Coinbase Institutional Market Call

In this episode of the Coinbase Institutional podcast, we delve into investor positioning and reveal pivotal insights into ETF expectations, the impact of the upcoming halving, and other considerations dominating institutional minds. We also tackle the burning question on everyone’s lips: are we in a bull market? Our analysis takes a deep dive into the latest macroeconomic data, flows and news, providing listeners with a comprehensive understanding of the current climate influencing digital assets. Additionally, we cover new and returning capital in the crypto space and take a look at futures basis and the Grayscale product discounts. In Web3, we discuss the uptick in Solana and a general update on the increased activity we’re seeing here. Don’t forget to like, subscribe, and connect with the Coinbase Institutional team for further insights and updates. Host: Ben Floyd, Head of Execution Services Panel: Georg Toropov, Senior CES Salestrader David Duong, Head of Institutional Research Greg Sutton, Senior CES Salestrader Sid Shekhar, Blockchain Research Manager 

On Friday 27th October, the Coinbase Institutional team hosted Robbie Ferguson, the Co-Founder and President of Immutable. Located at our Hudson Yards office, David Duong (Head of Institutional Research) and Ben Rodriguez (Senior Protocol Specialist) conducted a far reaching interview discussing the following:Immutable partnership with Polygon LabsThe Immutable PassportThe dynamics behind the IMX tokenHow the Immutable team think about zero knowledge technologyWhat the outlook is for a breakout triple A rated game integrated with Web3

In this week edition of the Coinbase Institutional podcast, we sit down with Tushar Jain, Managing Partner at Multicoin Capital, for an in-depth discussion on Solana and insights from the recent Breakpoint conference. Tushar, with his intimate knowledge of Solana, unpacks the event's major highlights, including the buzz around Firedancer, Solana's ventures into payment solutions with heavyweights like Visa, and the innovative DePin projects. The conversation navigates through the frameworks Tushar uses when valuing Layer 1 protocols, focusing on the metrics he finds most important, while also contrasting integrated and modular blockchain infrastructure. Tushar also shares his perspective on the lingering FTX overhang of SOL tokens affecting the market. Also covered - Basis and funding - Macro - Web3 This episode is an essential listen for anyone looking to comprehend the current dynamics of shaping Solana's ecosystem. Like, subscribe, and reach out to the Coinbase Institutional team for deeper insights and analysis. Host: Ben Floyd, Head of Execution Services Panel: Tushar Jain, Managing Partner at Multicoin Capital David Duong, Head of Institutional Research Greg Sutton, Senior CES Sales Trader Sid Shekhar, Blockchain Research Manager Josh Pak, CES Sales Trader

We’re joined by Jennifer Murphy, the innovative Founder and CEO of Runa Digital Assets, to discuss the current market environment and answer the question on everyone's mind: are we in a bull market?Jennifer spent over 30 years in asset management before founding Runa and brings her extensive knowledge to the table, providing valuable insights on the pressing question of whether we are currently navigating a bull market in digital assets. She meticulously discusses the far-reaching implications of introducing an ETF to the crypto space, and shares her expert perspective on Network Theory.David and Jennifer explore the rapidly evolving frameworks for valuing digital assets, shedding light on the nuances and trends shaping the market. The conversation also turns to the world of Gamefi, where the opportunities and potential pitfalls in this exciting domain are discussed.Beyond these topics, the episode also features a timely update on Solana in anticipation of the Breakpoint event, a thoughtful analysis of Van Eck’s take on Sol, and an in-depth exploration of the Unibot exploit and the integration of real-world assets on the Tron network which are now well over $1B.Like, subscribe, and reach out to the Coinbase Institutional team for deeper insights and analysis. Host:Ben Floyd, Head of Execution Services Guests:Jennifer Murphy, Founder and CEO at Runa Digital AssetsGeorg Toropov, Senior CES SalestraderDavid Duong, Head of Institutional ResearchGreg Sutton, Senior CES SalestraderSid Shekhar, Blockchain Research Manager

Join us for this week’s crypto podcast, featuring Paul Yablon, Founder and CIO at Room40, as a special guest. Paul walks through the structural changes in the crypto market that have underpinned the price action over the past weeks and elaborates on reasons for the current rally. David and Paul engage in a conversation about macroeconomic trends, inflationary vs deflationary pressures and the outlook for the US economy also discussing the idiosyncratic decoupling of crypto despite macro concerns. Paul also shares some insights on Solana, real world assets in crypto and other projects he is excited about. Georg walks through the latest ETF news driving the price action of the last week, dealer BTC vs ETH gamma profiles and altcoin performance while Greg shares some colour on institutional interest picking up, trading volumes and flows. Sid then concludes talking about DYDX v4, Celestia’s upcoming mainnet launch and a large sell off in Friend tech as well as the rise of competing SocialFi protocols. Please like or subscribe if you like our content and reach out to the Coinbase institutional team if you want to get more insights! Featuring: Ben Floyd, Head of Execution Services Special guest:Paul Yablon, Founder and CIO at Room40 Panel:Georg Toropov, Senior CES Salestrader David Duong, Head of Institutional ResearchGreg Sutton, Senior CES SalestraderSid Shekhar, Blockchain Research Manager 

This week, we look beyond the fake news on spot bitcoin ETF applications and discuss what’s next following the SEC’s decision not to appeal the ruling in the Grayscale case. Josh takes us through this and the latest crypto news, including new fees on Uniswap’s front end. David discusses a busy macro week with a number of Federal Reserve speakers on the tape including Chair Jerome Powell on Thursday (October 19) alongside retail sales, housing data and 3Q23 equity earnings. He also talks about entry and exit queues on Ethereum and the effect on staking yields. Greg provides updates on trading volumes and compares technical charts for BTC/USD vs ETH/USD. Finally, Sid walks us through emerging developments on friend.tech and the TrueUSD security breach.Please like or subscribe if you like our content!Host Ben Floyd, Head of Execution Services Presenters Josh Pak, CES Salestrader David Duong, Head of Institutional Research Greg Sutton, Senior CES Salestrader Sid Shekhar, Staff Blockchain Researcher Link to Research and Insights Hub.

Welcome to this week's crypto podcast, featuring a special guest, Cosmo Jiang, Portfolio Manager at Pantera Capital, a veteran in traditional finance with 12 years of experience spanning M&A, PE, and L/S equity hedge funds. Cosmo provides valuable insights into the world of crypto and blockchain. Cosmo discusses various aspects of the crypto landscape, including the competition between Layer 2 solutions and Ethereum, the potential for expanding the Total Addressable Market (TAM) as Layer 2 scales, the emergence of major consumer applications, the concept of account abstraction, the intersection of NFTs and gaming, and the significance of decentralized compute networks like DEPIN. Also covered by the team: - Positioning, comparing the skew of ETH versus BTC in the market. - The Grayscale appeal this week and provides macroeconomic insights. - Market flows and comparing ETH versus BTC futures. He also delves into the dynamics of ETH transactions. - Sid returns to discuss the latest developments in friendtech, soon to launch ARB incentives, and the tokenization of Real World Assets (RWA), providing a well-rounded view of the Web3 ecosystem. Host Ben Floyd, Head of Execution Services Special Guest Cosmo Jiang, Portfolio Manager at Pantera Capital Presenters Georg Toropov, Senior CES Salestrader David Duong, Head of Institutional Research Greg Sutton, Senior CES Salestrader Sid Shekhar, Blockchain Research Manager

Join us for this week’s crypto podcast, featuring Seth Ginns, Managing Partner at CoinFund.Georg starts the podcast discussing recent price action, some news around new Coinbase licenses and an update on FTX.David and Seth engage in a conversation about macroeconomic trends, discussing peak USD, real rates, and core inflation and provide an opinion on what to look out for in the coming months.Greg provides updates on institutional interest, trading volumes, quickly moving BTC basis rates, and the current discounts of ETHE and GBTC.Seth concludes with a discussion on tokenization in Real World Assets (RWA), exploring this emerging trend in the crypto space.Host Ben Floyd, Head of Execution Services Special Guest Seth Ginns, Managing Partner at CoinFund Presenters Georg Toropov, Senior CES Salestrader David Duong, Head of Institutional Research Greg Sutton, Senior CES Salestrader  Link to Research and Insights Hub.

Join us for this week’s podcast, featuring a special guest, Lewis Cohen, a leading blockchain lawyer, who provides us with a regulatory update. Lewis shares essential insights into current cases that demand our attention and offers his outlook on regulation, including the potential for an ETF approval.David takes a deep dive into the macro outlook, discussing the possibility of a government shutdown and evaluating the recent performance of various assets based on key metrics like Total Value Locked (TVL), revenue, and active addresses.Greg and Josh dive into the upcoming options expiry, exploring its potential impact on the crypto market. They also discuss Tether’s investments in miners, exchanges operating without licenses in Hong Kong and recent flows on the desk.HostBen Floyd, Head of Execution ServicesSpecial GuestLewis Cohen, Co-Founder DLXLawPresentersDavid Duong, Head of Institutional ResearchGreg Sutton, Senior CES SalestraderJoshua Pak, CES SalestraderLink to Research and Insights Hubhttps://www.coinbase.com/institutional/research-insights

David reports on Token2049. He takes us through what participants were most interested in and the general sentiment. He also covers the upcoming macro calendar and what we could expect from the FOMC. The team reviews recent market action, including spot flows and a large ETH option trade that got the market talking. Lastly, Sid touches on Eigenlayer and why data availability is important. He also provides an update on friend.tech. Participants: Ben Floyd, Head of Execution Services (host) David Duong, Head of Institutional Research Greg Sutton, Senior CES Salestrader Josh Pak, CES Salestrader Sid Shekhar, Blockchain Research Manager Check out our institutional research & insights.