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Coinbase’s Q4 Crypto Survey: Is the Crypto Bull Run Over? w/ David Duong

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Oct 16, 2025

Guest

David Duong

David Duong, Head of Institutional Research at Coinbase, brings his expertise to the conversation on institutional market trends. He dives into the intriguing results of Coinbase's Q4 Crypto Survey, highlighting the perspectives of institutional versus non-institutional investors. Duong discusses Ethereum's potential for a price surge, the growth of prediction markets like Polymarket, and the overarching influence of macroeconomic factors on the market. He also touches on the ongoing themes of de-dollarization and the debasement trade, illuminating key insights for crypto enthusiasts.

47:17

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Episode notes

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ADVICE

Wait For Institutional Confirmation Before Adding

Institutions will wait to buy until they see clear signs the market has bottomed; avoid catching falling knives.
Look for shallow bottoms and institutional onboarding as signals to add exposure.

insights

INSIGHT

Institutions See A Later Bull Stage

Institutions view the cycle as later-stage more often than non-institutions, though opinions vary.
Both groups remain generally bullish on Bitcoin but differ in magnitude and altcoin exposure.

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ADVICE

Favor Large Caps If You Mirror Institutions

Expect institutions to favor large-cap tokens like BTC and ETH over small-cap altcoins.
Adjust risk allocation accordingly since non-institutions hold more small-cap exposure.

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Market Reaction to Recent Volatility

01:49 • 4min

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Outlook for a V‑Shaped Recovery

05:52 • 5min

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Highlights from Coinbase’s Q4 Survey

11:01 • 6min

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Defining Non‑Institutional Investors

Prediction Markets Growth and Polymarket

22:18 • 4min

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Polymarket: ETH vs Gold to 5K

26:41 • 3min

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Ethereum Exit Queue and Staking Dynamics

30:11 • 3min

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Macro as the Primary Risk and Opportunity

33:26 • 4min

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Chances of a Sustained Bull Run

37:00 • 4min

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The Debasement Trade and De‑Dollarization

40:32 • 5min

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Final Takeaways and Wrap Up

In this episode, we sit down with David Duong, Head of Institutional Research at Coinbase, to break down the results of Coinbase’s Q4 Crypto Survey and uncover what the smartest money in crypto is thinking right now. From Ethereum’s path to a new all-time high, to the rise of prediction markets and the debasement trade gaining steam, this conversation is packed with institutional-grade alpha.

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✊ Follow Milk Road on Social Media:

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🎙 GUEST INFO 🎙

David Duong: https://x.com/Dav1dDuong

📃 Disclaimer 📃

The information presented in this video is for educational and informational purposes only. It should not be considered as financial, legal. The views and opinions expressed by the speakers, are their own and do not constitute professional advice. Investing in cryptocurrencies carries significant risks, including the potential for substantial losses.

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