Coinbase Markets Podcast

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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/ Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In the final podcast of the year, we delve into David’s comprehensive 2024 crypto market outlook (read it here), offering a glimpse into the future of key players like Solana, Ethereum, and Bitcoin. David unpacks the potential trajectories and pivotal developments anticipated for these major assets, providing listeners with an informed perspective on what to expect in the coming year.We also explore the evolving landscape of ETFs within the crypto space, discussing their potential impact and the new dynamics and products they might introduce. Special attention is given to DEPIN and the burgeoning area of Data Availability, highlighting how these elements could reshape the digital asset environment for the better.At the end of the call, our team shares their personal excitement for 2024, revealing what they are most looking forward to. Whether it’s technological advancements, regulatory changes, or market trends, this segment offers a unique blend of professional analysis and personal enthusiasm.Wishing everyone Happy Holidays! Thank you so much for listening and remember to subscribe for more in-depth analysis and expert takes in 2024.Host:Ben Floyd, Head of Execution ServicesPanelists:David Duong, Head of Institutional ResearchGreg Sutton, Senior CES Sales TraderGeorg Toropov, Senior CES Sales Trader Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this week’s episode, we welcome James Check, the lead analyst at Glassnode, as our special guest. James delves into the on-chain dynamics of the recent Bitcoin rally and its subsequent price drop last Sunday, offering a detailed analysis of the market’s movements. He sheds light on how the behavior of long-term holders and the average acquisition price of Bitcoin influence its trading patterns.Further exploring the lifecycle of bull markets, James provides an expert perspective on the different stages and what might lie ahead for crypto enthusiasts. A significant focus is placed on the upcoming Bitcoin halving in 2024, discussing potential outcomes and expectations within the community. James also examines the expanding world of derivatives in both onshore and offshore markets, highlighting their growing impact on the cryptocurrency landscape.Josh then steers us through a comprehensive market update, focusing on significant developments in the Solana ecosystem, including Orca and Helium, along with Helium’s new mobile plan and the notable rise in AVAX.David concludes the episode with a macroeconomic overview and teases some key findings from our recent survey conducted in collaboration with Interactive Investor, offering a glimpse into the sentiments and trends shaping the future of digital assets.Remember to subscribe for more in-depth discussions and expert insights in the dynamic world of crypto. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this week's episode of our podcast, we're joined by special guest Anjan Vinod, Vice President at Parafi, one of the oldest crypto funds, who brings a wealth of expertise in the evolving landscape of digital assets. Anjan dives into the intricate trade-offs between modular and monolithic blockchain structures, discussing how these choices impact the ecosystem. He also sheds light on the burgeoning growth in Real World Assets within the crypto space, along with insights into the DEPIN..Anjan further explores the evolving landscape of stablecoins, dissecting their product-market fit and potential future trajectories. The discussion also veers into the realm of prediction markets, examining their past, current status and future prospects.Georg then takes us through a comprehensive market update. He analyzes the current dynamics of BTC and ETH dominance versus altcoins, highlighting significant capital rotations into altcoins with STX as a prime example. Georg also discusses Celestia’s performance, attributing its success to the rising popularity of modular chains.Finally, David provides an overview of the upcoming macroeconomic data and its potential impact on the crypto market, pinpointing specific crypto-related elements that warrant close attention.Don’t forget to subscribe for more insights and in-depth analysis in the fast-paced world of digital assets.Host:Ben Floyd, Head of Execution ServicesGuests:Anjan Vinod, Vice President at ParafiGeorg Toropov, Senior CES Sales TraderDavid Duong, Head of Institutional Research Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this episode of our podcast, Josh kicks off with the latest news shaking the crypto world. We dissect the Binance news, delve into the groundbreaking entry of USDC in Japan, and analyze recent trends in crypto fund inflows. David takes the reins to explore macroeconomic factors, focusing on consumer spending and what the outlook for 2024 could mean for the digital asset space. This segment offers a crucial understanding of how broader economic trends might influence crypto markets. Greg, in his segment, presents an intriguing hypothesis from a recent JPM note on potential flows in GBTC post any ETF conversion. He also breaks down the futures basis in Bitcoin, offering strategies on how to navigate these trades, and highlights an uptick in flows observed on the desk. Lastly, we dive into the realm of Web3 with Sid. The launch of Blast, a new Layer 2 platform created by the founder of Blur, has garnered attention with a staggering $600 million in TVL in its first week. We also discuss the possible ramifications of a potential hard fork in Cosmos, providing insights into what this could mean for the ecosystem. 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 Panelists: Josh Pak, CES Sales Trader David Duong, Head of Institutional Research Greg Sutton, Senior CES Sales Trader Sid Shekhar, Blockchain Research Manager Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this special Thanksgiving episode, we invite some of our previous guests to talk through two themes:1. What they’re excited about across markets and web32. What they’re thankful for!Thank you to the following contributors for their incredible insights!Tania Reif, Founder & CEO - Senda Digital AssetsSeth Ginns, Managing Partner - CoinfundDavid Duong, Head of Research - CoinbaseJennifer Murphy, Founder & CEO - Runa Digital AssetsCosmo Jiang, Portfolio Manager - PanteraVance Spencer, Co-Founder - Framework VenturesSid Shekhar, Blockchain Research Manager - CoinbaseJai Prasad, Co-Founder - DefinitiveViktor Bunin, Group Protocol Specialist - CoinbaseAnthony Bassili, Head of Tokenization - CoinbaseThanks for listening in and Happy Thanksgiving! Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Join us for a special edition of the Coinbase Institutional Markets Call featuring Tania Reif, Founder & CIO of Senda Digital Assets. Tania and the team share their insights on the highly anticipated Shapella upgrade and we discuss Tania’s views on the market after the upgrade and what she is looking out for in the macro environment. Zooming out, Tania shares some of her reflections on the industry post-2022 and some of her hopes for the future and what regulatory clarity could bring to the industry, especially the longer tail of assets. In addition, the team provides insights into how client trading flows have changed post the upgrade and the net withdrawal flows post Shapella. They also cover positioning in ETH, it’s recent strength and some of the big movers to the upside. This is an exclusive opportunity to gain unique perspectives from a leading expert in the digital asset space. Don’t miss out on this informative and engaging conversation. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

This week, BTC and ETH are back at levels we haven’t seen for almost a year. The team provides some detail on the rally in BTC, and offers a technical analysis and outline of where we could go from here. They also discuss how ETH has outperformed most of the rest of the market ahead of the widely anticipated Shapella upgrade around 5:27pm ET (10:27pm UTC) on April 12. You can view a network overview including the activation and exit queues here - https://www.rated.network/overview In the macro update, the team shares their insights on the upcoming CPI print and the increasing rates volatility. We think the risk of recession is not currently being reflected properly by the equity markets. On the NFT front, the team discusses the Opensea Pro launch and the battle with Blur for market share. Finally, in our DeFi update, we cover the recent SushiSwap exploit, an update on zkEVM, and the Euler situation. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this week’s episode, the team focuses on the highly anticipated Shapella upgrade and its potential impact on Ethereum. The team discusses the bull and bear case for ETH post-upgrade, including the withdrawal queue and the potential for ETH sales. Moving on to Bitcoin, the team analyzes the continued strength of BTC and its implications for BTC miners. They also share their insights on which sectors have outperformed in Q1. In the macro update, David shares his thoughts on various macroeconomic factors such as non-farm payrolls, de-dollarization, and money market funds versus reverse repo. The team also covers CEX and DEX flows, providing listeners with valuable insights on the current trends in the market. Additionally, the episode features an update on Defi, including the latest developments such as Euler funds being returned, Arbitrum’s controversial proposal, and a ZK update. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

We explore why bitcoin has outperformed ether and many altcoins recently in the context of the current macro environment and the most likely path for the Federal Reserve. Meanwhile, our institutional team discusses the implications for markets from recent regulatory actions. Plus, the long-anticipated ARB airdrop has brought a lot of excitement to the Arbitrum (layer-2) ecosystem, but how should users think about its value going forward? Finally, on DeFi, we saw the launch of zkSync Era to general users and Polygon’s zkEVM mainnet beta go live with both networks seeing an increase in transactions. Tune in for an in-depth analysis on all of this and more and their potential impact on institutional investors. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

This week, our institutional team discusses the news from UBS & CS and the continued weakness in certain regional banks despite significant support. They also explore the outperformance of crypto, the upcoming Fed meeting, and the differences between the new BTFP facility and QE. Additionally, they discuss the latest updates on DeFi including an update on the Euler hack, the Uniswap V4 delay, the Arbitrum airdrop and where that is trading. Lastly, they cover flows on the exchange and the recent increasing dominance of BTC. Tune in for an in-depth analysis on all of this and more and their potential impact on institutional investors. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

It’s been a busy week and while Bitcoin is up sharply, it has traded in a 35% range, wide even by Bitcoin’s standards. Georg and Greg saw flows that they never thought they’d encounter and Sid talks through how DeFi protocols had their fundamental principles questioned. We talk about what’s next and how we in crypto can rely less on the frailties of a legacy banking system. On CPI, David runs us through what this means to markets and what he’s looking out for in next week’s FOMC. Most importantly, what does the Fed think about the financial stresses of last weekend? Finally, Sid runs us through the potential bear case for ETH ahead of the Shanghai (+Capella) upgrade and the supply that may hit the market. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

In a relatively quiet market since the move down on March 3, we discuss perp funding rates turning negative ahead of the Mt Gox unlock and what we’re seeing on the trading and financing teams ahead of this. David shares key insights from his Asia client trip in the context of easing crypto regulations in HK and takes us through the upcoming macro events. Sid provides an update on the controversial Maker governance proposal. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

The institutional trading team runs through the launch of Base and what they’re excited for in the coming months. Lido staking nears 75% with some very large transactions this week. The question of blockchain immutability is challenged in a court of law. The team also runs through their latest macro thoughts, the varied flows that they’re seeing on the desk and the re-orientation of stable coins as BUSD market share reduces by 33% over the last month. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

This week the team talks through how well crypto has held up in the face of higher rate expectations, possibly buoyed by flows from the Far East. They also cover Blur’s launch and incentive programs which helped it 4X OpenSea’s volumes last week and push them into a platform fee holiday. Lastly, the team provides an update on Ordinals and talks through the potential for L2s on Bitcoin. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Following the January inflation print, our institutional trading and research teams talk about the current state of crypto markets, the macro landscape, Bitcoin ordinals, and the Sepoelia testnet on February 28. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.