The Milk Road Show Crypto Q2 Outlook: What Actually Unlocks the Next Bull Run w/ David Duong
May 1, 2026
David Duong, Global Head of Research at Coinbase Institutional, brings macro and institutional insight in a wide-ranging conversation. He covers why Q2 looks neutral, whether Bitcoin is finding a bottom, and how tokenization, ETFs, and regulatory clarity could shift liquidity. He also explores DeFi security, why Ethereum may be undervalued, and how AI agents could interact with crypto rails.
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Headline-Driven Crypto Market Dynamics
- Crypto is currently headline-driven with geopolitical events like Iran moving markets hour-to-hour.
- David Duong links recent BTC moves more to liquidity and market plumbing than fundamental demand, citing declining correlation with equities and long-term holder behavior.
Institutional Flows And Long-Term Holder Accumulation
- Institutional products like digital asset credit are adding buying pressure that outpaces selling, supporting Bitcoin demand.
- Coinbase observed long-term holders (older than 155 days) increasing holdings through Q1, countering sell narratives.
Behind The Scenes Moves Often Precede Price Action
- Milk Road Pro advertises on the show as a tool to see analyst trades in real time.
- The host uses this to illustrate how private moves often happen 'behind the scenes' before markets react.