Coinbase Markets Podcast

We cover a lot of ground in this episode including:the effect of geopolitical developments on cryptothe persistence of the BTC inflation narrativeMSCI’s deferred DAT decisionviral prediction marketsOn the macro side, the focus is on the US CPI print for December and whether this will impact the Fed’s decision making in 2026. Together, this helps tell us whether this crypto bounce is the beginning of a new leg higher or just an early‑year reset in positioning.Speakers:David Duong, CFA - Global Head of Investment Research (X: DavidDuong)Colin Basco - Research Associate (X: colin_basco) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

We unpack our optimistic 1H26 crypto market outlook anchored on global liquidity support and rate-cut expectations, though energy prices and geopolitics represent potential tail risks. This may set the stage for momentum-led crypto performance and disciplined positioning. The discussion also covers the rise of tokenization—from tokenized equities to equity perps and higher collateral efficiency—and stablecoins moving beyond trading into payments and payrolls.  Finally, the episode explores the social and market flywheel around prediction markets, the evolving privacy narrative, and a pragmatic take on the fundamentals vs. technicals debate using recent DeFi examples.Speakers:David Duong, CFA - Global Head of Investment Research (X: DavidDuong)Colin Basco - Research Associate (X: colin_basco) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this year-end episode, our Coinbase Research team wraps up 2025 by grading their crypto market predictions from the previous year and discussing key themes for 2026. The hosts score their prior year outlook on macro trends, tokenization, and the resurgence of DeFi/DEX volumes. Find out which calls earned high marks and where projections were “overly optimistic.” They then look ahead and share their optimism for a recovery in the first half, supported by the ongoing rate cutting cycle; the rise of prediction markets; the continued explosion in crypto derivatives; the endgame for application-specific chains; and the path for stablecoin growth in the year ahead.Speakers:David Duong, CFA - Global Head of Investment Research (X: DavidDuong)Colin Basco - Research Associate (X: colin_basco) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Crypto racked up some wins this week with Vanguard and Bank of America opening the door for their clients to trade the asset class, though many still wonder why BTC isn’t trading substantively higher given all the good news. Our Head of Research, David Duong, remains constructive due to favorable macro conditions but acknowledges that it’s hard to identify the marginal buyer at the moment. That said, he still thinks DATs are a meaningful source of demand. Meanwhile, the Fed decision is coming and a rate cut seems to be a lock. But what’s the consensus sentiment on the board? How will they interpret recent inflation trends? Fear of hawkish messaging seems to be pervasive. Separately, David and Colin debate the merits of trying to trade the potential nomination of Kevin Hassett to Fed Chair. Finally, we cover Ethereum’s latest upgrade and the implications for ETH's price.Speakers:David Duong, CFA - Global Head of Investment Research (X: Dav1dDuong)Colin Basco - Research Associate (X: colin_basco)  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Colin Basco, a Research Associate from Coinbase, offers insightful analysis on the post-Thanksgiving market. He critiques traditional dollar cost averaging, advocating for a trend variant approach. The conversation dives into the Fed's imminent rate cut and its potential impact, while also addressing recent volatility linked to the Bank of Japan's hawkish stance. They further explore the implications of AI-driven layoffs on the economy and examine crucial Bitcoin signals, particularly the battle to reclaim the $98K-100K support zone.

Colin Basco, a Research Associate at Coinbase, dives into the current complexities of the crypto markets. He discusses the implications of a possible government shutdown on market releases and signals from small business earnings pointing towards Fed cuts. The duo weighs the risks of dollar-cost averaging during downturns and the importance of Bitcoin's performance for altcoins to thrive. Colin's cautious stance contrasts with David Duong's more optimistic view, creating a nuanced conversation on navigating this turbulent crypto landscape.

This episode unpacks a fragile week in crypto markets, discussing why reactive positioning can beat buying dips in downtrends, and what November’s liquidity signals could mean for a potential year‑end turn. We map the landscape of softening demand—from corporate treasuries to ETF outflows—alongside key technical zones that now define the range, and what renewed options hedging is signaling about downside risk and rebound potential.  We also talk about how shifting FOMC odds are feeding risk sentiment, and why the much‑debated AI trade—between massive capex and slower monetization—matters for crypto markets and sector rotation.Speakers:David Duong, CFA - Global Head of Investment ResearchGeorg Toropov - Senior CES Sales TraderColin Basco - Research Associate Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Starting today, all Coinbase One US subscribers will have early access to Coinbase Research. If you’re a CB1 subscriber, check your inbox now. In this episode, we cover some of the topics from our latest Monthly Outlook. We also wade into the enterprise L1 debate following the announcement that long-time Ethereum Foundation researcher Dankrad Feist is joining Tempo — a new L1 focused on payments and stablecoins. We also walk through the latest Charting Crypto report where we unpack new investor survey signals, dig into our Global M2 Money Supply Index, and discuss the role of digital asset treasuries as a force for structural demand across BTC and ETH.Speakers:David Duong, CFA - Global Head of Investment ResearchBen Rodriguez - Senior Protocol SpecialistColin Basco - Research Associate Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this episode, we dig into whether there’s more downside ahead or if the worst is now behind us following the leverage flush on October 10. We discuss how elevated altcoin open interest set up cascading liquidations and why the reset cleans up positioning but doesn’t guarantee direction. Flows remain mixed with limited BTC dip‑buying, a concentrated ETH bid, and some ETF outflows—so we prefer reactive over anticipatory positioning until breadth improves. Finally, a growing privacy theme centers on Zcash, with momentum holding even through the drawdown. Into next week, a 25bps Fed cut is the base case, though a dovish Beige Book is increasing the odds of the board front loading the easing cycle into early next year.Speakers:David Duong, CFA - Global Head of Investment ResearchGeorg Toropov - Senior CES Sales TraderColin Basco - Research Associate Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The phrase “Black Friday” now carries a very different connotation for crypto market participants following Friday’s flash crash that saw $19B in leveraged positions wiped out. Ostensibly, the catalyst for the move was the announcement of 100% tariffs and new export controls on China (subsequently walked back), but the unprecedented scale of the move suggests many moving parts to the story. We break down the main vectors contributing to the sell off, including the market’s massive liquidity drain, the collateral valuation mechanics of certain crypto-trading platforms, and the role that auto-deleveraging mechanisms played. We also discuss the lessons being learned in the aftermath and what this means for both retail and institutional investors going forward.Speakers:David Duong, CFA - Global Head of Investment ResearchJoshua Pak - Senior CES Sales TraderColin Basco - Research Associate Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.