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.

Speakers:
David Duong, CFA - Global Head of Investment Research
Georg Toropov - Senior CES Sales Trader
Colin Basco - Research Associate

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

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 treasuries as a force for structural demand across BTC and ETH.

Speakers:
David Duong, CFA - Global Head of Investment Research
Ben Rodriguez - Senior Protocol Specialist
Colin Basco - Research Associate

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 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 case, though a dovish Beige Book is increasing the odds of the board front loading the easing cycle into early next year.

Speakers:
David Duong, CFA - Global Head of Investment Research
Georg Toropov - Senior CES Sales Trader
Colin Basco - Research Associate

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

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 learned in the aftermath and what this means for both retail and institutional investors going forward.

Speakers:
David Duong, CFA - Global Head of Investment Research
Joshua Pak - Senior CES Sales Trader
Colin Basco - Research Associate

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

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 embrace crypto derivatives, and the SEC has been making headlines with its no-action letters and new fast-track standards for crypto ETF listings. This episode is perfect for institutional investors, crypto researchers, DeFi builders, and anyone tracking the intersection of traditional finance and digital assets.

Speakers:
David Duong, CFA - Global Head of Investment Research
Colin Basco - Research Associate

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

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 trends.

Speakers:
David Duong, CFA - Global Head of Investment Research
Colin Basco - Research Associate

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 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 information about our collection and use of personal data for advertising.

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 data. This, combined with last week's weak JOLTs data, is increasing the odds of a larger Fed rate cut ahead of next week's FOMC meeting. All of this sets the stage for a critical CPI report on Thursday. We'll also touch on the latest OPEC+ announcements.

This comes as traditional finance makes huge moves into the space. Nasdaq is investing $50 million in the Gemini crypto exchange and has also filed with the SEC to trade tokenized securities alongside traditional stocks. We'll also cover Ant Digital's plan to tokenize $8 billion in assets and the latest onchain news from MegaETH and Ethena.

Topics Covered:

• Market Update:
  • Diverging ETF Flows: BTC inflows ($620m) vs. ETH outflows (-$880m).
  • Price Action: BTC range-bound, ETH flat, and SOL outperforming (+9%).
  • Market Sentiment: Healthy perp funding rates and a rising COIN50 index.
• Macro Deep Dive:
  • Labor Market Shocker: The 911k downward revision to benchmark payrolls.
  • Fed Outlook: Increased odds of a rate cut ahead of the FOMC meeting.
  • Key Data: What to expect from Thursday's CPI report.
  • Fiscal & Geopolitics:  OPEC+ news.
• Regulatory & Adoption Breakthroughs:
  • Nasdaq invests $50 million in Gemini.
  • Nasdaq seeks SEC approval to trade tokenized securities.
  • Ant Digital plans to tokenize $8 billion in assets.
• Onchain & Ecosystem News:
  • MegaETH launches a native stablecoin with Ethena to subsidize fees.
• Coinbase News & Product Launches:
  • Coming September 22: Mag7 + Crypto Equity Index Futures
• CB Research
  • Coinbase Research

Speakers:
Ben Floyd, Head of Execution Services
David Duong, Global Head of Research
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 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 for information about our collection and use of personal data for advertising.