known for seasonal challenges. We also explore the macroeconomic factors influencing prices.Speakers:Joshua Pak, Senior CES Sales Trader - ModeratorDavid Duong, Global Head of Institutional ResearchGregg Wysocki, Director, U.S. Hedge Fund SalesColin Basco, Institutional ResearchLuca Netz, CEO of Pudgy Penguins

This week we sit down with Ovie Faruq, founder of Rekt Brands, and talk through crypto's weakness ahead of Friday's Jay Powell speech. Speakers:Joshua Pak, Senior CES Sales TraderDavid Duong, Global Head of ResearchColin Basco, Institutional ResearchOvie Faruq, Founder of Rekt Brands Inc

Description: This week, we're digging into the market's reaction to the latest CPI data and what it means for the macro landscape as we look ahead to the Jackson Hole symposium. We'll discuss expectations for the event, the ongoing debate around potential new Federal Reserve appointments, and provide an update on the tariff situation.The main event in crypto is Ethereum's explosive +23% move on the week, with LDO moving in concert. We'll break down the key drivers behind the rally, including a massive $1.8 billion in ETF inflows, over $2 billion in large Digital Asset Trust (DAT) purchases, and a significant regulatory clarification that liquid staking derivatives (LSDs) will avoid security status. While ETH is technically overbought, we note that funding rates have not yet become excessively rich.We then look at the future of the Ethereum ecosystem, providing an update on the staking exit queue and the evolving discussion around new products like staking ETFs versus the established DATs. We'll also touch on strong network fundamentals, with daily transactions averaging 1.7 million in August.Finally, we have game-changing news from Coinbase. The company is rolling out DEX trading directly in the main Coinbase app for U.S. users, unlocking access to millions of on-chain assets, particularly on Base. In addition, Coinbase Asset Management is launching a second Stablecoin Bootstrap Fund to deepen liquidity across DeFi protocols like Aave, Morpho, and Jupiter.Topics Covered:Macro & Policy:Analysis of the latest CPI data.What to expect from the Jackson Hole symposium.The debate around potential new Fed chair appointments.An update on the tariff situation.Ethereum's Massive Rally:Unpacking the +23% move and LDO's performance.Key Drivers: $1.8B in ETF flows and $2B in DAT purchases.Regulatory Win: Liquid Staking Derivatives (LSDs) avoiding security status.An update on the ETH staking exit queue.Network Health: 1.7 million daily transactions in August.Coinbase News & Product Launches:DEX Trading: Trading on-chain assets directly in the main Coinbase app.DeFi Liquidity: The launch of a second Stablecoin Bootstrap Fund for protocols like Aave and Morpho.A look at the AI tools being used at Coinbase.CB ResearchBitcoin, Liquidity, and Macro CrossroadsSpeakers:Ben Floyd, Head of Execution ServicesDavid Duong, Global Head of ResearchColin Basco, Institutional ResearchBen Rodriguez, Senior Protocol Specialist

This week, we're analyzing the market's reaction to the recent Non-Farm Payrolls report, which hit our markets and has significantly increased rate cut expectations. We look ahead to the main event on the macro calendar: the Jackson Hole symposium, where Fed Chair Powell is scheduled to speak Friday morning on things including AI and the labor market, potentially setting the tone for the rest of the year. Our latest research report adds context, showing how global liquidity is expected to continue to flow into crypto through Q3 and Q4, and that long-term holders are showing strength by not selling at a loss.Another big story is the continued positive shift in the U.S. regulatory landscape. We provide a deep dive into the SEC's new "Project Crypto," an initiative designed to modernize securities regulation, transition U.S. financial markets to a blockchain-based infrastructure, and, crucially, clarify that most digital assets are not securities—a dramatic move away from the previous "regulation-by-enforcement" era. This is complemented by the CFTC's "Crypto Sprint" to regulate spot markets and a proposed White House tax update that would align the taxation of mined bitcoin with gold.In market structure, we cover the latest Digital Asset Trust (DAT) updates, including large purchases in SOL and ETH, and discuss how investor equity unlocks can affect market pressure. We also provide a quick update on the ETH staking queue.Finally, we have a series of massive real-world adoption announcements from Coinbase. The exchange is joining forces with JPMorgan Chase to make it even easier for customers to access crypto. Additionally, Coinbase has expanded its PayPal integration to Canada and will be rolling out Samsung Pay as a payment and deposit option for users in the United States and Canada.Topics Covered:Macro Outlook:Post-NFP analysis and increased rate cut expectations.What to watch for at the Jackson Hole symposium and from Powell's speech.Insights from our research on global liquidity (M2) and BTC valuation.The Regulatory Revolution:A deep dive into the SEC's "Project Crypto" and its goal to clarify asset classifications.The CFTC's "Crypto Sprint" for regulating spot markets.The proposed White House tax update for bitcoin miners.Market & On-Chain Dynamics:Digital Asset Trust (DAT) updates: large purchases and investor unlock pressures.An update on the Ethereum staking queue.Coinbase & TradFi Integration:The new partnership between Coinbase and JPMorgan ChaseExpansion of PayPal buy/sell functionality to CanadaIntegration of Samsung Pay in the US and CanadaCB ResearchBitcoin, Liquidity, and Macro CrossroadsSpeakers:Ben Floyd, Head of Execution ServicesDavid Duong, Global Head of ResearchColin Basco, Institutional Research

This week we dive into BTC's resilient price action in the face of challenging flow dynamics and break down ongoing ETH demand and broader macro trends.Speakers:Joshua Pak, Senior CES Sales TraderDavid Duong, Global Head of ResearchGregg Wysocki, Director Institutional SalesColin Basco, Institutional Research