Coinbase Institutional Market Call

In another busy week, this episode dissects the monumental achievements and pivotal trends shaping the blockchain and digital asset world.Market Update:Scaling New Heights: Revel in Bitcoin’s landmark achievement as it hits a new all-time high above $72,900, marking a significant milestone in crypto history.The Convergence of Crypto and AI: Explore the innovative realms where cryptocurrency meets artificial intelligence, spotlighting trailblazing projects like WLD and FET.The Meme Coin Phenomenon: Delve into the world of meme coins, embracing their unique role and the lighthearted spirit they bring to the crypto space.Anticipating the Bitcoin Halvening: Discuss the implications of the upcoming Bitcoin halvening and its potential impact on the market.ETF Dynamics: Examine the current state of Bitcoin within ETFs and assess the growing likelihood of an ETH ETF making its debut.Macro & Research Insights:Sticky Inflation: Analyze this morning’s CPI report, offering a critical view on the persisting inflation and its ramifications.The Dencun Fork: Unpack the recent performance leading into the Dencun fork, focusing on EIPs 7514 and 4844, and their influence on the ecosystem.Onchain Activities:Social Dynamics on the Chain: Explore what recent developments mean for onchain activity, particularly in terms of social interaction.Frames Platform Update: Get the latest insights into Frames and its evolving role in the blockchain landscape.Flow Analysis: Market Liquidity and Maker DAO: Address the concerns around high funding rates and delve into significant changes to Maker DAO and the broader implications for DAOs in Wyoming.Join our panel of experts as they navigate the complexities and breakthroughs in today’s crypto ecosystem. This episode is a must-listen for enthusiasts and professionals alike, seeking to stay informed and ahead in the rapidly evolving world of digital assets.Host: Ben Floyd, Head of Execution ServicesPanelists: David Duong, Head of Institutional ResearchGreg Sutton, Senior CES TraderSid Shekar, Staff Blockchain ResearcherGeorg Toropov, Senior CES Trader 

Join us for an in-depth exploration of the latest advancements in the crypto space, with a spotlight on Base, Ethereum’s Layer 2 solution that’s rapidly gaining traction. This episode features a special guest, Jesse Pollak, who is about to celebrate his 7th anniversary at Coinbase. Jesse’s journey from leading retail operations to focusing on the development of Base has positioned him as a key figure in the crypto community. His unique insights into the evolution of Base and its significant role in the broader crypto market promise to make this a captivating discussion.Base Unveiled: Jesse Pollak, renowned as Base Contributor #1, delves into the impressive journey of Base, highlighting its achievement of $1B in Total Value Locked (TVL) and the emerging applications finding success on the platform. He provides an insider’s look at upcoming technical enhancements, including the anticipated impact of EIP-4844 on transaction fees. Jesse also discusses how the launch of Coinbase Smart Wallets aims to revolutionize the onboarding process, enhancing UX and safety for users. Moreover, Jesse shares his personal experiences with Farcaster and gives us a sneak peek into the future developments planned for Base in 2024.Market Update: Dive into a comprehensive market analysis with Greg and Ben, covering the latest trends in ETF flows and key dates crucial for understanding new product holdings. They explore the landscape for a potential ETH ETF and its implications for staking. The resurgence of retail interest is evident from Coinbase’s ascent in app store rankings, the profitability of holders, and the surprising uplift of meme coins. This segment promises to shed light on the current dynamics shaping the crypto market.Economic Insights: David presents his latest findings on USDC and discusses essential economic data set to be released, which could significantly sway the direction of interest rates. This analysis is crucial for anyone looking to understand the macroeconomic factors influencing the crypto space.DeFi and NFTs Spotlight: Sid brings attention to the notable increase in Total Value Locked across DeFi platforms and the remarkable rise in NFT values, with a special focus on CryptoPunks. Additionally, he addresses the current costs and efficiency of executing transactions on Base compared to Ethereum L1, highlighting Base’s potential to transform transaction experiences.This episode is a must-listen for anyone interested in the cutting-edge developments in digital assets and blockchain technology. Engage with us as we unravel the complexities of Base, the crypto market’s current state, and the exciting possibilities on the horizon.Host: Ben Floyd, Head of Execution ServicesSpecial guest: Jesse Pollak, Base Contributor #1Panelists:David Duong, Head of Institutional ResearchGreg Sutton, Senior CES TraderSid Shekar, Staff Blockchain Researcher

In this episode of our podcast, we sit down with Shiliang Tang, President of Arbelos Markets, who entered the crypto space in 2012 and has since become a leading authority in the crypto derivatives market. Shiliang shares his unique insights on how market structures have evolved over the years and the significant role derivatives have played in the recent upward trends in the market.Diving deeper, Shiliang discusses the influence of an ETH overwriter from Asia and its implications for the market dynamics. Our market update segment, with our experts David Duong, Gregory Sutton and Sid Shekhar, provides a comprehensive analysis of the current state of various cryptocurrencies including: BTC’s Strength and Dominance: A rally in Bitcoin dominance prompts speculation on a potential dominance rally leading into the Halvening, and the subsequent possibility of a market rotation.The outlook for ETH/BTC in the context of a potential ETH ETF, Eth Denver and the Dencun update.Strength in UNI and the DeFiPulse Index after the announcement of Uniswap’s recent fee proposalSTX Strengths: STX’s narrative as a Bitcoin Layer 2 solution.Meme Coins and GameFi: A look into the rally of meme coins like Pepe, Floki, and Dogwifhat, and updates on GALA and gamefi.David Duong shares his insights on the broader economic landscape, suggesting that a soft landing for the economy appears to be on the horizon, potentially impacting asset pricing. He notes the influence of Nvidia’s movements on market flows, indicating a growing "risk on" sentiment. However, he cautions about the traditionally negative seasonality in March, tied to tax payments, and points out the importance of upcoming data releases, including new home sales and the core PCE number, in shaping market expectations.Greg shares an update on flows on the desk as well as ETF flows. In addition, he covers funding rates and thinks through possible paths ahead.Sid explores the potential for transaction based innovations within Farcaster Frames and Ethena’s interest in delta hedging derivative positions. Sid also touches on the growth in Ethena’s TVL and its significant growth in perps OI.Don’t forget to like and subscribe for more insightful discussions on the forefront of digital asset trends and innovations.

In this episode, we celebrate Ethereum breaking the $3k mark, a testament to the anti fragile nature of the crypto market. Georg takes the lead with an in-depth analysis of ETF flows, highlighting a record-breaking week and the year-to-date performance that paints a picture of growing investor confidence. He also provides a comprehensive market update, delving into the greed and fear index and the strategic positioning within ETH as it achieves this new milestone. Additionally, Georg sheds light on FIL’s significant open interest and the emerging story of SEI. David steps in with crucial macro updates in anticipation of a bustling week ahead, featuring fed minutes, initial jobless claims, and insights from various Fed members this week. He explores the potential trajectory for an ETH ETF, shares updates on Eigenlayer, and discusses the prospects of a DeFi renaissance, setting the stage for a deep dive into the macroeconomic factors influencing the crypto space. Sid rounds off the discussion with a focus on Web3 developments, demystifying the concept of liquid re-staking and addressing the risks associated with restaking strategies. He highlights a popular trade involving stETH and ETH. Sid also covers the Starknet airdrop, discussing the tokens and the second-order effects of reward distribution within the ecosystem. Join us for this comprehensive exploration of the latest trends and shifts in the cryptocurrency market, from Ethereum’s impressive rally to the cutting-edge developments in Web3. Stay tuned for a deep dive into the strategies, risks, and opportunities that lie ahead in this rapidly evolving landscape. Don’t forget to like and subscribe for more thought-provoking discussions and to stay at the forefront of digital asset trends and innovations.

In this episode, join us as Josh kicks things off with a comprehensive market update, covering the significant movements in BTC, the latest on ETF flows, and an in-depth look at locked ETH dynamics, including developments around Eigenlayer, stETH, Blast, and the anticipation surrounding upcoming unlocks. This segment provides a nuanced understanding of the factors driving current market behaviors and what they might indicate for the future. David takes the conversation further into the realm of macroeconomics, dissecting today's inflation data and offering his seasoned outlook on potential rate cuts. His analysis bridges the gap between traditional financial indicators and their implications for the crypto market, providing listeners with a clear picture of the economic landscape ahead. Greg delves into the realm of institutional engagement, sharing insights from recent flows, volumes, and conversations with institutional clients, alongside a detailed examination of CME futures & options open interest. This segment sheds light on the institutional mindset and strategic positioning in the crypto space, revealing trends and sentiments that are shaping the market. Sid brings a fresh perspective with an update on Farcaster Frames, discussing their burgeoning potential and the exciting possibility of implementation on Solana. This discussion highlights the innovative applications and community engagement driving the growth of decentralized platforms. We wrap up this episode with us for a deep dive into the pivotal developments and strategic insights that are defining the landscape of digital assets and macroeconomic trends. Don’t forget to like and subscribe for more thought-provoking discussions and stay at the forefront of digital asset trends and innovations.

In this engaging podcast episode, we dive deep into the latest developments across the traditional and cryptocurrency markets, starting with Georg's comprehensive market update. David then offers a crucial macroeconomic perspective, shedding light on the implications of Powell's recent remarks which have tempered expectations for an imminent interest rate cut in March, pivoting our sights towards a potential May adjustment. This segment explores the enduring disinflationary trends, with a particular focus on China's economic landscape and the troubled commercial real estate sector and how that could affect crypto prices.Greg takes the helm to analyze current flows and the intricacies of perpetual futures positioning, providing listeners with an insight into the market' sentiment. Sid brings to the fore the remarkable growth of Farcaster and the buzz around the Jupiter airdrop, highlighting the innovative developments within the Solana community.Beyond these updates, the episode covers a spectrum of critical topics:The latest on FTX, including their plans to return 100% of funds to customers based on current value and the decision against restarting the exchange.Insights into the Tether Foundation's profitability amidst the market's ebbs and flows.A discussion on mining from a supply perspective, including considerations around the halvening and the introduction of ordinals.A closer look at Farcaster Frames, which grants every user an onchain account on Optimism, showcasing the platform's meteoric rise in user engagement and the innovative applications developed by the community.Updates from the Solana ecosystem, including airdrops, new apps and the Chapter 2 phone.Don’t forget to like and subscribe for more thought-provoking discussions and stay at the forefront of digital asset trends and innovations.

On Tuesday 30th January, the Coinbase Institutional Team hosted Jules Urbach the CEO of Otoy, the company behind Render and Trevor Harries-Jones, the COO. Located at our Hudson Yards office, David Duong (Head of Institutional Research) and Ben Rodriguez (Senior Protocol Specialist) conducted an insightful fireside discussing the following:Rendering of 3D content vs decentralized GPUHow they overcome some of the key bottlenecks such as data quality, model complexity, and hardware limitationsThe recent announcement of the Render Network FoundationRender’s rationale behind migrating to the Solana ecosystemCrypto’s cold start problem & sustainable DePIN development

In this enlightening episode, we’re joined by Ben Dean, Director of Digital Assets at WisdomTree, to unravel the complexities and future of cryptocurrency ETFs. Ben shares his journey into the crypto space deep dives into the current state of spot Bitcoin ETFs, 2 weeks post-launch, amidst Bitcoin’s weakness.We discuss the potential for an Ethereum ETF and the nuanced demand potentially awaiting unlock for Ethereum exposure. The conversation also covers forthcoming ETH ETF deadlines, suggesting a significant probability increase for approvals, with a keen eye on May as a critical timeline. The conversation navigates to concerns around security classifications, staking complications, and the intricacies of ETF redemption processes. Moreover, Ben provides insights into the existence and success of ETH ETFs in Europe and Brazil versus the potential for a U.S. ETF, considering the unique regulatory and market dynamics. He also contemplates the future of Ethereum, including scaling, privacy enhancements, and the evolution of compliant tokenisation. Wrapping up, we touch on the prospects of SOL futures and an ETF, broadening the discussion to encompass the wider landscape of digital asset infrastructure.In addition to these topics, the episode also includes our regular segments on market flows, macroeconomic analysis and Web3, including the upcoming Jupiter airdrop, Telegram’s recent conference in London and Farcaster’s recent explosive user growth.Don’t forget to like and subscribe for more thought-provoking discussions and stay at the forefront of digital asset trends and innovations.

In this captivating episode, we’re excited to host Arianna Simpson, General Partner at a16z and a seasoned veteran in the crypto space with over 11 years of experience. Arianna shares her profound insights into the direction of consumer Web3 heading into 2024, offering a unique perspective gained from her extensive involvement in the industry. We delve into the innovative developments observed during the crypto winter, uncovering what has been brewing behind the scenes. Arianna discusses the burgeoning potential of Web3 gaming and creator economies, highlighting how these domains are set to revolutionize user interaction and engagement. The conversation shifts to the key themes a16z is focusing on within the Web3 space, including infrastructure trends that are paving the way for new use cases. Arianna talks about the importance of scalable Layer 2 solutions like Base and Optimism (OP), and how they're enabling more consumer-friendly applications. We also explore the dynamics of Web3 communities, the diversity among developers in this space, and overarching consumer trends. Arianna then provides an overview of the a16z State of Crypto index, covering vital indicators like active addresses, developer activity, and NFT creator trends. For those want to test in real life, the discussion on Blackbird, a Web3 powered restaurant loyalty network was especially relevant for those in NYC for Restaurant Week. Additionally, we touch upon the growing traction of Web3 social platforms, with a focus on Farcaster on Optimism. In addition to these topics, the episode also includes our regular segments on market flows and macroeconomic analysis. Don't forget to like and subscribe for more thought-provoking discussions and stay at the forefront of digital asset trends and innovations. Links mentioned a16z State of Crypto Index - https://a16zcrypto.com/stateofcrypto/ 

In this special edition of our podcast with James Seyffart, an ETF research analyst at Bloomberg intelligence, we dive into the launch of spot bitcoin ETFs in the US - a watershed moment for the expansion of the cryptoeconomy. We compare and contrast these products with BITO and the seminal gold ETF, hypothesize on their future differentiation, and consider key aspects such as proof of reserves and fee waivers.We also cover liquidity and AUM perspectives and the other attributes that may help ETFs succeed, alongside our thoughts on market share distribution and the strategic considerations for issuers post-launch. The conversation then looks at where additional demand may come from -- such as the integration of these ETFs into diverse portfolios,  other ETFs and model portfolio allocations.Additionally, we unravel the complexities of wirehouses, explaining their function and impact on custodial relationships. As we explore product developments atop ETFs, we touch upon potential restrictions, such as the prohibition of options, and the often slow adoption rate of some platform houses.This episode is a must-listen for anyone seeking to understand the new bitcoin ETFs. Tune in for a comprehensive understanding of what the next year holds and remember to subscribe for more in-depth analysis and expert takes on the crypto market's future.