Coinbase Institutional Market Call

This week, Greg and Georg provide an in-depth analysis of the FTX court documents, addressing questions about the selling timeline, important assets in the estate, market impact expectations, and the implications for GBTC and ETHE holdings. They also discuss potential recovery and current claims trading valuations. Plus, they explore the potential insights from the court filing regarding FTX 2.0.In the macro segment, Georg and Greg provide insights into the broader economic landscape, including bear steepening in the US yield curve, upcoming US CPI data, and central bank decisions. They also touch on recent comments from Janet Yellen and expectations regarding monetary policy changes.Sid takes the stage to discuss Web3 developments, including updates on Friend.tech, explains how their protocol fees work, and the benefits of buying keys (following someone on the platform). He also highlights the growth of real-world assets on the blockchain through platforms like Maple and Ondo, hosted on L2 solutions like Mantle, Ethereum and Stellar.Host:Ben Floyd, Head of Execution ServicesParticipants:Greg Sutton, Senior CES SalestraderGeorge Toropov, Senior CES SalestraderSid Shekar, Blockchain Research ManagerLinks for show notes: Coinbase Execution Services Market Positioning Report FTX Court Filing - Doc 2463

This week Matt Boyd, Head of Prime Finance at Coinbase, joins the group to talk about shorting and lending in crypto. The team also covers the whipsaw price action the market endured after the GBTC news was released. What are the important catalysts now and when might we hear more? David gives us his thoughts on the macro calendar and last week’s NFP print. Lastly, with the GBTC discount now at 20%. What does that say about the probability of an ETF?HostBen Floyd, Head of Execution ServicesPresentersMatt Boyd, Head of Prime FinancingDavid Duong, Head of Institutional ResearchGreg Sutton, Senior CES SalestraderGeorge Toropov, Senior CES SalestraderLink to Research and Insights Hub.

Grayscale's legal victory is a big moment for the crypto industry. We discuss its implications and dive into how different investors may be thinking about the GBTC trade now as well as what they could do next. In macro, we discuss the significant comments made by Jerome Powell at Jackson Hole, offering valuable insights into the impact on the broader crypto complex.Greg then provides an update on August volumes and positioning post Jackson Hole and pre the Grayscale news covering both spot and vol.Sid takes the stage to provide updates on BASE, discussing its governance structure and plans for decentralization. He also shares an exciting update on friends.tech, shedding light on the latest developments and innovations in this intriguing domain.HostBen Floyd, Head of Execution ServicesPresentersDavid Duong, Head of Institutional ResearchGreg Sutton, Senior CES SalestraderSid Shekhar, Staff Blockchain ResearcherLink to Research and Insights Hub

The team breaks down last week’s market volatility, what they think caused it, and how traders are positioned going forward. With rates likely to stay higher for longer, what does that mean for crypto? And will a slow down in China help or hurt our markets? Lastly, Sid teaches us about the new decentralized social app Friend.tech. Host: Josh Pak, Senior CES Salestrader Guests: Georg Toropov, Senior CES Salestrader David Duong, Head of Institutional Research Greg Sutton, Senior CES Salestrader Sid Shekar, Blockchain Research Manager  Visit the Research and Insights Hub: https://www.coinbase.com/institutional/research-insights 

Vance Spencer, co-founder of Framework Ventures, joins the group this week to talk about the opportunities he sees in the crypto markets. David provides insight into the evolving macro landscape. Greg highlights divergent positioning in BTC and ETH. Sid updates us on the Base launch. And Georg brings us up to speed on this week’s crypto news.Host Josh Pak, Senior CES SalestraderPresenters Georg Toropov, Senior CES SalestraderDavid Duong, Head of Institutional ResearchGreg Sutton, Senior CES SalestraderSid Shekar, Blockchain Research ManagerLink to Research and Insights Hub

This week we welcome a special guest, Rick Schonberg, Product Director for Coinbase’s institutional platform, to talk about exciting developments to Coinbase Prime’s algo offering. Georg gives a market update, discussing recent alt coin movers and Tether trading dynamics. David shares his views on the economy both in the U.S. and abroad, and the implications this has for the crypto market. Trish walks through flows and divergent seasonality aspects to consider for crypto relative traditional markets. Lastly Sid gives a Curve update and shares some opening metrics for the launch of Base mainnet.HostJosh Pak, Senior CES SalestraderPanelistsGeorg Toropov, Senior CES SalestraderDavid Duong, Head of Institutional ResearchTrishul Luhar, Senior CES SalestraderSid Shekar, Blockchain Research ManagerLink to Research and Insights Hub

This week the team covers the CRV exploit, what a reentrancy attack is, and what the exploit means for DeFi and liquidity. George also touches on the Base launch and the movers from last week. David reviews what were learned from central banks, USD strength, and crypto correlations. Trish takes us through flows with a focus on retail. He also provides insight into institutional client sentiment heading into late summer Host Greg Sutton, Senior CES Salestrader Presenters Georg Toropov, Senior CES Salestrader David Duong, Head of Institutional Research Trishul Luhar, Senior CES Salestrader Sid Shekar, Blockchain Research Manager Link to Research and Insights Hub

Ryan Yi from Coinbase Ventures starts us off with an overview of Coinbase Ventures, delving into the current venture funding environment and discussing recent improvements to builder ecosystems, user experience, and utility in the crypto space.Georg shares updates on the reduced BTC dominance offshore, the launch of Worldcoin, and developments in the XRP case.David offers a comprehensive summary of major macro events this week, including updates from the Fed, ECB, BOJ, and others. He also highlights key takeaways from EthCC, covering discussions on Coinbase’s Cafe, Vitalik's insights on account abstraction, and Justin Drake's thoughts on MEV burn as well as decentralized sequencers, DVT, and zk proofs.Greg shares insights on institutional flows, the options market, and his thoughts on positioning in the current market, offering valuable perspectives for investors and traders.Tammy explores the potential applications of blockchain and AI/ML, focusing on the intriguing combination of zero-knowledge proofs (ZK) and AI. She discusses how these technologies could revolutionize various industries, presenting exciting opportunities for innovation.HostBen Floyd, Head of Execution ServicesSpecial GuestRyan Yi, Coinbase VenturesPresentersGeorg Toropov, Senior CES SalestraderDavid Duong, Head of Institutional ResearchGreg Sutton, Senior CES SalestraderTammy Yang, Senior Blockchain ResearcherLink to Research and Insights Hubhttps://www.coinbase.com/institutional/research-insights

Welcome to this week’s podcast, where our expert panel dives into a wide range of topics shaping the crypto landscape.This week, Special guest Jordan Salberg, Senior Counsel, Product kicks off the discussion by providing insights on the recent XRP ruling, what that means for the industry and other assets. He also updates us on the ongoing ETF process and what we should be looking out for in the coming weeks.Georg delves into fund inflows and outperformance of certain alt coins. He also covers BTC/ETH dominance trends, his thoughts on the pull back towards the end of the week and some of the recent positive comments.David focuses on recent inflation print, discussing their implications for the broader economy. He also provides insights on the upcoming Fed meeting and the latest economic data from China, offering a comprehensive macroeconomic perspective.Greg takes a closer look at market flows, analyzing the impact of the recent summary judgment on market dynamics. He also explores the options markets, providing valuable insights into trading trends and also his perspective on the pull back.Tammy Yang, a Senior Blockchain Researcher steps in for Sid, providing an update on custodial and non-custodial stablecoins. She highlights the recent launch of Gho by Aave and offers insights into the evolving landscape of stablecoin solutions.Please, don’t forget to like and subscribe so others can benefit from the team’s great content!HostBen Floyd, Head of Execution ServicesSpecial GuestJordan Salberg, Senior Counsel, ProductPresentersGeorg Toropov, Senior CES SalestraderDavid Duong, Head of Institutional ResearchGreg Sutton, Senior CES SalestraderTammy Yang, Senior Blockchain ResearcherLink to Research and Insights Hubhttps://www.coinbase.com/institutional/research-insights

This week, our Special Guest, Brian Foster takes the lead, exploring the significance of the recent ETF applications, Coinbase’s role in this space, and explains the surveillance sharing aspect. He dives into why now is an opportune time for ETFs and discusses their relation to other ways of accessing bitcoin and crypto, including Coinbase’s own retail business.Josh provides a market update, covering the biggest movers and the latest trends in NFT floors. He also discusses BTCs positive dynamics, the Binance.US discount, DCG-related news, and developments in the Polygon and Arbitrum ecosystems.David covers important upcoming economic indicators such as CPI, PPI, and earnings reports from notable institutions like JPM and Citi. He also runs through the Cancun upgrade roadmap and the recent progress of L2 scaling solutions.Greg analyzes flows and volatility, sharing insights on BTC and ETH basis. He also discusses the recent trends in the Bored Ape NFT market.Sid addresses recent multichain hacks, providing analysis and insights into their impact on the crypto landscape and looks forward to EthCC in Paris next week.Please, don’t forget to like and subscribe so others can benefit from the team’s great content!HostBen Floyd, Head of Execution ServicesSpecial GuestBrian Foster, Director Americas Institutional SalesPresentersJoshua Pak, CES SalestraderDavid Duong, Head of Institutional ResearchGreg Sutton, Senior CES SalestraderSid Shekar, Engineering ManagerLink to Research and Insights Hubhttps://www.coinbase.com/institutional/research-insights