Coinbase Institutional Market Call

In this episode, we analyze the latest crypto market trends, highlighting BTC’s rally, standout tokens like SOL and XRP, and increased corporate adoption. Joe Flanagan, Co-Founder of Maple Finance, joins us to discuss the platform’s transition to secured lending, expansion into new borrower sectors, and the introduction of their governance token, SYRUP. We also explore the launch of IBIT options, examining how they could enhance liquidity, improve risk management, and offer strategic flexibility for investors. Don’t miss this episode packed with market updates, institutional trends, and deep dives into DeFi innovation.

Topics Covered:

• Market Update: BTC and altcoin movements, corporate BTC adoption, and ETF flows.
• Maple Finance Insights: Its transition to secured lending, its long-term plans for expansion, and its SYRUP token launch.
• IBIT Options: Implications for liquidity, risk management, and portfolio strategies.

Host:
Ben Floyd, Head of Execution Services

Special Guest:
Joe Flanagan, Co-Founder and Executive Chairman of Maple Finance

Panelists:
David Duong, Head of Institutional Research
David Han, Research Analyst

In this episode, we dive into the major market movers, examining shifts in onchain BTC activity as long-term holders start to potentially position to take profits and funding rates hit extreme levels. Rachel Ziv provides the latest insights on the Coinbase financing business, including current trends in the fluctuating cost of capital. Special guest John D’Agostino, Senior Adviser to Coinbase, introduces the Coin50 Index, explaining its methodology, potential impacts, and its future role in shaping crypto portfolio strategies. David Duong delivers a macroeconomic update covering CPI, retail sales, and insights into what the Fed may do next. Onchain specialist David Han provides a breakdown of Beam Chain, as highlighted by the Ethereum Foundation’s Justin Drake, along with the latest from the Base ecosystem. Don’t miss this packed episode full of expert analyses, innovative tools, and essential market data.

**Host:**
Ben Floyd, Head of Execution Services

Special Guests
John D’Agostino, Senior Adviser
Rachel Ziv, Senior Financing Trader

Panelists
David Duong, Head of Institutional Research
David Han, Research Analyst

Trump’s victory in the 2024 US presidential election has been a significant catalyst for the crypto market in recent days. Following the election results, bitcoin reached a new all-time high exceeding $75,000, along with substantial gains in other cryptocurrencies such as ETH, SOL, and DOGE. This surge is attributed to bullish market sentiment and re-risking by traders. Moreover, the election has led to a more crypto-friendly Congress, enhancing optimism around regulatory clarity.  In this podcast, Ben Floyd, David Duong, Greg Sutton and David Han discuss some of the regulatory and policy implications of a Trump presidency. They also talk about the Federal Reserve decision, the Ethereum Foundation’s report, Solana trading ecosystem profits, and the recent spike in stablecoin supply.

**Host:**
Ben Floyd, Head of Execution Services

**Panelists:**
David Duong, Head of Institutional Research
David Han, Research Analyst
Greg Sutton, CES Sales TraderDon’t forget to like and subscribe.

Links:

• Stand with Crypto
• Reflections on the election through a crypto lens
• Coinbase Research

In this episode, we kick off with an exclusive interview featuring Coinbase’s Head of US Policy Kara Calvert about how the upcoming election could reshape the crypto regulatory landscape. Don’t miss her outlook on the future of crypto policy under different political scenarios.

Our expert panel also breaks down bitcoin’s latest price movements, US spot ETF inflows, and the shifting dynamics between ETH and SOL. David Duong walks us through a busy earnings season, focusing on major market movers like Apple, Google and Microsoft, while highlighting key macro drivers. David Han wraps up the episode with an analysis of the rising traction in Solana and Base DEX volumes.

**Special Interview with Kara Calvert:**

- How crypto regulation might unfold under Trump vs Harris.
- The possibility of leadership changes at different executive agencies.
- The shape of crypto policy over the next two years.

**Market Update with Joshua Pak:**
- CME open interest trends, spot bitcoin ETF inflows, and trading desk flows.
- Unlock updates and the divergence between ETH and SOL.
- Onchain revenue trends and correlations to BTC.

**Macro Insights with David Duong:**
- Earnings updates: Apple, Microsoft, Amazon, Google, and Meta—impacting nearly a quarter of the S&P 500.
- Key economic indicators: Non-farm payrolls and JOLTs report insights.

**Onchain Section with David Han:**
- Blobs developments & Pectra upgrade
- Traction update on Farcaster.
- Solana DEX volumes up +19% WoW and Base DEX growth at +15% WoW.

**Host:**
Ben Floyd, Head of Execution Services

**Panelists:**
David Duong, Head of Institutional Research
David Han, Research Analyst
Joshua Pak, CES Sales Trader

Links:

• Stand with Crypto
• Q4 Guide to Crypto Markets
• Coinbase Research

In this episode, our expert panel explores the latest market trends, including CME fund flows, Bitcoin ETF inflows, and altcoin performance. We dive into Stripe’s strategic acquisition of Bridge, election positioning in crypto markets, and Fed Governor Christopher Waller’s positive comments on DeFi’s potential role alongside centralized finance. Stay tuned for insights on token governance, onchain updates, and the rise of a new memecoin sensation.

Topics Covered:

• Market Update: Record open interest at CME, $2B Bitcoin ETF inflows, and altcoin market dynamics.
• Election Positioning: A look at funding rates, option skew and a discussion on how traders are preparing for election outcomes.
• Regulatory Updates: The SEC’s approval for more Bitcoin ETF options and its impact on market sentiment.
• Stripe Acquires Bridge: Analysis of what this acquisition means for crypto adoption and why it fits into Stripe’s strategy.
• Polymarket Odds: Current election odds, questions of market manipulation, and implications for crypto trading.
• Macro Insights: Fed Governor Waller’s remarks on DeFi’s complementary role, plus key macro indicators like next week’s JOLTS and NFP reports.
• Onchain Trends: Updates on the Pectra upgrade, Scroll’s launch, and governance developments across Maker, Uniswap, and ENS.
• Memecoin Spotlight: The meteoric rise of a new GOAT memecoin, now valued at $400 million.

Host:
Ben Floyd, Head of Execution Services

Panelists:
David Duong, Head of Institutional Research
David Han, Research Analyst
Greg Sutton, Senior CES Sales Trader

Links:
Q4 Guide to Crypto Markets
Coinbase Research

In this episode, our expert panel dives into the BTC rally (testing the critical $68k mark) and the strong inflows into US spot BTC ETFs. We also explore key developments such as the Unichain announcement (from Uniswap), the growth of Base across multiple metrics, and the Coinbase Q4 Guide to Crypto Markets report.

Topics Covered:

• BTC ETF Inflows: How BTC’s rally is influenced by ETF demand.
• Unlocks: Breaking down unlocks including TIA and EIGEN, and their potential market impact.
• Financing Market Trends: Zaid examines shifts in perpetual futures markets, funding rates, CME basis, liquidations, and other signs of leverage re-entering the market.
• CME & DeFi Funding: Exploring CME basis changes and funding rates in CeFi and DeFi sectors.
• Uniswap announces Unichain: What it is and what this means for liquidity migration and token-holder value.
• Q4 Crypto Report Highlights: Key takeaways on stablecoins, Ethereum, and Bitcoin L2s, and standout charts from our partners.
• Macro Insights: China’s stimulus effects, US earnings, and Polymarket election odds’ market impact.
• Onchain Trends: Base growth in TVL, DEX, and stablecoin volumes.
• Gaming Spotlight: “Off the Grid” (using Avalanche subnet) tops Epic Game Store charts.

Be sure to like, subscribe, and check out the team’s research for more insights.

Host: Ben Floyd, Head of Execution Services

Panelists:

• David Duong, Head of Institutional Research
• David Han, Research Analyst
• Georg Toropov, CES Salestrader
• Zaid Khan, Senior Prime Financing Sales Trader

Links:

• Q4 Guide to Crypto Markets
• Coinbase Research

In this episode, our panel unpacks key updates including the anticipated FTX repayment schedule and the latest regulatory developments, while also discussing broader macroeconomic trends.

Topics Covered:

• Risk Overview: Josh starts by providing analysis of the current risk picture, focusing on perp funding rates, basis, volumes, and institutional interest in the market.
• FTX Repayments: A detailed look at the FTX repayment timeline, and what impact that could have on the market.
• Macro Overview: David Duong recaps key macro themes, including last week’s NFP data, the upcoming inflation report, and the diminishing effects of China’s stimulus on global markets. He also talks through what he thinks the market will focus on next.
• Onchain Insights: David Han discusses high ETH transaction fees, increased onchain DEX volumes (centered on ETH and SUI), and updates on EIP 7782.

Make sure to like, subscribe, and check out the team’s research in the show notes for deeper insights into these developments!

Host: Ben Floyd, Head of Execution Services

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

Links: Coinbase Research

In this episode, we explore the latest movements in the crypto market, including Kamala Harris’ recent mention of digital assets and its potential impact on regulation. Our expert panel breaks down the dynamics driving ETF flows, funding rates, and key macro trends influencing the market.

Topics Covered:

• Market Overview: Georg Toropov kicks off with a comprehensive market update, highlighting ETF flows, funding rates, and the major movers shaping today's crypto landscape.
• Kamala Harris & Digital Assets: We discuss Kamala Harris’ recent mention of digital assets and and the potential regulatory implications for the crypto space.
• Flows & Unlocks: Georg provides insights into hedge fund activity and key upcoming token unlocks, including SUI, ZETA, and TIA.
• Mt. Gox Distribution: David Duong updates us on the timeline for the Mt. Gox distribution, with ~45k BTC still to be released and uncertainty surrounding the exact timing.
• Macro Outlook: David Duong gives a detailed macroeconomic analysis, covering Middle East tensions, the Fed’s hawkish stance, and important economic indicators like JOLTS and the upcoming non-farm payrolls report.
• Onchain Update: David Han wraps up with an onchain update, covering the rise in ETH fees, an overall increase in onchain activity, and the EigenLayer token unlock.

Make sure to like, subscribe, and check out the team’s research in the show notes for deeper insights into these developments!

Host: Ben Floyd
Panelists:
David Duong, Head of Institutional Research
Georg Toropov, Senior CES Trader
David Han, Research Analyst

Links: Coinbase Research

In this episode, we welcome Ralph Achacoso, CIO of Factor6 Capital, to dive deep into the intersection of Bitcoin mining and AI, discuss takeaways from Token49, and explore broader market movements and trends in the digital asset space. Our panel covers everything from ETF flows and funding rates to the potential launch of IBIT options, offering an insightful and timely discussion for crypto investors.

Topics Covered:

• Market Overview: We kick off with a quick market update, covering ETF flows, funding rates, and key movers shaping the market.
• BTC Miners and AI Integration: We explore how BTC miners are engaging with AI, as well as the challenges and barriers of AI implementation in mining.
• AI x Crypto: Ralph shares how he thinks about AI x Crypto and where value could accrue.
• IBIT Options Overview: The panel discusses the potential launch of IBIT options, comparing them with the BITO options available today, and Ralph provides his expert perspective.
• Token 49 Rundown: David Duong gives a detailed breakdown of Token 49 discussions, highlighting key takeaways and what to watch out for.
• Macro Outlook: With recent Fed actions, David Duong provides a broader market outlook and what investors should expect moving forward.
• Onchain Developments: David Han wraps up with a look at the latest onchain activity, including developments around Ethereum's Pectra upgrade and  Wrapped Bitcoin.

Make sure to like, subscribe, and check out the links to our research in the show notes for deeper insights.

Host: Ben Floyd, Head of Execution Services
Guest: Ralph Achacoso, CIO of Factor6 Capital

Panelists: 
David Duong, Head of Institutional Research
Greg Sutton, Senior CES Trader
David Han, Research Analyst
Links: Coinbase Research

In this episode, we explore the latest developments in the crypto space, including deep dives into ETF flows across BTC, ETH, and SOL, discussing the unique narratives surrounding each token and how these impact adoption.

Key Discussions:

(2:05) ETF Flows & Drivers:

An in-depth look at the drivers behind BTC, ETH, and SOL ETF flows, and how different narratives shape market behavior and token adoption.

(12:40) New Blockchain Launches:

Discover the new chains launching by year-end, the apps our team is experimenting with, and expert insights on their potential impact.

(17:05) Market and Macro Updates:

Jackson Hole & Nvidia Earnings:

Josh covers key takeaways from Jackson Hole, while Dhan discusses Nvidia's earnings and the broader implications for the crypto market.

(23:15) Onchain & Ecosystem Updates:

MakerDAO’s Sky Update:

David Han provides a comprehensive overview of the latest changes in Maker’s ecosystem and governance.

(26:17) Babylon on BTC and Blinks on SOL:

Updates on Babylon’s BTC staking launch and the innovative Blinks on SOL, allowing multiple actions in one link.

(29:18) Tokenization & Story Protocol:

Learn about Centrifuge’s new lending market on Base, using Coinbase verifications to reduce friction, and Story Protocol’s recent raise and the rationale behind their own Layer 1.

Join us for a detailed analysis of these crucial developments, offering valuable insights into the evolving landscape of digital assets and blockchain technology.

Subscribe and stay informed: Don’t miss out on our continued deep dives into cryptocurrency trends, market dynamics, and the latest innovations shaping the future of finance.