Coinbase Markets Podcast

In this episode, we unpack the latest escalation in the Iran conflict and why the move in oil matters for markets, inflation expectations, and the Fed. We discuss how a headline-sensitive geopolitical risk premium has made oil the key macro transmission channel again, why the duration of any supply disruption matters, and what that could mean for bitcoin if this evolves from a short-lived shock into a longer war of attrition. We also explore why crypto-native venues like Hyperliquid have benefited from weekend price discovery in oil and other macro assets, and why we think open interest matters more...

In this episode, we unpack the latest escalation in the Iran conflict and why the Strait of Hormuz standoff may be affecting market volatility and inflation-risk. We discuss the initial stability in markets before sentiment sobered on Tuesday as spillover fears grew, with oil rallying as gold fell. We then pivot to Block’s 40% workforce cut, explicitly framed as an AI-driven operating model shift, and argue it’s less a one-off layoff story and more a signal of what markets may increasingly reward: credible “AI-to-margins” narratives that reshape competitive incentives. From there, we connect AI-driven restructuring to bitcoin through two macr...

In this episode, we explore AI’s role in the recent cross-asset sell off and talk about what levels to watch on bitcoin in this mostly technically driven market. Negative gamma near the $60-70k zone may exacerbate downside moves, while positive gamma closer to $85-90k levels may pin price action to the upside.  Indeed, despite Strategy (MSTR) buying BTC and Bitmine buying ETH over the last week, the price action largely continues to look lackluster. We talk about why this and other factors have contributed to our decision to change our market outlook from cautiously optimistic to neu...

On this episode, we sit down with Project 11 CEO Alex Pruden to unpack what quantum computing really means for bitcoin’s long‑term security — without the hype or doom scenarios. We break down realistic timelines for “cryptographically relevant” quantum computers, which parts of bitcoin are actually at risk, and why open blockchains may be better positioned to upgrade than legacy finance. The conversation also highlights Coinbase’s Independent Advisory Board on Quantum Computing and Blockchain and how the council is helping the industry plan calmly for a post‑quantum future.

Guest: Alex Prudent, CEO of Project 11

Speakers...

This week we discuss the sharp decline in crypto prices, which fell alongside gold after the nomination of Kevin Warsh as Fed chair, seemingly disproving the gold-to-bitcoin rotation narrative. We explore the lack of a clear marginal buyer for BTC, the increasing bearish positioning in the derivatives market, and the challenge for long-term holders. We also analyze the potential of digital asset treasuries as buyers, concluding their impact lessens as prices drop, and discuss recent positive regulatory developments regarding the crypto market structure bill, with prediction market odds for passage before May now at 74%. Finally, it seems systematic trading...

The global macro landscape is shifting fast, and this week we dive into how it’s influencing bitcoin’s price. We’ll explore potential for a rotation between bitcoin and gold as precious metals come back into focus. Then, we look at the dramatic appreciation of the Japanese Yen and what speculation about US and Japanese authorities strengthening the currency means for crypto. We’ll also cover the potential impact of new tariffs in South Korea and Canada and how that’s playing into hedging strategies. Finally, with the Fed’s latest decision looming, we unpack the broader struggle for capital...

This week, we step back from the day‑to‑day price action and bring on Richard Galvin, Executive Chairman & CIO at Digital Asset Capital Management (DACM), to frame the 2026 crypto cycle. We dig into how his TradFi background has shaped DACM’s investment philosophy, where he’s positioning across BTC and alts, and which tail risks he worries about most this year. The conversation covers how to characterize the current market setup, the themes that could define 2026 for professional allocators, the macro backdrop versus crypto beta, and how evolving regulation and institutional adoption are really moving capital in this space.<...

We cover a lot of ground in this episode including:

On the macro side, the focus is on the US CPI print for December and whether this will impact the Fed’s decision making in 2026. Together, this helps tell us whether this crypto bounce is the beginning of a new leg higher or just an early‑year reset in positioning.

Speakers:
David Duong, CFA - Global Head of Investment Research (X: DavidDuong)
Colin Basco - Rese...

We unpack our optimistic 1H26 crypto market outlook anchored on global liquidity support and rate-cut expectations, though energy prices and geopolitics represent potential tail risks. This may set the stage for momentum-led crypto performance and disciplined positioning. The discussion also covers the rise of tokenization—from tokenized equities to equity perps and higher collateral efficiency—and stablecoins moving beyond trading into payments and payrolls.  Finally, the episode explores the social and market flywheel around prediction markets, the evolving privacy narrative, and a pragmatic take on the fundamentals vs. technicals debate using recent DeFi examples.

Speakers:
David Duong...

In this year-end episode, our Coinbase Research team wraps up 2025 by grading their crypto market predictions from the previous year and discussing key themes for 2026. The hosts score their prior year outlook on macro trends, tokenization, and the resurgence of DeFi/DEX volumes. Find out which calls earned high marks and where projections were “overly optimistic.” They then look ahead and share their optimism for a recovery in the first half, supported by the ongoing rate cutting cycle; the rise of prediction markets; the continued explosion in crypto derivatives; the endgame for application-specific chains; and the path for stab...

Crypto racked up some wins this week with Vanguard and Bank of America opening the door for their clients to trade the asset class, though many still wonder why BTC isn’t trading substantively higher given all the good news. Our Head of Research, David Duong, remains constructive due to favorable macro conditions but acknowledges that it’s hard to identify the marginal buyer at the moment. That said, he still thinks DATs are a meaningful source of demand. Meanwhile, the Fed decision is coming and a rate cut seems to be a lock. But what’s the consensus sentim...

In this episode, Coinbase Research dissects the post-Thanksgiving crypto landscape, marked by low liquidity and high volatility. We debate a “trend variant” approach to dollar cost averaging (DCA), explore the implications of the Fed ending quantitative tightening, and the market implications of a highly anticipated December Fed rate cut—stressing that the commentary’s tone will matter more than most meetings. The sell off from concerns over a Bank of Japan hike (leading to an unwind of JPY carry trades) seems to be over for now. We also examine the unsettling trend of AI-driven white-collar layoffs and its effect on the ‘...

Crypto markets have gone through a broad repricing as doubts about AI ROI, the unwind of the momentum trade, and renewed uncertainty around the December FOMC meeting collide. We unpack why this macro mix matters more than usual: a prolonged government shutdown has jeopardized October 2025 releases, adding to uncertainty about what comes next. That said, we think the signal from small business earnings still points to cuts. But the longer-time-frame trend reduces the room for speculation, making it hard to pick strong altcoin names. Should investors buy/hold/sell here? Is this the capitulation we were waiting for, or...

This episode unpacks a fragile week in crypto markets, discussing why reactive positioning can beat buying dips in downtrends, and what November’s liquidity signals could mean for a potential year‑end turn. We map the landscape of softening demand—from corporate treasuries to ETF outflows—alongside key technical zones that now define the range, and what renewed options hedging is signaling about downside risk and rebound potential.  We also talk about how shifting FOMC odds are feeding risk sentiment, and why the much‑debated AI trade—between massive capex and slower monetization—matters for crypto markets and sector rotation.

Starting today, all Coinbase One US subscribers will have early access to Coinbase Research. If you’re a CB1 subscriber, check your inbox now. 

In this episode, we cover some of the topics from our latest Monthly Outlook. We also wade into the enterprise L1 debate following the announcement that long-time Ethereum Foundation researcher Dankrad Feist is joining Tempo — a new L1 focused on payments and stablecoins. We also walk through the latest Charting Crypto report where we unpack new investor survey signals, dig into our Global M2 Money Supply Index, and discuss the role of digital asset...

In this episode, we dig into whether there’s more downside ahead or if the worst is now behind us following the leverage flush on October 10. We discuss how elevated altcoin open interest set up cascading liquidations and why the reset cleans up positioning but doesn’t guarantee direction. Flows remain mixed with limited BTC dip‑buying, a concentrated ETH bid, and some ETF outflows—so we prefer reactive over anticipatory positioning until breadth improves. Finally, a growing privacy theme centers on Zcash, with momentum holding even through the drawdown. Into next week, a 25bps Fed cut is the base cas...

The phrase “Black Friday” now carries a very different connotation for crypto market participants following Friday’s flash crash that saw $19B in leveraged positions wiped out. Ostensibly, the catalyst for the move was the announcement of 100% tariffs and new export controls on China (subsequently walked back), but the unprecedented scale of the move suggests many moving parts to the story. We break down the main vectors contributing to the sell off, including the market’s massive liquidity drain, the collateral valuation mechanics of certain crypto-trading platforms, and the role that auto-deleveraging mechanisms played. We also discuss the lessons being le...

Bitcoin pushed past $125,000 this week as US spot ETFs saw massive inflows, and corporate treasuries added to their reserves. With the US government shutdown, what data should we be looking at for markets? 

Meanwhile, SWIFT’s recent blockchain announcement suggests traditional finance is rapidly adapting to crypto realities, while Stripe’s revolutionary “Open Issuance” platform democratizes stablecoin creation with backing from BlackRock and Fidelity. 

In other topics, are you sick of hearing about gold? Too bad because we talk about it. On the regulatory side, the CFTC launched its Tokenized Collateral and Stablecoins Initiative as regulators...

This episode breaks down the key turning points in the current macro environment, exploring why risk assets are struggling despite recent Fed dovishness and what’s driving the recent pause in DeFi total value locked (TVL) growth, even as markets search for new catalysts. The conversation moves into real-world adoption, examining fresh stablecoin and asset-tokenization initiatives on Avalanche, and considers the broader implications for digital asset treasury (DAT) markets—including the merger between Strive and Semler Scientific. We offer insights from our latest institutional research, touching on the impending US government shutdown, the evolving regulatory landscape and major onchain tren...

This week, the team analyzes the liquidation-driven downturn in BTC, ETH, and altcoins, alongside the broader macroeconomic outlook for Q4. Plus, Colin provides an in-depth analysis of ETH fundamentals, DAT activity, and developments on Base.

Speakers:
- Joshua Pak, Senior CES Sales Trader
- Colin Basco, Institutional Research

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

David and Colin answer three pressing questions from institutional investors: is the DAT cycle over? Do Fed cuts represent a local top? Does seasonality (e.g. Uptober) really matter in crypto? They also discuss what's happening with Nakamoto Holdings, how much the Fed could cut before the end of the year, and the most relevant market news. You don't want to miss this one.

Speakers:

David Duong, CFA - Global Head of Investment Research

Colin Basco - Research Associate 

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for i...

Nasdaq's Crypto Push and a Labor Market Shocker

Description: This week, we're analyzing a market that's showing a clear divergence. Bitcoin is seeing strong inflows of over $620 million, while Ethereum is experiencing significant outflows of $880 million. Price action reflects this, with Bitcoin holding a tight range, Ethereum trading flat, and Solana outperforming with a 9% gain. We'll look at what healthy perp funding rates tell us about market sentiment.

The dominant theme is the shifting macro landscape. We received a major reality check on the U.S. labor market with large downward revisions to annual payroll...

This week, we sit down with Luca Netz, the CEO of Pudgy Penguins, to discuss the project and its vision. Additionally, the team shares insights on market expectations for September, a month historically known for seasonal challenges. We also explore the macroeconomic factors influencing prices.

Speakers:
Joshua Pak, Senior CES Sales Trader - Moderator
David Duong, Global Head of Institutional Research
Gregg Wysocki, Director, U.S. Hedge Fund Sales
Colin Basco, Institutional Research
Luca Netz, CEO of Pudgy Penguins

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com...

This week we sit down with Ovie Faruq, founder of Rekt Brands, and talk through crypto's weakness ahead of Friday's Jay Powell speech.

Speakers:

Joshua Pak, Senior CES Sales Trader
David Duong, Global Head of Research
Colin Basco, Institutional Research
Ovie Faruq, Founder of Rekt Brands Inc

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

Description: This week, we're digging into the market's reaction to the latest CPI data and what it means for the macro landscape as we look ahead to the Jackson Hole symposium. We'll discuss expectations for the event, the ongoing debate around potential new Federal Reserve appointments, and provide an update on the tariff situation.

The main event in crypto is Ethereum's explosive +23% move on the week, with LDO moving in concert. We'll break down the key drivers behind the rally, including a massive $1.8 billion in ETF inflows, over $2 billion in large Digital Asset Trust (DAT) purchases, and...

This week, we're analyzing the market's reaction to the recent Non-Farm Payrolls report, which hit our markets and has significantly increased rate cut expectations. We look ahead to the main event on the macro calendar: the Jackson Hole symposium, where Fed Chair Powell is scheduled to speak Friday morning on things including AI and the labor market, potentially setting the tone for the rest of the year. 

Our latest research report adds context, showing how global liquidity is expected to continue to flow into crypto through Q3 and Q4, and that long-term holders are showing strength by n...

This week we dive into BTC's resilient price action in the face of challenging flow dynamics and break down ongoing ETH demand and broader macro trends.

Speakers:
Joshua Pak, Senior CES Sales Trader
David Duong, Global Head of Research
Gregg Wysocki, Director Institutional Sales
Colin Basco, Institutional Research

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 dive into BTC's falling dominance and ETH's banner inflows. The team also discusses ETH supply and demand fundamentals, SOL v ETH beta trades, and the Charting Crypto quarterly report.

Speakers:
Joshua Pak, Senior CES Sales Trader
David Duong, Global Head of Research
Ben Rodriguez, Senior Protocol Speciali

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 dive into market dynamics that led to crypto’s strong price action on the week. The team walks through flows, derivative markets, and meme coin thematics. We also spend time with Merlin Egalite, co-founder @ Morpho Labs to walk through Merlin’s vision of DeFi lending, Coinbase’s crypto backed loan product, and Morpho v2.

Speakers:
Joshua Pak, Senior CES Sales Trader
David Duong, Global Head of Research
Merlin Egalite, Co-founder of Morpho Labs

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and us...

This week, we’re diving into the accelerating convergence of traditional finance and crypto, headlined by the groundbreaking news that Fannie Mae and Freddie Mac are considering accepting crypto as valid assets for mortgage applications. This, combined with Circle’s recent application for a U.S. bank charter, signals a major shift in how digital assets are integrated into the core financial system.The macro landscape is dominated by the Federal Reserve, as we analyze recent comments on stablecoins from Chair Powell and explore the crucial discussion around his potential replacements and what their policy stances could mean for cryp...

This week, we explore BTC's turbulent price movements amid a volatile geopolitical backdrop. The team dives into an analysis of price performance for crypto equity-linked assets, developments in stablecoins, and partnerships between credit card issuers and crypto-native applications. Zaid from the Prime Financing team provides insights into significant trends in the crypto lending market. Concluding the discussion, David outlines the macro expectations for the week, while the team examines the notable surge in Polymarket activity.

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

This week, we analyze a market sending mixed signals. While ETF flows for both BTC and ETH remain positive and perp funding rates are healthy, the COIN50 Index is down 5.2% on the week. This raises the question: are global markets accurately pricing risk, especially with low volatility in traditional markets (VIX

This week, we're tracking Ethereum's continued ascent, which has now seen an incredible 14 consecutive days of ETF inflows. Bullish sentiment is reflected across the board with both ETH and BTC basis trading above 10%, while Bitcoin's market dominance holds strong at 65.45%. We'll also dive into the recent strength in DeFi tokens like UNI, AAVE, and SKY following favorable comments from former SEC Commissioner Paul Atkins, and what this signals for the sector's future.The macro landscape is packed with catalysts. We're monitoring US/China trade talks as the July 9th tariff pause deadline approaches, the progress of the "Big Beautiful...

Description:
This week, we dissect a shifting market landscape: perp funding rates remain moderate, but Ethereum's basis is notably trading above Bitcoin's, fueled by recent momentum and significant ETH ETF inflows, which starkly contrast with current BTC ETF outflows.
Among the big movers, we're seeing gains in MKR, UNI, and CRO, while the COIN50 Index has dipped 4% over the past week. We also delve into the technical picture for major assets, commenting on key support and resistance levels. Encouragingly, corporate BTC flows remain strong.
On the macro and regulatory front in the US, the "One Big...

This week, we're diving into Bitcoin's surge to new all-time highs, with funding rates climbing, open interest nearing $100 billion, and BTC dominance holding strong at 61%. We'll explore expectations and market positioning as the major BTC Vegas conference kicks off and examine the bullish signal of the 200-day moving average golden cross. We also discuss how large Bitcoin holders are strategically managing their positions through lending and options.

In markets, we compare Solana and Ethereum, including Standard Chartered's $500 SOL initiation and price target. We look at the impending arrival of SOL ETFs & ETPs and the potential for positive...

This week, we delve into the significant progress on US/China tariffs announced over the weekend, including reciprocal rate cuts effective May 14th, and discuss how crypto assets reacted during off-market hours, leading to notable moves. In the Bitcoin segment, we analyze ETF flows, question if BTC dominance has peaked, and provide an overview of the OP_RETURN proposal aiming to remove the 83-byte limit. We also touch upon the flows observed on our desk during recent market moves.

For Ethereum, we explore its recent price performance and give details on the upcoming Pectra upgrade. Market-wise, we...

This week, we’re joined by special guest Tarun Gupta, CEO and co-founder of Coinshift, to discuss stablecoin adoption globally and his long-term vision for decentralized finance.

In the market update, we highlight large inflows into BTC, CME flows up over 100% month-over-month, and a strong front-month basis at 11%. We also break down what's next for BTC and key support levels.On the macro front, we recap last week’s Non-Farm Payrolls, discuss equity market valuations, preview this week’s FOMC decision, and consider what to expect from the Milken Conference and key crypto earnings. In the news sectio...

 This week, we dive into the latest EY Digital Assets Survey and what it reveals about institutional sentiment: 85% of respondents increased their crypto allocations in 2024—and nearly the same expect to do so again in 2025. We unpack which assets are in focus, the critical role of regulation, and how institutions are beginning to engage with DeFi.
On the market side, ETF inflows remain strong, especially into IBIT, with ETH reversing its outflows from the previous week. We analyze current holder trends and potential upside scenarios. We also look at Bitcoin's increasing correlation with gold and how it's behaving aro...

 This week, we explore BTC’s continued strength—driven by ETF inflows, its digital-gold narrative and favorable option skew—while ETH sees institutional outflows. We highlight strong performances from AI-linked tokens like Render, FET, and TAO, and discuss how crypto has outpaced equities since Liberation Day.
In macro, we unpack the potential for BTC decoupling, rising political influence on monetary policy, the IMF’s global growth downgrade, and implications of a weaker U.S. dollar. We also assess the impact of upcoming key data releases like PCE and JOLTs, and what they signal for risk assets.
Our research...

This week we have Sarah Williamson (Coinbase Institutional’s Head of Financing Trading) joining us as a special guest. While optimism remains in short supply due to tariffs, we are seeing improving market structure around bitcoin and other key crypto assets. In this episode, we analyze recent derivatives performance, including sideways perp funding rates and emerging opportunities in options skew as well as the collapse in Mantra’s OM tokens. Meanwhile, the macro environment demands caution amid the current liquidity crunch, even though we see some opportunistic buying from crypto natives at the margin while onchain data has revealed some...