Coinbase Markets Podcast

Latest Episodes:

Bitcoin’s Strength, Ethereum’s Upgrades & the Future of Crypto Market Apr 23, 2025

Show notes

This week, we explore BTC’s continued strength—driven by ETF inflows, its digital-gold narrative and favorable option skew—while ETH sees institutional outflows. We highlight strong performances from AI-linked tokens like Render, FET, and TAO, and discuss how crypto has outpaced equities since Liberation Day.
In macro, we unpack the potential for BTC decoupling, rising political influence on monetary policy, the IMF’s global growth downgrade, and implications of a weaker U.S. dollar. We also assess the impact of upcoming key data releases like PCE and JOLTs, and what they signal for risk assets.
Our research team dives into what defines a crypto bear market, how today’s market compares to prior cycles, and what VC funding trends reveal beyond just price action.In industry news, we cover Circle’s launch of a new B2B payments and remittance network, its reported application for a banking charter, and comments from Charles Schwab’s CEO on the potential rollout of spot crypto trading in the next 12 months.
Onchain, we provide updates on Ethereum’s upcoming Pectra upgrade, Vitalik’s proposal to shift Ethereum’s EVM to RISC-V, and the growing momentum in tokenized treasuries, now topping $6B in onchain TVL.
Finally, we share the latest from Coinbase, including the launch of XRP futures through Coinbase Derivatives, our new brand campaign, and upcoming institutional events covering Ethereum's roadmap and crypto-AI convergence.

Topics Covered:

Market Trends: BTC ETF inflows, ETH outflows, AI token strength, and BTC vs SPX performance since Liberation Day
Macro Outlook: BTC decoupling potential, politicized monetary policy, IMF forecast cuts, USD weakness, PCE & JOLTs data
Research Insights: Are we in a crypto bear market? VC activity and long-term indicators
Industry News: Circle’s B2B launch, banking ambitions, and Schwab’s spot crypto outlook
Onchain Developments: Ethereum Pectra upgrade, RISC-V proposal, and tokenized treasuries growth
Coinbase Updates: XRP futures live, new Coinbase ad, Bloomberg coverage, and two upcoming webinars on Pectra and AI

Host:
Ben Floyd, Head of Execution Services

Speakers:
David Duong, Head of Institutional Research
Brock Miller, Senior Staff Software Engineer
Greg Sutton, Senior CES Sales Trader

Links:

Recession Proximity and Bitcoin’s Relative Resilience Apr 15, 2025

Show notes

This week we have Sarah Williamson (Coinbase Institutional’s Head of Financing Trading) joining us as a special guest. While optimism remains in short supply due to tariffs, we are seeing improving market structure around bitcoin and other key crypto assets. In this episode, we analyze recent derivatives performance, including sideways perp funding rates and emerging opportunities in options skew as well as the collapse in Mantra’s OM tokens. Meanwhile, the macro environment demands caution amid the current liquidity crunch, even though we see some opportunistic buying from crypto natives at the margin while onchain data has revealed some steady bitcoin accumulation by long-term holders since the end of February. We evaluate the proximity of a recession through the lens of mortgage loan demand, DeFi borrowing rates, and volatility-management strategies. Don’t miss this episode as we look at how crypto and macro markets are shaping up for the month.

Host: David Duong, CFA - Head of Research

Speakers:
Georg Toropov, Senior CES Sales Trader
Sarah Williamson, Head of Financing Trading

Links:
Monthly: How Do You Define a Crypto Bear Market?
The Ultimate Guide to Ethereum’s Pectra Upgrade
Market Technicals: March 2025

Macro Tensions, Market Shifts & Coinbase 24/7 Derivatives Launch Apr 08, 2025

Show notes

This week, we dive into the evolving crypto and macro landscape—starting with the latest market signals: BTC dominance climbs to 69%, perp funding turns negative, and BTC options remain cautiously bearish. We also break down technical levels to watch, institutional flow trends, and how global equity valuations are influencing crypto sentiment.On the macro front, rising US-China uncertainty continue to take center stage. We assess potential ripple effects from escalating tariffs, a weakening yuan, and the PBOC’s monetary posture.In industry news, Ripple makes a $1.2B acquisition, and Apollo backs Plume’s push into tokenized assets. Onchain, stablecoin growth pauses while infrastructure protocols reclaim top revenue spots.We also share Coinbase updates: the May 9 launch of 24/7 derivatives trading, upcoming XRP futures, and progress in tokenized fund access through WisdomTree Connect.

Topics Covered:

Market Metrics: BTC dominance at 69%, flat-to-negative perp funding, bearish skew in options, and COIN50 rebound
Macro Trends: China tariff escalation, yuan devaluation risk, Fed expectations and SPY valuation divergences
Industry News: SEC stablecoin guidance, Ripple’s $1.2B deal, Apollo’s investment in Plume, and fundraises from Blackbird & Cap
Onchain Insights: Stablecoin growth stalls, Aave vote for Pendle PT as collateral, memecoin activity falls relative to overall DEX volumes
Coinbase Updates: Derivatives launch (May 9), XRP Futures (Apr 21), WisdomTree tokenized funds, ML & Blockchain Summit
Upcoming Catalysts: CPI + Jobless Claims (Thurs), FTX distributions (May 30), Pectra upgrade (end of April)

Host:
Ben Floyd, Head of Execution Services

Speakers:
David Han, Research Analyst
Georg Toropov, Senior CES Sales Trader

Links:

Trading Strategies, Macro Trends & Onchain Shifts with Fasanara Apr 01, 2025

Show notes

This week, we explore Fasanara’s approach to trading—how they identify inefficiencies, their evolving strategies, and what’s next for their platform. We also break down the latest market trends, including perp funding rates, ETF flows, and COIN50 index performance.
Beyond markets, we dive into macro updates, covering Tariff Liberation Day on April 2nd, weaker JOLTs numbers, and expectations for non-farm payrolls. In tokenization developments, we discuss Visa’s Tokenized Asset Platform, Mastercard’s blockchain-powered payment network, and the evolving stablecoin landscape.

In the onchain section, we track TVL changes across major protocols, Ethereum’s DEX dominance over Solana, and Walrus Storage’s mainnet launch. Finally, we highlight key upcoming catalysts, including the FTX claims process starting on May 30th and broader market implications.

Topics Covered:

Fasanara’s Trading Strategies: How they identify market inefficiencies and their future plans.
Market Update: Perp funding rates, ETF flows, and technical levels for BTC, ETH & key indices.
Macro Outlook: Liberation Day impact, JOLTs data, and Non-Farm Payrolls expectations.
Regulatory & Industry News: Visa’s tokenization plans, Mastercard’s blockchain network, and stablecoin legislation.
Onchain Insights: TVL shifts, Ethereum vs. Solana DEX volumes, and Walrus Storage live on mainnet.
Upcoming Catalysts: Tariff Liberation Day (April 2nd) and FTX large claims process (May 30th).

Host:
Ben Floyd, Head of Execution Services

Special Guest:

Alessandro Balata, Partner and Portfolio Manager at Fasanara Digital

Speakers:
David Duong, Head of Institutional Research
David Han, Research Analyst
Georg Toropov, Senior CES Sales Trader

Links:

Coinbase Verified Pools, Market Trends & Key Catalysts Mar 25, 2025

Show notes

This week, the team is joined by Brock Miller, Senior Staff Software Engineer, to discuss Coinbase Verified Pools—why we launched it, how it works, and what’s next. We also break down the latest market trends, including perp funding rates, ETF flows, and the SOL futures ETFs.
Beyond markets, we dive into macro updates, covering the April 2nd tariff announcement, the Fed's QT adjustment, and key earnings to watch in April. Onchain, we look at the continued growth in stablecoins, BUIDL’s expansion to Solana, and new activity on Pumpswap and Polymarket. Finally, we highlight major Coinbase updates, including our Ethereum Validator Performance Report and a new institutional investor survey showing increasing crypto adoption. Check the show notes for all links.

Topics Covered:

Coinbase Verified Pools: Why we launched it and what’s next.
Market Update: Perp funding, ETF flows, and technical levels for BTC, ETH & SPX.
Macro Outlook: April 2nd tariff news, Fed QT slowdown, and key earnings ahead.
Onchain Insights: Stablecoin growth, BUIDL expansion, and Solana’s DeFi shifts.
Coinbase Updates: Ethereum validator report & institutional investor trends.
Upcoming Catalysts: Pectra Hooli upgrade (March 26) and April 2nd macro events.

Host:
Ben Floyd, Head of Execution Services

Guest:
Brock Miller, Senior Staff Software Engineer

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

Links:

Crypto Market Trends, Fed Outlook & OnChain Developments Mar 19, 2025

Show notes

This week, host Ben Floyd is joined by David Duong and Joshua Pak to break down the latest market action and key developments shaping the crypto landscape.
We start with an overview of market trends, including ETF flows, basis, funding rates, CEX vs DEX volumes, and sector winners and losers. Then, we move into macro updates, discussing the CPI, the Fed’s next steps, GDPNow forecasts, and regulatory shifts—including growing support for The BITCOIN Act.
Onchain, we highlight Solana’s five-year milestone, including some protocol highlights, and the latest in tokenized real-world assets. Finally, we wrap up with key catalysts to watch.We also celebrate four years of Coinbase Prime, our best-in-class platform that thousands of institutional clients use to trade, stake, finance, and custody crypto at scale. Coinbase also launched Coinbase for Governments to help bring them onchain.

Topics Covered:

Market Trends: ETF outflows, AI & memecoin sector moves, and BTC/ETH key levels.
Macro & Regulation: Fed policy outlook, GDPNow, and crypto legislation updates.
Onchain Insights: Solana’s five-year growth, ETH-based RWA inflows, and major protocol updates.
Upcoming Catalysts: Key economic events, protocol launches, and Nvidia’s GTC conference.

Host:
Ben Floyd, Head of Execution Services

Speakers:
David Duong, Head of Institutional Research
Joshua Pak, Senior CES Sales Trader

Links:

Navigating Volatile Markets: Man AHL's Crypto Strategy, Macro Shifts & Key Catalysts Mar 11, 2025

Show notes

This week, host Ben Floyd is joined by David Duong, David Han, and Greg Sutton to break down the latest market action and what’s on the horizon. We kick off with insights from our interview with Man AHL (Part of Man Group's Systematic Investment Business), exploring their approach to trend following and their evolving crypto strategy. From there, we dive into the macro landscape, reviewing the market movers of the past week, key support and liquidation levels, and what they signal for future price action. Onchain, we cover Ethereum’s Pectra upgrade, stablecoin supply growth, and the surprising decline in DEX volumes.To wrap up, we outline the most important upcoming catalysts that could shape market sentiment — plus, we’ve linked some essential reading from Man AHL and Coinbase Institutional Research in the show notes.

Topics Covered:

Man AHL Insights: Trend following strategies and crypto adoption.
Macro & Market Movers: What’s been driving volatility and key levels to watch.
Ethereum & DeFi: The Pectra upgrade, stablecoin expansion, and DEX activity.
Catalyst Watch: Upcoming events and protocol changes that could move markets.

Special Guests
Tarek Abou Zeid, Partner at Man AHL and Global Head of Client Portfolio Management
Andre Rzym, Partner and Portfolio Manager at Man AHL

Host:
Ben Floyd, Head of Execution Services

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

Links:

Crypto Under Pressure: ETF Outflows, Market Weakness & New Onchain Launches Feb 26, 2025

Show notes

This week, host Ben Floyd is joined by David Han and Georg Toropov to navigate a tough crypto landscape. We break down Solana’s sharp decline—down nearly 50% from its highs—Ethereum nearing a death cross, and extreme fear gripping the market amidst over $1B in ETF outflows and widespread liquidations. We also cover the Bybit hack and its ripple effects across trading activity.
On the onchain side, we dive into the drop in Solana DEX volumes, Pump.fun’s plan to launch its own AMM, and a wave of more recent mainnet launches from the likes of Berachain and Story, as well as Monad’s testnet debut.
Meanwhile, macro factors add to the uncertainty, with rate cuts unlikely before summer. Client conversations reveal a lack of clear near-term catalysts with significant legislation potentially taking months to materialize. But we finish on a high note—Ethereum’s RWA market is growing in both value and adoption, even as the Pectra testnet hits delays.

Links:

Topics Covered:

Market Weakness: SOL’s drop, ETH’s death cross risk, ETF outflows, and liquidations.
Security Incident: The Bybit hack and market response.
Onchain Activity: Solana DEX struggles, Pump AMMs, and major protocol launches.
Macro & Sentiment: Delayed Fed cuts, client sentiment, and regulatory hurdles.
Ethereum Outlook: Pectra testnet hiccups, but RWA growth as a bright spot.

Host:
Ben Floyd, Head of Execution Services

Speakers:

David Han, Research Analyst
Georg Toropov, Senior CES Sales Trader

Solana, FTX, and ETFs Feb 18, 2025

Show notes

This week, we discuss bitcoin's range-bound trading and what upcoming option expiries might mean for price action. Additionally, the episode covers Solana's recent selloff, driven by concerns over memecoin launches and upcoming unlocks. FTX will begin repaying smaller creditors this week, which could have a positive impact on markets. We also review recent ETF applications and what their impact on spot trading flows may be. Lastly, David Han takes us through staking ETFs and potential changes at the CFTC.

Links:

Topics Covered:

BTC option expiries
Solana price action
FTX repayments
Staking ETFs

Host: Joshua Pak, Senior CES Trader

Speakers:

David Han, Research Analyst
Gregory Sutton, Senior CES Trader

AI Agents with Ejaaz Ahamadeen Feb 11, 2025

Show notes

This week, we discuss the dip in the crypto markets and welcome Ejaaz Ahamadeen, ex-Product Manager at Coinbase and founder of 26 Crypto Capital, who shares his insights on the AI agents sector. Ejaaz delves into the significance of crypto AI agents versus centralized services, navigating the intricacies of emerging subsectors, and addressing practical challenges like AI hallucination. Additionally, the episode covers major trading updates, including corporate investments and ETF flows, plus some regulatory news. We also look at recent stablecoin growth and offer a comprehensive view of current market dynamics and future trends. Finally, we tackle market innovations such as Uniswap Labs’ new Layer-2 ‘Unichain’ as well as Lido’s vault upgrades.

Links:

Topics Covered:

AI agents: Why they matter and where’s the value accrual
Trading Trends: Some large scale corporate purchases of crypto, changes in perp volume dominance
Onchain Updates: Launch of L2 Unichain, Lido vault upgrades

Host: David Duong, Head of Institutional Research
Special Guest: Ejaaz Ahamadeen, 26CC

Speakers:

Joshua Pak, CES Trader
David Han, Research Analyst

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