Coinbase Institutional Market Call

Join us for this week’s podcast where we cover recent market events in digital assets. Our trading team walks through token fundamentals and the surprising relative underperformance in ETH. We also discuss interesting flows, BTC dominance, and the somewhat unexpected alt-coin inflows seen on the desk in the last week. David walks through recent Central Bank policy updates and key takeaways from today’s ECB forum and the impact we could expect to see in liquidity conditions. Lastly, Sid, chats all things NFTs and walks through key indicators to assess market demand.Watch the video or listen to the podcast on Spotify, Apple, or Audible.Please RSVP to attend Coinbase Institutional’s exclusive web-event with Justin Drake from the Ethereum Foundation at https://ethereumupgradesandeconomics.splashthat.com/.Link to Research and Insights Hub: https://www.coinbase.com/institutional/research-insights.Host Josh Pak, CES Salestrader Presenters Georg Toropov, Senior CES Salestrader David Duong, Head of Institutional Research Trishul Luhar, Senior CES Salestrader Sid Shekar, Blockchain Research Manager 

Join us for this week’s podcast where we cover recent events in the digital asset space. Our trading team discusses USDT and recent revelations around its past portfolio composition. We also explain how the Curve 3 Pool works and how the recent USDT imbalance can create arbitrage opportunities. David Duong, our Head of Research, takes us through the recent FOMC meeting and what it means for the macro backdrop as we head into summer. We also discuss perp funding rates, option skew, and improving seasonality trends. Lastly, Sid, our Senior Blockchain Researcher, talks opBNB and OP. Host Ben Floyd, Head of Execution Services Presenters Georg Toropov, Senior CES Salestrader David Duong, Head of Institutional Research Greg Sutton, Senior CES Salestrader Sid Shekar, Engineering Manager Link to Research and Insights Hub

Join the Coinbase Institutional team where our expert panel discusses a wide range of topics shaping the crypto landscape.Georg kicks off the discussion, sharing insights on the dominance of ETH and BTC and the recent price movements. Diving into details around the distribution of liquidity, he covers offshore volumes, DEX volumes, and the growth in USDT, providing valuable analysis on the dynamics of these key aspects in the crypto market.David delves into key regulatory updates, including the release of the Hinman papers and the US House financial services draft legislation that outlines some potential paths for digital assets. He also provides insights on the CPI release and the upcoming Fed announcements.Greg explores investor behavior around the recent market movements, analyzing volatility, changes in open interest, specific funding rates on tokens, and the impact of client flows on market dynamics.Sid concludes the podcast by discussing the release of Uniswap V4, sharing his initial impressions. He also provides updates on the OP Bedrock upgrade, a significant development in the Web3 ecosystem.Please, don’t forget to like and subscribe so others can benefit from the team’s great content!HostBen Floyd, Head of Execution ServicesPresentersGeorg Toropov, Senior 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

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.