Coinbase Markets Podcast

By CoinbaseTechnology Government

Coinbase Markets Podcast episodes

March 25A New Crypto Taxonomy, Ethereum’s Supply Sink, and Tokenizing the S&P 500
In this episode, we step back from the macro noise and focus on the biggest crypto stories of the week:
(03:11 - 05:18) Why tokenization, stablecoins, AI agents, and onchain commerce are emerging as core crypto infrastructure themes. Plus, Coinbase Asset Management’s tokenized bitcoin yield fund on Base and what it says about institutional demand for compliant onchain products.

(05:18 - 08:51) Why Hyperliquid’s launch of an S&P 500 perpetual matters beyond a single product: the significance of securing an official S&P license, why this helps validate Hyperliquid as more than a crypto-only venue, and how it could set a precedent for more licensed benchmark exposure to move onchain.

(08:51 - 18:58) Breaking down the new SEC-CFTC digital commodity taxonomy: how it reduces legal ambiguity, why that matters for institutional allocation, and why it may benefit altcoins

(18:58 - 26:21) Ethereum’s emerging supply sink: why BlackRock’s staked ETH ETF changes the demand story, how staking and treasury holdings are reducing ETH’s tradable float, and why that could become increasingly important for Ethereum’s long-run supply-demand profile

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

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29 min
March 18Crypto’s Divergence: Peak Pessimism, AI Agents, and Positive Signs for Altcoins
This week, we unpack some major crypto market themes:
The Iran shock has turned oil from a background variable into an active transmission channel for inflation and volatility, complicating the Fed’s path to rate cuts just as labor data quietly weakens in the background. What will the Fed do at its FOMC meeting this week?

Bitcoin has outperformed U.S. equities and large‑cap tech on a risk‑adjusted basis since the start of March, helped by prior deleveraging and a cleaner positioning backdrop, which supports the view that we may be moving past “peak pessimism” – though the confirmation signal is still pending.

Altcoins are showing strong relative performance, signaling a return to risk appetite, with AI-related sectors breaking out and gaining momentum following events like the Nvidia conference. That includes tokens like BItTensor’s TAO as well as Venice’s VVV. Meanwhile, Meta’s acquisition of Moltbook (a social network for AI agents) highlights the growth of agentic commerce.

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

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39 min
March 10 Revisiting the Oil Shock from Iran, Hyperliquid’s Edge, and U.S. Inflation Risks
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 than raw volume when judging the durability of Hyperliquid’s moat. Finally, we lay out the key BTC levels and trading scenarios for the week ahead: why $73K remains the pivotal breakout zone, how negative gamma around $75K could accelerate a move toward $80K if reclaimed, and why we continue to favor trading the reaction at key levels rather than blindly front-running moves.

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32 min
March 03 Iran Impact on Crypto Markets, Oil Shock, Block’s AI-driven Layoffs and Bitcoin Key Levels
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:
David Duong, CFA - Global Head of Investment Research (X: DavidDuong)
Colin Basco - Research Associate (X: colin_basco)

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27 min
February 17 Cross-asset Course Correction
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)

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30 min
February 11 Quantum vs. Bitcoin: Preparing Without the Panic
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)

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48 min
February 04 The Relentlessness of Entropy
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)

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29 min
January 27 Silver and Gold Stumble, Bitcoin Pinned by Technicals
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)

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38 min
January 20 Special Guest Richard Galvin, DACM’s Executive Chairman & CIO
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)

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35 min
January 14Looking Beyond the Bounce
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)

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25 min