Coinbase Institutional Market Call

Join us for this week's podcast with insights and analysis on a range of topics impacting the digital asset space. Josh covers the latest market movers and the exciting intersection of AI with crypto, providing valuable insights into emerging trends and developments. Greg delves into macro analysis, exploring key insights and dates to watch out for. He also comments on market flows and crypto's recent volatility dynamics. Sid discusses the remarkable growth of the ETH staking queue and its implications, along with the latest developments in Web3, including a proposal for fees in Uniswap transactions. Mentioned in this recording: Patience is beautiful: https://cryptohayes.substack.com/p/patience-is-beautiful.Host - Ben Floyd, head of execution services Panelists - Josh Pak, CES sales trader Greg Sutton, Senior CES sales trader Sid Shekhar, Blockchain research manager

In this week’s podcast, our special guest, Usman Naeem, who leads our derivative and agency trading businesses, shares his unique insights on navigating the crypto ecosystem’s volatility markets, shedding light on a market that can be challenging to understand. He runs through the recent changes in implied vs realised vol and how the skew and term structures has evolved recently and some thoughts on how people could think about trading vol here.Georg will then take the stage to provide a comprehensive market update, covering recent price action over the weekend, key technical indicators, and notable news.David leads us through the macro landscape, including discussions on the debt ceiling and the Non-Farm Payrolls (NFP) report for the week. Greg dives into exchange flows and desk activities, exploring the latest trends and dynamics.To wrap up the call, Sid will delve into the exciting developments in Web3, touching upon a governance related exploit to Tornado Cash and his thoughts on Vitalik’s blog post about utilising Ethereum’s security for 3rd party protocols.Join us for an informative and thought-provoking discussion as we cover crypto volatility, market updates, macro insights, exchange flows, and the fascinating world of Web3.Remember to subscribe and rate us if you find our discussions valuable.HostBen Floyd, Head of Execution ServicesSpecial GuestUsman Naeem, Head of Derivatives and Agency TradingPresentersGeorg Toropov, CES SalestraderDavid Duong, Head of Institutional ResearchGreg Sutton, Senior CES SalestraderCoinbase Institutional Research and Insights Hub

John D'Agostino is a senior advisor to Coinbase and Chairman of US Asset Management Committee for the Department for International Trade. He has also held board positions on a number well known traditional and crypto hedge funds, and is the subject of the book “Rigged, the True Story of an Ivy League Kid who Changed the World of Oil,” which chronicles his journey helping set up the Dubai Mercantile Exchange. HostBen Floyd, Head of Execution ServicesSpecial GuestJohn D’Agostino, Senior Adviser to CoinbasePresentersJoshua Pak, CES SalestraderDavid Duong, Head of Institutional ResearchGreg Sutton, Senior CES SalestraderVisit the Research and Insights Hub.Read John’s article about the UAE. 

In this week’s podcast, we bring you the latest updates and insights from the last seven days. Georg provides a market update, discussing recent trends, Tether’s BTC ownership, and shares insights on the various ways to buy $10 million worth of BTC. David shares an update on the debt ceiling and its implications for the crypto market, along with insights into retail sales and the latest developments in ETH staking. Greg dives into exchange flows and examines the potential impact of a large seller in the market, providing valuable analysis on what it could mean to the BTC price. Sid follows up on BRC20s, exploring topics such as a recently launched Uniswap clone and the latest advancements in BTC Layer 2 solutions, gaining traction. Check the show notes for a link to the team’s research, and don’t forget to subscribe and rate us if you find this discussion insightful.

In this week’s podcast, we have a special guest, Lauren Abendschein, Global Head of Core Sales at Coinbase, who shares insights from her recent attendance at Consensus and Milken. Lauren has been with CB for over 5 years and has seen the institutional business from the start, making her a true OG in the industry. Joshua Pak provides us with a market update, including some large ETH sellers and updates on the latest memes. David updates us on the latest in macro, including CPI and an overview of the debt ceiling and its impact on crypto, along with what else to look out for. Greg runs us through exchange flows and provides an analysis of changes in open interest and softening of implied volatility. Sid breaks down the BTC congestions and BRC20s in more detail and what this could mean for BTC.

In this week’s podcast, we dive into the policy landscape of the digital asset space with a special guest, Kara Calvert, Senior Director and Head of US Policy at Coinbase. Kara provides us with valuable insights into what’s happening in Washington and how it could impact the industry.Georg provides a market update, covering price action, a new product release from MPL that combines defi/tradfi, and the change in market cap dominance of major assets.David updates us on the Lido activation and withdrawals queues, the broader macro outlook what to watch at the Fed this week.Greg runs through exchange flows and what’s been happening on the desk, including the sharp move lower last Wednesday, and provides an analysis of options markets.Lastly, Sid discusses the memecoin frenzy that is driving up gas fees and causing a surge in unique addresses interfacing with dexes.HostBen Floyd, Head of Execution ServicesSpecial GuestKara Calvert, Head of US PolicyPresentersGeorg Toropov, Senior CES TraderDavid Duong, Head of Institutional ResearchGreg Sutton, Senior CES TraderSid Shekhar, Senior Blockchain ResearcherLinks mentioned in showInformation on Crypto 435Crypto 435 is our campaign to grow the crypto advocacy community and share tools and resources to make your voice heard.Please get in contact if you want to help drive policy forwardsMint a Stand With Crypto commemorative NFTCoinbase response to Wells NoticeCoinbase Research & Insights Hub

This week’s podcast covers a range of topics impacting the digital asset space. Georg dives into the recent price moves of BTC and ETH, which have trended lower due to technical factors. Georg also discusses the Markets in Crypto-Assets (MiCA) regulation memo, its potential impact on the industry and global regulation more broadly. In the macro section, David covers the dislocation of the front end of the US curve 1-3m and Goldman Sachs’ early X date (when the debt ceiling is hit) prediction. Greg and David also provide updates on a busy week of earnings and what that could mean for digital assets. Finally, Sid examines the latest developments in DeFi, including Agility ETH staking incentives driving a TVL over $200m and a16z’s launch on optimism in the Rust programming language. Tune in for insights and analysis on the latest news in the digital asset space.

Join us for a special edition of the Coinbase Institutional Markets Call featuring Tania Reif, Founder & CIO of Senda Digital Assets. Tania and the team share their insights on the highly anticipated Shapella upgrade and we discuss Tania’s views on the market after the upgrade and what she is looking out for in the macro environment. Zooming out, Tania shares some of her reflections on the industry post-2022 and some of her hopes for the future and what regulatory clarity could bring to the industry, especially the longer tail of assets. In addition, the team provides insights into how client trading flows have changed post the upgrade and the net withdrawal flows post Shapella. They also cover positioning in ETH, it’s recent strength and some of the big movers to the upside. This is an exclusive opportunity to gain unique perspectives from a leading expert in the digital asset space. Don’t miss out on this informative and engaging conversation.

This week, BTC and ETH are back at levels we haven’t seen for almost a year. The team provides some detail on the rally in BTC, and offers a technical analysis and outline of where we could go from here. They also discuss how ETH has outperformed most of the rest of the market ahead of the widely anticipated Shapella upgrade around 5:27pm ET (10:27pm UTC) on April 12. You can view a network overview including the activation and exit queues here - https://www.rated.network/overview In the macro update, the team shares their insights on the upcoming CPI print and the increasing rates volatility. We think the risk of recession is not currently being reflected properly by the equity markets. On the NFT front, the team discusses the Opensea Pro launch and the battle with Blur for market share. Finally, in our DeFi update, we cover the recent SushiSwap exploit, an update on zkEVM, and the Euler situation.

In this week’s episode, the team focuses on the highly anticipated Shapella upgrade and its potential impact on Ethereum. The team discusses the bull and bear case for ETH post-upgrade, including the withdrawal queue and the potential for ETH sales. Moving on to Bitcoin, the team analyzes the continued strength of BTC and its implications for BTC miners. They also share their insights on which sectors have outperformed in Q1. In the macro update, David shares his thoughts on various macroeconomic factors such as non-farm payrolls, de-dollarization, and money market funds versus reverse repo. The team also covers CEX and DEX flows, providing listeners with valuable insights on the current trends in the market. Additionally, the episode features an update on Defi, including the latest developments such as Euler funds being returned, Arbitrum’s controversial proposal, and a ZK update.