This week, we're analyzing the market's reaction to the recent Non-Farm Payrolls report, which hit our markets and has significantly increased rate cut expectations. We look ahead to the main event on the macro calendar: the Jackson Hole symposium, where Fed Chair Powell is scheduled to speak Friday morning on things including AI and the labor market, potentially setting the tone for the rest of the year. 

Our latest research report adds context, showing how global liquidity is expected to continue to flow into crypto through Q3 and Q4, and that long-term holders are showing strength by not selling at a loss.Another big story is the continued positive shift in the U.S. regulatory landscape. 

We provide a deep dive into the SEC's new "Project Crypto," an initiative designed to modernize securities regulation, transition U.S. financial markets to a blockchain-based infrastructure, and, crucially, clarify that most digital assets are not securities—a dramatic move away from the previous "regulation-by-enforcement" era. 

This is complemented by the CFTC's "Crypto Sprint" to regulate spot markets and a proposed White House tax update that would align the taxation of mined bitcoin with gold.In market structure, we cover the latest Digital Asset Trust (DAT) updates, including large purchases in SOL and ETH, and discuss how investor equity unlocks can affect market pressure. We also provide a quick update on the ETH staking queue.

Finally, we have a series of massive real-world adoption announcements from Coinbase. The exchange is joining forces with JPMorgan Chase to make it even easier for customers to access crypto. Additionally, Coinbase has expanded its PayPal integration to Canada and will be rolling out Samsung Pay as a payment and deposit option for users in the United States and Canada.

Topics Covered:

• Macro Outlook:
  • Post-NFP analysis and increased rate cut expectations.
  • What to watch for at the Jackson Hole symposium and from Powell's speech.
  • Insights from our research on global liquidity (M2) and BTC valuation.
• The Regulatory Revolution:
  • A deep dive into the SEC's "Project Crypto" and its goal to clarify asset classifications.
  • The CFTC's "Crypto Sprint" for regulating spot markets.
  • The proposed White House tax update for bitcoin miners.
• Market & On-Chain Dynamics:
  • Digital Asset Trust (DAT) updates: large purchases and investor unlock pressures.
  • An update on the Ethereum staking queue.
• Coinbase & TradFi Integration:
  • The new partnership between Coinbase and JPMorgan Chase
  • Expansion of PayPal buy/sell functionality to Canada
  • Integration of Samsung Pay in the US and Canada

CB Research

• Bitcoin, Liquidity, and Macro Crossroads

Speakers:
Ben Floyd, Head of Execution Services
David Duong, Global Head of Research
Colin Basco, Institutional Research

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