In this episode, we discuss Bitcoin’s breakout to a new all-time high and the factors driving it, including public companies like MicroStrategy, RIOT, and Semler continuing to stack BTC on their balance sheets. BlackRock’s recommendation of a 2% Bitcoin allocation further underscores growing institutional confidence in BTC as do conversations around global Bitcoin strategic reserves progressing in the U.S., Russia, and France. We also gather onchain insights into BTC active supply, with 4.1M BTC moving onchain in the last six months.

Onchain developments include the rise of stablecoin supply, AI agents driving meme token trends, and Lido’s phased withdrawal of Polygon support. We also spotlight Pudgy Penguins' momentum and token launch with PENGU.
On the macro side, we preview the upcoming Fed meeting and its potential market impact. Finally, David provides an overview of Coinbase’s crypto outlook for 2025, offering a forward-looking perspective on the year ahead.

Topics Covered:

• Market: BTC’s all-time high, institutional moves, and BlackRock’s 2% allocation call.
• Strategic Reserves: Bitcoin reserve discussions across the U.S., Russia, and France.
• Onchain: Stablecoin growth, AI-driven memes, Pudgy Penguins' token launch, and Lido’s Polygon phase-out.
• Supply Trends: BTC active supply analysis and market implications.
• Macro: Fed meeting preview and its impact on markets.
• Outlook: Coinbase’s 2025 crypto market forecast.

Host:
Ben Floyd, Head of Execution Services

Panelists:
David Duong, Head of Institutional Research
David Han, Research Analyst
Joshua Pak, CES Salestrader

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