Coinbase Markets Podcast

Latest Episodes:

What next after the SEC decides not to appeal Oct 17, 2023

Show notes

This week, we look beyond the fake news on spot bitcoin ETF applications and discuss what’s next following the SEC’s decision not to appeal the ruling in the Grayscale case. Josh takes us through this and the latest crypto news, including new fees on Uniswap’s front end. David discusses a busy macro week with a number of Federal Reserve speakers on the tape including Chair Jerome Powell on Thursday (October 19) alongside retail sales, housing data and 3Q23 equity earnings. He also talks about entry and exit queues on Ethereum and the effect on staking yields. Greg provides updates on trading volumes and compares technical charts for BTC/USD vs ETH/USD. Finally, Sid walks us through emerging developments on friend.tech and the TrueUSD security breach.

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Host

Ben Floyd, Head of Execution Services

Presenters

Josh Pak, CES Salestrader

David Duong, Head of Institutional Research

Greg Sutton, Senior CES Salestrader

Sid Shekhar, Staff Blockchain Researcher

Link to Research and Insights Hub.

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Insights from a crypto portfolio manager Oct 10, 2023

Show notes

Welcome to this week's crypto podcast, featuring a special guest, Cosmo Jiang, Portfolio Manager at Pantera Capital, a veteran in traditional finance with 12 years of experience spanning M&A, PE, and L/S equity hedge funds. Cosmo provides valuable insights into the world of crypto and blockchain.

Cosmo discusses various aspects of the crypto landscape, including the competition between Layer 2 solutions and Ethereum, the potential for expanding the Total Addressable Market (TAM) as Layer 2 scales, the emergence of major consumer applications, the concept of account abstraction, the intersection of NFTs and gaming, and the significance of decentralized compute networks like DEPIN.

Also covered by the team:

- Positioning, comparing the skew of ETH versus BTC in the market.

- The Grayscale appeal this week and provides macroeconomic insights.

- Market flows and comparing ETH versus BTC futures. He also delves into the dynamics of ETH transactions.

- Sid returns to discuss the latest developments in friendtech, soon to launch ARB incentives, and the tokenization of Real World Assets (RWA), providing a well-rounded view of the Web3 ecosystem.

Host

Ben Floyd, Head of Execution Services

Special Guest

Cosmo Jiang, Portfolio Manager at Pantera Capital

Presenters

Georg Toropov, Senior CES Salestrader
David Duong, Head of Institutional Research
Greg Sutton, Senior CES Salestrader
Sid Shekhar, Blockchain Research Manager

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Crypto Insights with CoinFund's Seth Ginns Oct 04, 2023

Show notes

Join us for this week’s crypto podcast, featuring Seth Ginns, Managing Partner at CoinFund.

Georg starts the podcast discussing recent price action, some news around new Coinbase licenses and an update on FTX.

David and Seth engage in a conversation about macroeconomic trends, discussing peak USD, real rates, and core inflation and provide an opinion on what to look out for in the coming months.

Greg provides updates on institutional interest, trading volumes, quickly moving BTC basis rates, and the current discounts of ETHE and GBTC.

Seth concludes with a discussion on tokenization in Real World Assets (RWA), exploring this emerging trend in the crypto space.

Host

Ben Floyd, Head of Execution Services

Special Guest

Seth Ginns, Managing Partner at CoinFund

Presenters

Georg Toropov, Senior CES Salestrader

David Duong, Head of Institutional Research

Greg Sutton, Senior CES Salestrader

Link to Research and Insights Hub.

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Blockchain Regulation + Macro Insights Sep 26, 2023

Show notes

Join us for this week’s podcast, featuring a special guest, Lewis Cohen, a leading blockchain lawyer, who provides us with a regulatory update. Lewis shares essential insights into current cases that demand our attention and offers his outlook on regulation, including the potential for an ETF approval.

David takes a deep dive into the macro outlook, discussing the possibility of a government shutdown and evaluating the recent performance of various assets based on key metrics like Total Value Locked (TVL), revenue, and active addresses.

Greg and Josh dive into the upcoming options expiry, exploring its potential impact on the crypto market. They also discuss Tether’s investments in miners, exchanges operating without licenses in Hong Kong and recent flows on the desk.

Host

Ben Floyd, Head of Execution Services

Special Guest

Lewis Cohen, Co-Founder DLXLaw

Presenters

David Duong, Head of Institutional Research
Greg Sutton, Senior CES Salestrader
Joshua Pak, CES Salestrader

Link to Research and Insights Hub

https://www.coinbase.com/institutional/research-insights

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Dissecting the large ETH call buyer Sep 19, 2023

Show notes

David reports on Token2049. He takes us through what participants were most interested in and the general sentiment. He also covers the upcoming macro calendar and what we could expect from the FOMC. The team reviews recent market action, including spot flows and a large ETH option trade that got the market talking. Lastly, Sid touches on Eigenlayer and why data availability is important. He also provides an update on friend.tech.

Participants:

Ben Floyd, Head of Execution Services (host)
David Duong, Head of Institutional Research
Greg Sutton, Senior CES Salestrader
Josh Pak, CES Salestrader
Sid Shekhar, Blockchain Research Manager

Check out our institutional research & insights.

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FTX Court Docs Pressure Markets Sep 12, 2023

Show notes

This week, Greg and Georg provide an in-depth analysis of the FTX court documents, addressing questions about the selling timeline, important assets in the estate, market impact expectations, and the implications for GBTC and ETHE holdings. They also discuss potential recovery and current claims trading valuations. Plus, they explore the potential insights from the court filing regarding FTX 2.0.

In the macro segment, Georg and Greg provide insights into the broader economic landscape, including bear steepening in the US yield curve, upcoming US CPI data, and central bank decisions. They also touch on recent comments from Janet Yellen and expectations regarding monetary policy changes.

Sid takes the stage to discuss Web3 developments, including updates on Friend.tech, explains how their protocol fees work, and the benefits of buying keys (following someone on the platform). He also highlights the growth of real-world assets on the blockchain through platforms like Maple and Ondo, hosted on L2 solutions like Mantle, Ethereum and Stellar.

Host:

Ben Floyd, Head of Execution Services

Participants:

Greg Sutton, Senior CES Salestrader
George Toropov, Senior CES Salestrader
Sid Shekar, Blockchain Research Manager

Links for show notes:

Coinbase Execution Services Market Positioning Report

FTX Court Filing - Doc 2463

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Short selling in crypto + price action after the GBTC ruling Sep 05, 2023

Show notes

This week Matt Boyd, Head of Prime Finance at Coinbase, joins the group to talk about shorting and lending in crypto. The team also covers the whipsaw price action the market endured after the GBTC news was released. What are the important catalysts now and when might we hear more? David gives us his thoughts on the macro calendar and last week’s NFP print. Lastly, with the GBTC discount now at 20%. What does that say about the probability of an ETF?

Host

Ben Floyd, Head of Execution Services

Presenters

Matt Boyd, Head of Prime Financing
David Duong, Head of Institutional Research
Greg Sutton, Senior CES Salestrader
George Toropov, Senior CES Salestrader

Link to Research and Insights Hub.

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Grayscale's Court Victory + Jackson Hole Insights Aug 29, 2023

Show notes

Grayscale's legal victory is a big moment for the crypto industry. We discuss its implications and dive into how different investors may be thinking about the GBTC trade now as well as what they could do next. In macro, we discuss the significant comments made by Jerome Powell at Jackson Hole, offering valuable insights into the impact on the broader crypto complex.

Greg then provides an update on August volumes and positioning post Jackson Hole and pre the Grayscale news covering both spot and vol.

Sid takes the stage to provide updates on BASE, discussing its governance structure and plans for decentralization. He also shares an exciting update on friends.tech, shedding light on the latest developments and innovations in this intriguing domain.

Host

Ben Floyd, Head of Execution Services

Presenters

David Duong, Head of Institutional Research
Greg Sutton, Senior CES Salestrader
Sid Shekhar, Staff Blockchain Researcher

Link to Research and Insights Hub

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Volatility returns with higher rates Aug 22, 2023

Show notes

The team breaks down last week’s market volatility, what they think caused it, and how traders are positioned going forward. With rates likely to stay higher for longer, what does that mean for crypto? And will a slow down in China help or hurt our markets? Lastly, Sid teaches us about the new decentralized social app Friend.tech.

Host:

Josh Pak, Senior CES Salestrader

Guests:

Georg Toropov, Senior CES Salestrader

David Duong, Head of Institutional Research

Greg Sutton, Senior CES Salestrader

Sid Shekar, Blockchain Research Manager

Visit the Research and Insights Hub: https://www.coinbase.com/institutional/research-insights

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Market roundtable with Vance Spencer of Framework Ventures Aug 17, 2023

Show notes

Vance Spencer, co-founder of Framework Ventures, joins the group this week to talk about the opportunities he sees in the crypto markets. David provides insight into the evolving macro landscape. Greg highlights divergent positioning in BTC and ETH. Sid updates us on the Base launch. And Georg brings us up to speed on this week’s crypto news.

Host