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 macro paths: 1) a productivity-led disinflation tailwind that loosens financial conditions versus 2) a near-term demand shock that triggers risk-off first. Finally, we highlight bitcoin’s key levels and map out the trading scenarios to watch this week.

Speakers:

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, 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 neutral in 1Q26. We also discuss Vitalik Buterin’s recent write up on the future of Ethereum Layer-2 networks.

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

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

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:
David Duong, CFA - Global Head of Investment Research (X: DavidDuong)
Colin Basco - Research Associate (X: colin_basco)

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 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 strategies are looking for a strong reclaim of the $81K-82K range as the key technical level for a shift in BTC regime - we breakdown what this means for market players.

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

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

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: in a world where the DXY is under pressure and the European fiscal outlook remains weak, what is the ultimate alternative asset? Tune in for a deep dive into the forces driving crypto markets right now.
 

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

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 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.

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

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

We cover a lot of ground in this episode including:

• the effect of geopolitical developments on crypto
• the persistence of the BTC inflation narrative
• MSCI’s deferred DAT decision
• viral prediction markets

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 - Research Associate (X: colin_basco)

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

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, CFA - Global Head of Investment Research (X: DavidDuong)
Colin Basco - Research Associate (X: colin_basco)

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

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 stablecoin growth in the year ahead.

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

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

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 sentiment on the board? How will they interpret recent inflation trends? Fear of hawkish messaging seems to be pervasive. Separately, David and Colin debate the merits of trying to trade the potential nomination of Kevin Hassett to Fed Chair. Finally, we cover Ethereum’s latest upgrade and the implications for ETH's price.

Speakers:
David Duong, CFA - Global Head of Investment Research (X: Dav1dDuong)
Colin Basco - Research Associate (X: colin_basco)
 

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