Coinbase Markets Podcast

Latest Episodes:

Coin50 Index, Market Movers and Onchain Insights Nov 12, 2024

Show notes

In this episode, we dive into the major market movers, examining shifts in onchain BTC activity as long-term holders start to potentially position to take profits and funding rates hit extreme levels. Rachel Ziv provides the latest insights on the Coinbase financing business, including current trends in the fluctuating cost of capital. Special guest John D’Agostino, Senior Adviser to Coinbase, introduces the Coin50 Index, explaining its methodology, potential impacts, and its future role in shaping crypto portfolio strategies. David Duong delivers a macroeconomic update covering CPI, retail sales, and insights into what the Fed may do next. Onchain specialist David Han provides a breakdown of Beam Chain, as highlighted by the Ethereum Foundation’s Justin Drake, along with the latest from the Base ecosystem. Don’t miss this packed episode full of expert analyses, innovative tools, and essential market data.

**Host:**
Ben Floyd, Head of Execution Services

Special Guests
John D’Agostino, Senior Adviser
Rachel Ziv, Senior Financing Trader

Panelists
David Duong, Head of Institutional Research
David Han, Research Analyst

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The US Election Was a Huge Win for Crypto Nov 08, 2024

Show notes

Trump’s victory in the 2024 US presidential election has been a significant catalyst for the crypto market in recent days. Following the election results, bitcoin reached a new all-time high exceeding $75,000, along with substantial gains in other cryptocurrencies such as ETH, SOL, and DOGE. This surge is attributed to bullish market sentiment and re-risking by traders. Moreover, the election has led to a more crypto-friendly Congress, enhancing optimism around regulatory clarity. In this podcast, Ben Floyd, David Duong, Greg Sutton and David Han discuss some of the regulatory and policy implications of a Trump presidency. They also talk about the Federal Reserve decision, the Ethereum Foundation’s report, Solana trading ecosystem profits, and the recent spike in stablecoin supply.

**Host:**
Ben Floyd, Head of Execution Services

**Panelists:**
David Duong, Head of Institutional Research
David Han, Research Analyst
Greg Sutton, CES Sales TraderDon’t forget to like and subscribe.

Links:

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Kara Calvert on US Crypto Policy, BTC Price Action, and Onchain Trends Oct 29, 2024

Show notes

In this episode, we kick off with an exclusive interview featuring Coinbase’s Head of US Policy Kara Calvert about how the upcoming election could reshape the crypto regulatory landscape. Don’t miss her outlook on the future of crypto policy under different political scenarios.

Our expert panel also breaks down bitcoin’s latest price movements, US spot ETF inflows, and the shifting dynamics between ETH and SOL. David Duong walks us through a busy earnings season, focusing on major market movers like Apple, Google and Microsoft, while highlighting key macro drivers. David Han wraps up the episode with an analysis of the rising traction in Solana and Base DEX volumes.

**Special Interview with Kara Calvert:**

- How crypto regulation might unfold under Trump vs Harris.
- The possibility of leadership changes at different executive agencies.
- The shape of crypto policy over the next two years.

**Market Update with Joshua Pak:**
- CME open interest trends, spot bitcoin ETF inflows, and trading desk flows.
- Unlock updates and the divergence between ETH and SOL.
- Onchain revenue trends and correlations to BTC.

**Macro Insights with David Duong:**
- Earnings updates: Apple, Microsoft, Amazon, Google, and Meta—impacting nearly a quarter of the S&P 500.
- Key economic indicators: Non-farm payrolls and JOLTs report insights.

**Onchain Section with David Han:**
- Blobs developments & Pectra upgrade
- Traction update on Farcaster.
- Solana DEX volumes up +19% WoW and Base DEX growth at +15% WoW.

**Host:**
Ben Floyd, Head of Execution Services

**Panelists:**
David Duong, Head of Institutional Research
David Han, Research Analyst
Joshua Pak, CES Sales Trader

Links:

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BTC Momentum, Stripe’s Crypto Move, and Fed Signals on DeFi Oct 23, 2024

Show notes

In this episode, our expert panel explores the latest market trends, including CME fund flows, Bitcoin ETF inflows, and altcoin performance. We dive into Stripe’s strategic acquisition of Bridge, election positioning in crypto markets, and Fed Governor Christopher Waller’s positive comments on DeFi’s potential role alongside centralized finance. Stay tuned for insights on token governance, onchain updates, and the rise of a new memecoin sensation.

Topics Covered:

Market Update: Record open interest at CME, $2B Bitcoin ETF inflows, and altcoin market dynamics.
Election Positioning: A look at funding rates, option skew and a discussion on how traders are preparing for election outcomes.
Regulatory Updates: The SEC’s approval for more Bitcoin ETF options and its impact on market sentiment.
Stripe Acquires Bridge: Analysis of what this acquisition means for crypto adoption and why it fits into Stripe’s strategy.
Polymarket Odds: Current election odds, questions of market manipulation, and implications for crypto trading.
Macro Insights: Fed Governor Waller’s remarks on DeFi’s complementary role, plus key macro indicators like next week’s JOLTS and NFP reports.
Onchain Trends: Updates on the Pectra upgrade, Scroll’s launch, and governance developments across Maker, Uniswap, and ENS.
Memecoin Spotlight: The meteoric rise of a new GOAT memecoin, now valued at $400 million.

Host:
Ben Floyd, Head of Execution Services

Panelists:
David Duong, Head of Institutional Research
David Han, Research Analyst
Greg Sutton, Senior CES Sales Trader

Links:
Q4 Guide to Crypto Markets
Coinbase Research

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BTC’s Big Rally, ETF Inflows Surge, Coinbase Q4 Guide to Crypto Markets Oct 15, 2024

Show notes

In this episode, our expert panel dives into the BTC rally (testing the critical $68k mark) and the strong inflows into US spot BTC ETFs. We also explore key developments such as the Unichain announcement (from Uniswap), the growth of Base across multiple metrics, and the Coinbase Q4 Guide to Crypto Markets report.

Topics Covered:

BTC ETF Inflows: How BTC’s rally is influenced by ETF demand.
Unlocks: Breaking down unlocks including TIA and EIGEN, and their potential market impact.
Financing Market Trends: Zaid examines shifts in perpetual futures markets, funding rates, CME basis, liquidations, and other signs of leverage re-entering the market.
CME & DeFi Funding: Exploring CME basis changes and funding rates in CeFi and DeFi sectors.
Uniswap announces Unichain: What it is and what this means for liquidity migration and token-holder value.
Q4 Crypto Report Highlights: Key takeaways on stablecoins, Ethereum, and Bitcoin L2s, and standout charts from our partners.
Macro Insights: China’s stimulus effects, US earnings, and Polymarket election odds’ market impact.
Onchain Trends: Base growth in TVL, DEX, and stablecoin volumes.
Gaming Spotlight: “Off the Grid” (using Avalanche subnet) tops Epic Game Store charts.

Be sure to like, subscribe, and check out the team’s research for more insights.

Host: Ben Floyd, Head of Execution Services

Panelists:

David Duong, Head of Institutional Research
David Han, Research Analyst
Georg Toropov, CES Salestrader
Zaid Khan, Senior Prime Financing Sales Trader

Links:

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Macro, FTX Repayments, Regulatory Shifts, and Onchain Trends Oct 08, 2024

Show notes

In this episode, our panel unpacks key updates including the anticipated FTX repayment schedule and the latest regulatory developments, while also discussing broader macroeconomic trends.

Topics Covered:

Risk Overview: Josh starts by providing analysis of the current risk picture, focusing on perp funding rates, basis, volumes, and institutional interest in the market.
FTX Repayments: A detailed look at the FTX repayment timeline, and what impact that could have on the market.
Macro Overview: David Duong recaps key macro themes, including last week’s NFP data, the upcoming inflation report, and the diminishing effects of China’s stimulus on global markets. He also talks through what he thinks the market will focus on next.
Onchain Insights: David Han discusses high ETH transaction fees, increased onchain DEX volumes (centered on ETH and SUI), and updates on EIP 7782.

Make sure to like, subscribe, and check out the team’s research in the show notes for deeper insights into these developments!

Host: Ben Floyd, Head of Execution Services

Panelists:
David Duong, Head of Institutional Research
David Han, Research Analyst
Joshua Pak, CES Salestrader

Links: Coinbase Research

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Macro Forces Shaping ETF Flows, Market Trends, and Onchain Activity Oct 01, 2024

Show notes

In this episode, we explore the latest movements in the crypto market, including Kamala Harris’ recent mention of digital assets and its potential impact on regulation. Our expert panel breaks down the dynamics driving ETF flows, funding rates, and key macro trends influencing the market.

Topics Covered:

Market Overview: Georg Toropov kicks off with a comprehensive market update, highlighting ETF flows, funding rates, and the major movers shaping today's crypto landscape.
Kamala Harris & Digital Assets: We discuss Kamala Harris’ recent mention of digital assets and and the potential regulatory implications for the crypto space.
Flows & Unlocks: Georg provides insights into hedge fund activity and key upcoming token unlocks, including SUI, ZETA, and TIA.
Mt. Gox Distribution: David Duong updates us on the timeline for the Mt. Gox distribution, with ~45k BTC still to be released and uncertainty surrounding the exact timing.
Macro Outlook: David Duong gives a detailed macroeconomic analysis, covering Middle East tensions, the Fed’s hawkish stance, and important economic indicators like JOLTS and the upcoming non-farm payrolls report.
Onchain Update: David Han wraps up with an onchain update, covering the rise in ETH fees, an overall increase in onchain activity, and the EigenLayer token unlock.

Make sure to like, subscribe, and check out the team’s research in the show notes for deeper insights into these developments!

Host: Ben Floyd
Panelists:
David Duong, Head of Institutional Research
Georg Toropov, Senior CES Trader
David Han, Research Analyst

Links: Coinbase Research

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Crypto x AI + Token2049 Rundown with Special Guest Ralph Achacos Sep 25, 2024

Show notes

In this episode, we welcome Ralph Achacoso, CIO of Factor6 Capital, to dive deep into the intersection of Bitcoin mining and AI, discuss takeaways from Token49, and explore broader market movements and trends in the digital asset space. Our panel covers everything from ETF flows and funding rates to the potential launch of IBIT options, offering an insightful and timely discussion for crypto investors.

Topics Covered:

Market Overview: We kick off with a quick market update, covering ETF flows, funding rates, and key movers shaping the market.
BTC Miners and AI Integration: We explore how BTC miners are engaging with AI, as well as the challenges and barriers of AI implementation in mining.
AI x Crypto: Ralph shares how he thinks about AI x Crypto and where value could accrue.
IBIT Options Overview: The panel discusses the potential launch of IBIT options, comparing them with the BITO options available today, and Ralph provides his expert perspective.
Token 49 Rundown: David Duong gives a detailed breakdown of Token 49 discussions, highlighting key takeaways and what to watch out for.
Macro Outlook: With recent Fed actions, David Duong provides a broader market outlook and what investors should expect moving forward.
Onchain Developments: David Han wraps up with a look at the latest onchain activity, including developments around Ethereum's Pectra upgrade and Wrapped Bitcoin.

Make sure to like, subscribe, and check out the links to our research in the show notes for deeper insights.

Host: Ben Floyd, Head of Execution Services
Guest: Ralph Achacoso, CIO of Factor6 Capital

Panelists:
David Duong, Head of Institutional Research
Greg Sutton, Senior CES Trader
David Han, Research Analyst
Links: Coinbase Research

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Innovations in DeFi and the Future of Finance Aug 20, 2024

Show notes

In this episode, we sit down with Jim Hiltner, co-founder of Superstate, to explore the cutting-edge intersection of traditional finance and decentralized finance. Jim provides insights into the founding of Superstate, the company's long-term vision, and an in-depth overview of their innovative products, including USCC, their carry product. We delve into the nuances of market behavior, such as why term futures can be positive when perpetuals are negative, and discuss who their clients are, how they navigate regulatory challenges, and the exciting opportunities they see on the horizon.

1:00 Basis and funding rate updates

Interview Highlights:

3:30 Superstate's Origins and Vision: Jim shares the story behind founding Superstate and the company's long-term goals in the evolving financial landscape.

7:50 Product Overview: A detailed look at Superstate's product offerings, with a special focus on USCC.

18:40 Market Mechanics: Exploring why term futures can sometimes be positive when perpetual futures are negative, and what this means for their clients.

23:00 Regulatory Strategy: How Superstate approaches regulation today and anticipates future changes.

27:00 Technology and Future Opportunities: An inside look at Superstate's tech stack and where they see the next big opportunities in the market.

Market Color:

34:41 13F Filings Summary: A review of the latest 13F filings and the rise in investment advisors.

38:07 ETF Updates: The latest flows in the Bitcoin and Ethereum ETFs.

39:10 BTC Mining & AI: Updates on the Bitcoin mining sector and the integration of AI.

Political Climate Update:

41:30 DNC Insights: An update on the current political landscape and its implications for the crypto industry.

Macro Update:

42:20 Jackson Hole & Fed Minutes:insights: What to look out for from Jackson Hole and in the Fed Minutes

44:02 Rate Cut Expectations: A discussion on the evolving expectations for rate cuts.

Onchain Developments:

44:32 MKR wBTC Vote: Updates on the MakerDAO wBTC vote.

46:15 Eigenlayer Updates: Thoughts on the two recent developments from the Eigenlayer project.

This episode is packed with expert insights, timely updates, and strategic discussions essential for anyone navigating the rapidly evolving world of digital assets. Whether you're an investor, a market enthusiast, or simply interested in the latest trends in DeFi, this conversation with Jim Hintner and our expert panel offers valuable knowledge to keep you informed and ahead of the curve.

Subscribe and stay informed: Don’t miss out on our continued deep dives into cryptocurrency trends, market dynamics, and pivotal developments influencing the global markets.

Special Guest:

Jim Hiltner, Co-Founder & Head of BD, Superstate

Host:

Ben Floyd, Head of Execution Services

Panelists:

David Duong, CFA - Head of Institutional Research

Greg Sutton, Senior CES Trader

David Han, Research Analyst

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Exploring Crypto Donations with St. Jude Aug 14, 2024

Show notes

Melanee Hannock, the Chief Digital and Innovation Officer of ALSAC St. Jude Children’s Research Hospital, shares her background in marketing and technology and how she helped pioneer St. Jude’s acceptance of cryptocurrency donations. St. Jude first started accepting crypto as a way to tap into an emerging donor demographic and new revenue stream. Hannock discusses the key benefits as well as challenges of accepting crypto as part of their charity efforts. She also looks ahead to the growth in this sector and offers helpful guidance to other non-profits considering crypto philanthropy to support important missions, as blockchain technology becomes more mainstream.

Market Movements:
Later in the episode, we also discuss the latest in crypto markets. Most major coins recovered after last Monday’s sell-off, with moderate strength in BTC and ETH while altcoins have struggled to gain momentum due to inflationary unlock schedules-- albeit there have been some notable exceptions. Meanwhile, in web3, we discuss the vulnerability patch in Solana and why it got a mixed reaction from the community. Finally, we discuss our new research report on “ETH and the Rise of L2s,” where we parse the economics of blockchain scaling and the tradeoffs specific to an L2-focused roadmap.

Special Guest: