CRYPTO 101

Ep. 717 Coinbase's Global Head of Research: Why Crypto Isn’t Following the Old Cycles

Apr 6, 2026
David Duong, Coinbase’s global head of research and former TradFi macro strategist, joins to discuss macro forces reshaping crypto. He explains why macro headlines outweigh fundamentals right now. Institutions are cautious awaiting regulation. Stablecoins, tokenization, and AI-enabled crypto infrastructure are flagged as the next big growth areas.
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ADVICE

Prefer Regulated Wrappers Until Laws Are Clear

  • Institutions want crypto exposure but prefer regulated wrappers and conservative strategies until lawmakers clarify rules.
  • Duong notes many use ETF wrappers and basis trades to avoid regulatory risk while preparing to scale allocations.
INSIGHT

Survey Captures Large Global Institutional Views

  • Coinbase's institutional survey covers 351 decision makers at firms >$500M AUM across US, Europe, Asia.
  • The survey targets hedge funds, family offices and mutual funds to reveal real institutional sentiment.
INSIGHT

Volatility Forced Professional Risk Practices

  • Institutions are professionalizing crypto allocation by tightening risk, liquidity, and position sizing rather than fleeing.
  • Duong says 49% strengthened risk controls and many view crypto exposure as strategic, not speculative.
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