Coinbase Institutional Market Call

This week, we discuss the recent market volatility and price drops associated with the long-awaited liquidation of Mt Gox assets, along with some bitcoin selling by the German government. Our expert panelists Greg Sutton (senior CES trader) and David Han (research analyst) also analyze spot ETH ETF expectations and the potential impact of a launch in early July, given the current low liquidity conditions. Note that while July tends to be a slower month, historically we have seen that it brings positive seasonality trends, at least for bitcoin.The panelists also touched on the political situation with the US presidential debate taking place on June 27 and the Supreme Court potentially overturning Chevron Deference. Meanwhile, technical updates on Solana (including Blinks, ZK Compression and Magic Blocks) are focused on improving the user experience, while the outperformance of TON has been driven by integration within the Telegram platform demonstrating a shift toward user acquisition over technical debates.Overall the discussion cuts through the noise of macro factors, regulatory developments, and innovation across crypto markets to discuss the implications for institutional investors.1:10 Mt. Gox distributions1:55 Perp funding rates & futures markets6:45 German government sales9:28 ETH ETF update13:00 BTC ETF flows14:30 Election insights16:00 Token unlocks20:40 TON update and Telegram integration24:40 Solana technical updates28:45 Seasonal BTC trendsHost: David Duong, Head of Institutional ResearchPanelists:Gregory Sutton, Senior CES TraderDavid Han, Research Analyst**Subscribe to stay updated** with our deep dives into cryptocurrency trends, market dynamics, and the pivotal developments influencing investment and regulatory frameworks around the globe.

The State of Crypto: Expert Insights from the Coinbase & Financial Times SummitDive into the highlights of the "State of Crypto Summit," co-hosted by Coinbase and the Financial Times at Casa Cipriani in New York. This special episode features exclusive interviews with leading experts and thought leaders in the cryptocurrency industry who gathered to discuss the current and future landscape of digital assets. Listen as we explore their insights on regulation, institutional adoption, which sectors they're excited about, and predictions for Bitcoin's price trajectory.Summit Highlights and Discussions:Regulatory Landscape: Delve into expert perspectives on the current regulatory landscape for cryptocurrencies. Understand the challenges and opportunities stemming from recent regulatory developments, and what they might mean for the future.Institutional Adoption: Experts share their experiences and insights on what is driving institutional interest and the obstacles that institutions encounter when adopting these technologies.Exciting Sectors: Discover which sectors within the crypto space are generating the most buzz among summit attendees. Learn about the areas that experts are most optimistic about and why they believe these sectors hold significant potential.Bitcoin Price Predictions: Hear predictions from top analysts and industry leaders about Bitcoin’s price by year-end. Will it surpass the $100k mark? Explore a range of perspectives on the factors that could influence Bitcoin's price movement in the coming months.Why This Matters: This episode offers an in-depth overview of the pivotal discussions and sentiments shared by key figures at one of the most significant crypto gatherings of the year. Whether you're an investor, a crypto enthusiast, or simply curious about the financial landscape, these discussions provide invaluable insights into the strategic movements shaping the future of digital assets.Subscribe and Stay Informed: Don't miss out on our continued coverage of groundbreaking crypto events. Subscribe to our podcast for more thorough discussions and expert analyses that keep you informed on the rapidly evolving world of digital assets.HostsBen Floyd - Head of Execution ServicesDavid Duong - Head of Institutional Research

Global Conference Insights: From Milken to ConsensusJoin us for an insightful episode featuring special guest Lauren Abendschein (Global Head of Institutional Sales at Coinbase), as she provides crucial updates from prominent global conferences including Milken, Medici, and Consensus. This discussion delves into the evolving landscapes of these events, comparing dynamics of the current year with previous ones, exploring technological advancements, and analyzing the varied sentiments among different participant groups.Conference Highlights:2:30 Milken Conference Reflections: Lauren provides an in-depth comparison of this year’s Milken conference to 2023, highlighting the diverse perspectives among corporates, money managers, and other attendees, particularly in the context of the BTC ETF success and the anticipated ETH ETFs.7:45 Medici Developments: Explore the progression of the Medici conference over the years, focusing on the shifting emphasis and significant technological strides being made.11:00 Consensus Key Themes: Unpack the discussions around political and regulatory environments at Consensus, alongside other major trends that have dominated conversations.Global Sentiments and Variations:17:15 Cross-Conference Perspectives: Gain insights into the general sentiment across these conferences and how it varies globally, providing a nuanced view of the international crypto landscape.Political and Social Movements:20:00 PAC Fundraising and Crypto in Politics: Discuss recent developments in PAC fundraising and President Trump’s initiative to accept BTC payments via the Lightning Network.26:18 Roaring Kitty’s Reemergence: Georg Toropov offers insights on the comeback of Roaring Kitty and its potential impact on crypto meme coins and the broader market context.29:36 Core Scientific's New Venture: Explore Core Scientific’s significant new contract worth approximately $290 million per year with an AI company, discussing potential implications for the crypto and tech industries.Macro Economic Overview by David Duong:31:02 Economic Indicators: David provides updates on recent weak data indicators such as ISM and JOLTS job data, setting the stage for the upcoming non-farm payrolls and the Federal Reserve meeting next Wednesday.On-Chain Developments with David Han:34:50 On-Chain Revenue and Hacks: Highlight the impressive on-chain revenues from platforms like Pump.fun, and discuss the impact of recent disruptions such as Linea’s block production stop following a DeFi hack41:15 Uniswap and ARB Initiatives: Review the delay in Uniswap’s governance proposal vote and delve into the allocation of 200 million ARB ($250 million) to support gaming initiatives.This episode offers an extensive overview of the latest developments from global conferences, market trends, economic updates, and on-chain activities. Whether you're an investor, a crypto enthusiast, or simply curious about the financial landscape, this discussion provides valuable insights into the strategic movements shaping the future of digital assets.Subscribe to stay informed with our in-depth analyses of cryptocurrency trends, market dynamics, and pivotal developments that influence investment and regulatory frameworks worldwide.Host: Ben Floyd, Head of Coinbase Execution ServicesSpecial Guest: Lauren Abendschein, Global Head of Institutional SalesPanelists:David Duong, Head of Institutional ResearchDavid Han, Research AnalystGeorg Toropov, Senior CES Trader

Unpacking the Future of ETFs: Insights on the ETH ETF, Political Dynamics, and Key Market Trends Description:Join our expert panel including David Duong, Georg Toropov, David Han, and Rachel Ziv as they explore the complexities and strategic dimensions of the Ethereum ETF and its broader implications for the cryptocurrency market. This episode provides a deep dive into potential trading timelines, demand forecasts, and comparisons with other global ETFs, along with a thorough analysis of the critical dynamics at play in the crypto finance landscape.**ETF Trading and Dynamics:**2:30 - **Initiation and Expectations:** David Duong breaks down the anticipated timeline and procedural steps for the ETH ETF to begin trading, setting the stage for a transformative shift in crypto investments.5:20 - **Comparative Analysis:** Georg Toropov examines the potential demand for the ETH ETF and contrasts it with existing products like HK ETFs, Canadian ETFs, and derivatives such as futures and perpetuals, offering a global perspective.8:00 - **Market Dynamics:** David Han explores the vital market dynamics to watch, including the effects of staked ETH and potential outflows from products like ETHE.**ETH Financing and Market Updates:**11:40 - **Financing Trends:** Rachel Ziv delves into how leverage trends are evolving in response to ETF approvals, comparing these trends between ETH and the earlier BTC ETF launch.16:00 - **Staking and Liquidity:** Rachel further discusses the current ETH staking rate, its impact on financing rates, and inventory concerns, shedding light on the liquidity challenges and yield opportunities in the market.**Future ETF Prospects and Political Landscape:**17:00 - **Next in Line:** David Duong speculates on what other cryptocurrencies might see similar ETF products in the future, considering the evolving regulatory and market conditions.26:05 - **Cryptocurrency and Politics:** Highlighting the increasing role of cryptocurrencies as a political issue, David references recent statements from political figures and analyzes voter sentiments toward digital assets.35:07 **Institutional Engagement and Protocol Updates:**- **Institutional Flows:** Georg Toropov talks about the changes in institutional narratives and flows post the ETH ETF announcement, emphasizing the significance of ETH call skew and open interest increases.37:15 - **Protocol Developments:** David Han provides updates on forthcoming protocol upgrades and policy changes in networks like Solana and Ethereum, which are crucial for future market strategies.**Market Movements and Economic Indicators:**30:33 - **Significant Market Movements:** Georg Toropov revisits recent significant market events, including the BTC movements from a Mt. Gox cold wallet and contrasts them with potential payouts from the FTX estate.43:55 - **Economic Outlook:** The panel wraps up with a discussion on upcoming economic data and token unlocks that market watchers should keep an eye on.This episode is packed with expert analyses and forecasts, crucial for anyone involved in or following the cryptocurrency markets. From investors and market analysts to crypto enthusiasts, these discussions provide essential insights into the rapidly evolving landscape of digital assets and the strategic movements shaping their future.**Subscribe to stay updated** with our deep dives into cryptocurrency trends, market dynamics, and the pivotal developments influencing investment and regulatory frameworks around the globe.Host: Ben Floyd, Head of Coinbase Execution ServicesPanelists:David Duong, Head of Institutional ResearchDavid Han, Research AnalystGeorg Toropov, Senior CES TraderRachel Ziv, Senior Financing Sales TraderLinks:Coinbase Institutional Research websiteIf you want to learn more about any of Coinbase's products, please email sales@coinbase.com

Dive into this week's episode as we explore the exhilarating surge in Ethereum prices and the broader implications of the anticipated ETH ETF approvals. This discussion will not only cover market dynamics but also address critical onchain developments and legislative updates poised to reshape the cryptocurrency landscape.ETH ETF and Market Dynamics (2:04):Market Surge: Analyze the recent remarkable upticks, with ETH up by 20% alongside a general rally in meme coins by 10-30%.Record Futures Interest: Discuss Ether futures reaching a record open interest of $14 billion and what this signifies for market sentiment.Betting on Approval: Review how Polymarket odds have shifted to a 70% likelihood of ETF approval, reflecting increased market optimism.Deep Dive into ETH ETF Queries (05:24):Simultaneous Approvals: Address whether all pending ETH ETF applications might be approved concurrently and the implications of such a scenario.Trading Dynamics: Consider how ETH might trade leading up to and following potential ETF approval.Key Dates: Highlight important dates to watch concerning ETF approval and how these could impact market movements.Legislative Influences (13:30): Examine how legislative developments, including the SAB21 and the FIT Act House Vote, are crucial to the crypto environment in the upcoming weeks.Onchain Innovations:New Protocols (22:45): Unpack the details of ERC-7683 by Uniswap Labs and Across, exploring how this standard could shape the approach towards cross-chain interactions.Optimism’s Fraud Proofs (25:02): Discuss the launch of fraud proofs by Optimism chain and their potential to enhance security and trust within the network.Tune in to gain a comprehensive understanding of the current state of the Ethereum market and the exciting onchain developments that continue to push the boundaries of what's possible in crypto. Whether you're an investor, a crypto enthusiast, or a newcomer, this episode will equip you with the insights needed to navigate the evolving digital asset scene.Links:Coinbase Institutional Research websiteIf you want to learn more about any of Coinbase's products, please email sales@coinbase.com

Is cryptocurrency the next logical evolution of the monetary system? In Evolving Money, to explore whether we're at an inflection point, we'll look back at moments in the history of money when how we paid for things and stored value long-term changed for the better. Subscribe to Evolving Money, a new podcast from Coinbase and Bloomberg Media Studios, today.

Join us for an exclusive deep dive into the Ethena protocol with its founder, Guy Young. This episode provides an in-depth look at the mechanics, vision, and future plans of Ethena, alongside key updates from the wider cryptocurrency and blockchain space.In-Depth Conversation with Guy Young:Introduction to Ethena: Learn about Guy Young, his background, and the inception of Ethena.Yield Mechanisms Explained: Guy explains how Ethena generates its yield and the innovative financial mechanisms behind it.Backend Operations: Unpack the technical workings of Ethena, providing clarity on how the protocol operates behind the scenes.Vision and Exchange Layer: Explore Guy's vision for building a network and exchange layer around USDe, aiming to enhance crypto's usability and accessibility.2024 Roadmap: Dive into the strategic plans and key milestones Ethena aims to achieve in the coming year.Founder's Insights: What challenges and concerns keep Guy up at night? An honest look at the hurdles and worries facing the leader of a growing crypto protocol.Additional Crypto Updates:EIP-7702 Overview: An overview of Vitalik Buterin’s draft EIP-7702, discussing its implications and potential impact on the Ethereum ecosystem.BTC & ETH ETF Updates: Get the latest on BTC ETF flows and the recent developments regarding Ethereum’s regulatory approval, plus insights into Polymarket's recent fundraising efforts.Market Catalysts: Preview the important upcoming economic events, including CPI data and 13F filings, and discuss their anticipated effects on the crypto market.This episode offers a unique perspective into one of the most intriguing new projects in the blockchain space, combined with expert analysis on current trends and upcoming market catalysts. Whether you're an investor, enthusiast, or industry professional, this dialogue with Guy Young will provide valuable insights into Ethena's potential and the broader digital asset landscape.Make sure to subscribe for more detailed discussions and expert analyses that keep you informed about the rapidly evolving world of digital assets.Links:Coinbase Institutional Research websiteIf you want to learn more about any of Coinbase's products, please email sales@coinbase.com

Join us for an insightful conversation with Dadi Kristjansson, where we explore his bullish stance on BTC, preference for SOL over ETH, and other critical updates shaping the cryptocurrency market. This episode delves into technical analysis, regulatory landscapes, macroeconomic factors, onchain developments, and the latest in ETF trends.Conversation with Dadi Kristjansson (01:34)Crypto Preferences: Discover why Dadi is long on BTC, bullish SOL and a little concerned for ETH, providing an in-depth analysis of his investment strategy.Market Update (21:46)Technical Analysis: Unpack the key technical levels to watch in the current market.Collateral Integration: Discuss Bybit’s recent move to integrate Ethena Labs' USDe as a collateral asset.Regulatory Landscape: Analyze the mixed signals from regulators and what these could mean for the crypto market.Macro Economic Insights (24:16)Federal Meeting and Economic Data Update: Recap the outcomes of Wednesday's Fed meeting and the implications for the financial markets.Key Economic Data: Look ahead to the CPI release on the 15th and Nvidia’s earnings on the 22nd, and their potential impacts on the market.Onchain Developments (34:20)Aave's Innovations: Explore the latest announcements from Aave, including the announcement of Aave V4 and the Aave 2030 vision.Ethereum Gas Fees: Examine how Ethereum’s low gas fees are affecting the ETH burn rate, driving it to a yearly low.ETF Updates (28:30)ETF Flow : Review the recent inflows into GBTC and their significance.Hong Kong ETF Dynamics: Provide an update on the performance and reception of ETFs in Hong Kong’s market.This episode offers a comprehensive overview of the current state and future directions of the cryptocurrency market. Whether you’re deeply embedded in the crypto space or just keeping an eye on investments, these insights are crucial for navigating today's volatile market.Make sure to subscribe for more detailed discussions and expert analyses that keep you informed about the rapidly evolving world of digital assets.Links:Coinbase Institutional Research websiteIf you want to learn more about any of Coinbase's products, please email sales@coinbase.com

Tune into this episode for an in-depth analysis of pivotal developments reshaping the cryptocurrency landscape. We cover a range of significant topics, from the launch of ETFs in Hong Kong to the intricacies of the EigenLayer airdrop, comprehensive updates on upcoming token unlocks, and critical macroeconomic trends.3:14 Hong Kong ETF Launch:Initial Performance: Review day one trading volumes and overall market reception of the new Hong Kong ETFs.Australian Market Outlook: Preview the expected listings by Van Eck Associates Corp. and BetaShares Holdings Pty on the ASX Ltd.US ETF Trends: Analyze current ETF flows and their implications for the market.9:50 EigenLayer Airdrop:EIGEN Token Overview: Explore the functionalities of the EIGEN token as an Intersubjective Work Token and its role in enabling unique blockchain behaviors.Airdrop Dynamics: Discuss the airdrop's regional exclusivities, the surprising terms regarding token transfer restrictions, and the vesting schedule.Community Reactions: Address community responses to the airdrop's structure, including the impact on Pendle's market positioning.16:44 Token Unlocks:FTX Estate Developments: Detail the process and market impact of the second tranche of locked Solana sales by the FTX estate.Market Implications: Consider the broader implications of these unlocks on liquidity and market volatility.23:40 Macro Economic Insights:Global Economic Indicators: Delve into the upcoming Fed meeting, NFP data, and the current earnings season on the crypto market.Currency Fluctuations: Evaluate the significance of Yen weakness and a strong dollar on global and crypto-specific financial dynamics.19:52 Additional Updates:Coinbase and Lightning Network: Discuss Coinbase's implementation of the Lightning Network to enhance Bitcoin transactions globally, in collaboration with Lightspark.Market Structure Observations: Review shifts in CME Basis and investor behaviors, shedding light on strategic market movements.Don't miss this comprehensive episode where we dissect the latest events and trends in the crypto world. Whether you're a seasoned investor or new to the field, these insights are crucial for understanding the dynamic changes in digital assets.Subscribe and stay tuned for more in-depth analysis and discussions that keep you well-informed on the rapidly evolving world of cryptocurrencies.Links:Coinbase Institutional Research websiteIf you want to learn more about any of Coinbase's products, please email sales@coinbase.com

Dive deep into the essential insights of the Q2 2024 Guide to Crypto Markets, a collaborative effort by Coinbase and Glassnode, in this enlightening podcast episode. James Check, Lead Analyst at Glassnode, along with our other leading industry experts, unpack the comprehensive report to bring you the latest trends, forecasts, and detailed analyses that are defining the cryptocurrency market today. In-Depth Report Overview:Quarterly Analysis: Explore key insights from the report, focusing on the benefits of BTC within strategic portfolio diversificationBitcoin Halving Examination (4:02): Delve into the anticipated effects of the Bitcoin Halving on both the mining sector and the overall market through detailed expert analysis.Growth Trends (15:44): Discuss the notable increase in staked ETH and the expansion of stablecoin supply, examining how these factors are influencing investor strategies and market dynamics.Macro Economic Context:Interest Rate Implications (31:50): Analyze how global interest rate shifts could potentially impact the cryptocurrency markets, dissected through a comprehensive macroeconomic perspective.Dollar Strength Analysis: Evaluate the possible consequences of a strong dollar on the sectorMarket Trends and Updates:Hashrate Developments: Receive updates on the growth of hashrate and its implications for the security and efficiency of Bitcoin mining.Technical Analysis (24:17): Get insights into Bitcoin's technical analysis and the critical levels to monitor, including an assessment of market seasonality.ETF Movements (27:50): Monitor the latest ETF inflows and outflows to understand their impact on the market.Regulatory Filings (35:00): Prepare for the upcoming 13-F filings and their potential effects on investor sentiment and market behavior.Mt. Gox and NYSE Developments (44:15): Keep informed with the latest news from Mt. Gox and the NYSE’s plans to potentially introduce 24/7 trading.Additional Resources:For further details and a more thorough understanding, download the Q2 2024 Guide to Crypto Markets from the Coinbase institutional page here.Whether you're a seasoned investor or a cryptocurrency enthusiast, this episode provides crucial insights into the current and future dynamics of the cryptocurrency markets. Tune in to stay well-informed and ahead in the fast-evolving world of digital assets.Don't forget to rate us and subscribe for more in-depth discussions and expert insights.Host: Ben Floyd, Head of Coinbase Execution ServicesSpecial Guest: James Check, Lead Analyst, GlassnodePanelists:Greg Sutton, Senior CES TraderDavid Han, Research AnalystGeorg Toropov, Senior CES TraderLinks:Coinbase Institutional Research websiteIf you want to learn more about any of Coinbase's products, please email sales@coinbase.com