Coinbase Institutional Market Call

This week, we explore the evolving crypto landscape with regulatory updates, major market movements, and macroeconomic insights. The SEC sees changes with Mark Uyeda and Hester Peirce taking center stage, while the SAB 121 repeal opens new opportunities for banks holding crypto. The CME teases potential futures for SOL and XRP, and BlackRock files for in-kind redemptions on its spot BTC ETF (IBIT).We analyze the market reaction to Deepseek's launch, which topped Apples's U.S. App Store and led a repricing of many AI- linked assets. Corporate crypto buying also continues as Metaplanet announces a $745M raise to purchase BTC and MicroStrategy adds $1.1B in BTC, supported by a bold $2B perpetual strike preferred stock offering. ETF inflows surge to $1.9B, showcasing sustained institutional interest.On the macro front, we preview tariff updates, the FOMC meeting, and December PCE data. In the Ethereum ecosystem,  the Ethereum Foundation has allocated 50K ETH to DeFi protocols, with Paradigm calling for quicker network upgrades. The Pectra upgrade also receives a tentative March 11 release date. Finally, we spotlight Jupiter's market outperformance driven by its buyback plans and Moonshot acquisitions.Links:Coinbase Research2025 Crypto OutlookTopics Covered:Regulatory Updates: SEC leadership changes and SAB 121 repeal implications.Market Movers: Deepseek's impact, CME futures possibilities, and IBIT's filing for in-kind creation and redemptions.Corporate Activity: Metaplanet's raise, MicroStrategy's BTC purchase, and ETF inflows.Macro Overview: Tariff and FOMC previews, PCE data implications.Ethereum Update: Pectra update and Paradigm's push for faster upgrades.Jupiter's Surge: Buyback plans and Moonshot investment.Host:Ben Floyd, Head of Execution ServicesPanelists:David Han, Research AnalystGeorg Toropov, Senior CES Sales Trader

We unpack the explosive market moves as Bitcoin hits a new all-time high of $110K and Solana reaches $293 as crypto welcomes President Trump. TRUMP Coin’s debut contributed to the market frenzy, while COIN50 posted an impressive 8.74% weekly gain, signaling strong momentum as new users flood into the crypto space.We provide a financing overview, highlighting DeFi lending growth on Solana, funding rate fluctuations, and weekend liquidations. Onchain activity breaks records with DEX volumes at all-time highs, despite some network degradation and Ethereum’s leadership reshuffle. The team also runs through Coinbase’s partnership with Morpho in the U.S. that now allows clients to take USD loans using DeFi protocols secured by their Bitcoin, marking a significant innovation in crypto-backed lending.ETF inflows soar with $2B in Bitcoin ETFs and $213M in Ethereum ETFs, alongside MicroStrategy’s bold addition of $1.1B in BTC.On the macro front, we preview the upcoming Fed meeting and discuss its implications for crypto markets.Topics Covered:Market Highlights: BTC & SOL ATHs, Trump Coin launch, and COIN50’s strong performance.Financing Trends: DeFi lending on Solana and funding rate insights.On-Chain Activity: Record DEX volumes, network challenges, and Ethereum’s leadership changes.ETF and Corporate Moves: Large inflows and MicroStrategy’s BTC holdings.Macro Preview: Key updates ahead of the Fed meeting.Links:Coinbase Research2025 Crypto OutlookLiquid Staking WebinarHost: Ben Floyd, Head of Execution ServicesPanelists: David Duong, Head of Institutional Research David Han, Research AnalystZaid Khan, Head of EMEA Financing 

This episode unpacks the latest developments in crypto markets as corporates like Intesa Sanpaolo and Genius Group join the Bitcoin buying wave, with MicroStrategy’s premium holding steady at 1.91. We also highlight Tether’s move to El Salvador and the growing traction of IBIT options, now capturing 50% of Deribit’s open interest, signaling surging institutional demand. An ETF flow update and client strategies reveal how the big players are positioning themselves for 2024.We analyze funding rates, the Ondo unlock, and how to interpret these trends in relation to market dynamics. Recent aggressive crypto acquisitions reflect growing confidence in the new regulatory environment, paired with an update on Coinbase’s Third Circuit Court of Appeals filing.On the macro front, we discuss last week’s CPI, PPI, and employment data and we explore fiscal policy outlooks, debt sustainability, and potential policy shifts shaping the economic landscape. Additionally, we discuss China’s 10Y yield dropping from 2.1% to 1.65% and it's potential impact on global liquidity.In the on-chain segment, we break down stablecoin borrow rates, with Aave at 10-11% and Sky peaking at 12.5%, alongside a surge in USDS growth (25% in the past week). Finally, we examine Sony’s L2 launch on the OP stack, signaling a shift in how corporates leverage blockchain for Web3 adoption, and the interplay between public and permissioned chains.Topics Covered:Corporate Moves: New entrants into BTC buying, MicroStrategy premium analysis.Institutional Trends: IBIT options, ETF flows, and client strategies.Funding Rates & Unlocks: How market dynamics shape strategies.Regulatory Environment: Crypto acquisitions and Coinbase court updates.Macro Update: Key data reflections, China’s stimulus, and fiscal policy outlook.On-Chain: Stablecoin borrow rates, USDS growth, and Sony’s L2 launch for Web3 corporates.Host:Ben Floyd, Head of Execution ServicesPanelists: David Duong, Head of Institutional Research David Han, Research Analyst Georg Toropov, Senior CES Sales Trader

This week, we explore Bitcoin’s increasing institutional adoption, with MicroStrategy expanding its holdings and other companies considering BTC for their balance sheets. We analyze ETF flows over the past two weeks and provide a Q1 market outlook, focusing on key drivers and emerging trends. In the macro segment, we examine pro-crypto regulatory appointments, potential legislation from a crypto-friendly Congress, and the Fed's rate outlook for H1. We also discuss the implications of economic data volatility and what Canada’s potential new leadership could mean for Bitcoin. Additionally, we highlight global moves toward Bitcoin as a strategic reserve.Onchain, we delve into the growth of protocols like Morpho, Babylon, and Pendle, alongside AI agents gaining traction, with Eliza ai16z’s GitHub surpassing Google Gemini in stars. We also explore the significance of high DEX volumes and Backpack’s acquisition of FTX's EU operations, shedding light on its impact on European derivatives markets.Topics Covered:Market: Institutional BTC adoption, ETF flows, and Q1 market outlook.Macro: Pro-crypto regulatory changes, potential legislation, Fed rate trajectory, and global BTC reserves.On-Chain: Protocol growth, AI agent innovation, and European market developments through Backpack’s FTX acquisition.Host: Ben Floyd, Head of Execution ServicesPanelists: David Duong, Head of Institutional Research David Han, Research Analyst Georg Toropov, CES Sales Trader

Joshua Pak, a CES Sales Trader at Coinbase, shares insights on Bitcoin reaching new heights, driven by institutional investments from companies like MicroStrategy. He discusses the increasing confidence in BTC, highlighted by BlackRock's recommendation for a 2% allocation. The conversation shifts to onchain trends, including the rise of stablecoins and AI-driven memes, and features the momentum of Pudgy Penguins' token launch. Lastly, Pak offers a glimpse into Coinbase's outlook for 2025, anticipating regulatory impacts and market dynamics.

 In this episode, we break down a turbulent week in crypto markets, starting with a wave of liquidations driven by recent volatility. We explore ETF flows, contrasting ETH and BTC trends, and analyze the resilience of CME basis despite normalized funding rates.Corporate treasury expansion takes center stage as we highlight significant Bitcoin acquisitions by MicroStrategy, MARA Holdings, and others.On the regulatory front, David Sacks' new appointment sparks debate on crypto policy direction. Onchain developments include Google’s intriguing Willow project, the UK’s blocking of Pump’s frontend, and Pudgy Penguins' rise as a top NFT collection. Plus, Floki’s debut debit card marks another milestone in crypto adoption.We also review the macro outlook, previewing the upcoming CPI release and its potential ripple effects on the market.Topics Covered:Market: Liquidations, ETF updates, and CME basis trends.Client Conversations: Strategic positioning, rotation, and profit-taking.Bitcoin Miners & Treasuries: Bold moves by MARA and MicroStrategy.Macro & Regulation: CPI preview and shifting Fed leadership dynamics.Onchain Trends: Google’s qubits, NFT reshuffles, and token launches.Host: Ben Floyd, Head of Execution ServicesPanelists: David Duong, Head of Institutional Research David Han, Research Analyst Georg Toropov, Senior CES Sales Trader

Cindy Leow, co-founder of Drift Protocol, shares insights on their innovative Solana-based decentralized exchange that offers high-leverage trading options. She delves into the implications of using 50x leverage and discusses risk management strategies. Meanwhile, David Han analyzes the effects of recent political events in South Korea on crypto exchanges and the shift in investor sentiment. The conversation also touches on the rising interest in altcoins as retail traders return to the market, showcasing the dynamic nature of today's crypto landscape.

In this episode, we delve into Bitcoin's march toward $100K, analyzing market flows, technical drivers, and ETF developments, including the impact of 13F filings and the launch of ETF options. We also spotlight the strength in XRP tied to ETF applications and discuss key macro shifts, including Trump's Cabinet picks, Gary Gensler's exit from the SEC, and what it all means for crypto. David Duong covers the upcoming Fed meeting and its implications, while David Han provides an onchain update on long-term Bitcoin holders and the rise of meme tokens.Don’t miss this episode packed with market analysis, macro insights, and cutting-edge onchain trends.Topics Covered:Market Update: BTC's rally, ETF flows, 13F surprises, and XRP’s surge.Macro Shifts: Fed meeting preview, Trump's crypto impact, and regulatory updates in the U.S. and U.K.Onchain Update: Insights into BTC holders' strategies and meme innovation.Host:Ben Floyd, Head of Execution ServicesPanelists:David Duong, Head of Institutional ResearchDavid Han, Research AnalystGreg Sutton, CES Sales Trader

In this episode, we analyze the latest crypto market trends, highlighting BTC’s rally, standout tokens like SOL and XRP, and increased corporate adoption. Joe Flanagan, Co-Founder of Maple Finance, joins us to discuss the platform’s transition to secured lending, expansion into new borrower sectors, and the introduction of their governance token, SYRUP. We also explore the launch of IBIT options, examining how they could enhance liquidity, improve risk management, and offer strategic flexibility for investors. Don’t miss this episode packed with market updates, institutional trends, and deep dives into DeFi innovation.Topics Covered:Market Update: BTC and altcoin movements, corporate BTC adoption, and ETF flows.Maple Finance Insights: Its transition to secured lending, its long-term plans for expansion, and its SYRUP token launch.IBIT Options: Implications for liquidity, risk management, and portfolio strategies.Host:Ben Floyd, Head of Execution ServicesSpecial Guest:Joe Flanagan, Co-Founder and Executive Chairman of Maple FinancePanelists:David Duong, Head of Institutional ResearchDavid Han, Research Analyst

In this episode, we dive into the major market movers, examining shifts in onchain BTC activity as long-term holders start to potentially position to take profits and funding rates hit extreme levels. Rachel Ziv provides the latest insights on the Coinbase financing business, including current trends in the fluctuating cost of capital. Special guest John D’Agostino, Senior Adviser to Coinbase, introduces the Coin50 Index, explaining its methodology, potential impacts, and its future role in shaping crypto portfolio strategies. David Duong delivers a macroeconomic update covering CPI, retail sales, and insights into what the Fed may do next. Onchain specialist David Han provides a breakdown of Beam Chain, as highlighted by the Ethereum Foundation’s Justin Drake, along with the latest from the Base ecosystem. Don’t miss this packed episode full of expert analyses, innovative tools, and essential market data.**Host:**Ben Floyd, Head of Execution ServicesSpecial GuestsJohn D’Agostino, Senior AdviserRachel Ziv, Senior Financing TraderPanelistsDavid Duong, Head of Institutional ResearchDavid Han, Research Analyst