Coinbase Institutional Market Call

• Crypto Markets and Macro Moves: SEC Updates, Deepseek, and Corporate Buys

  This week, we explore the evolving crypto landscape with regulatory updates, major market movements, and macroeconomic insights. The SEC sees changes with Mark Uyeda and Hester Peirce taking center stage, while the SAB 121 repeal opens new opportunities for banks holding crypto. The CME teases potential futures for SOL and XRP, and BlackRock files for in-kind redemptions on its spot BTC ETF (IBIT).We analyze the market reaction to Deepseek's launch, which topped Apples's U.S. App Store and led a repricing of many AI- linked assets. Corporate crypto buying also continues as Metaplanet announces a $745M raise to purchase BTC and MicroStrategy adds $1.1B in BTC, supported by a bold $2B perpetual strike preferred stock offering. ETF inflows surge to $1.9B, showcasing sustained institutional interest.On the macro front, we preview tariff updates, the FOMC meeting, and December PCE data. In the Ethereum ecosystem,  the Ethereum Foundation has allocated 50K ETH to DeFi protocols, with Paradigm calling for quicker network upgrades. The Pectra upgrade also receives a tentative March 11 release date. Finally, we spotlight Jupiter's market outperformance driven by its buyback plans and Moonshot acquisitions.Links:Coinbase Research2025 Crypto OutlookTopics Covered:Regulatory Updates: SEC leadership changes and SAB 121 repeal implications.Market Movers: Deepseek's impact, CME futures possibilities, and IBIT's filing for in-kind creation and redemptions.Corporate Activity: Metaplanet's raise, MicroStrategy's BTC purchase, and ETF inflows.Macro Overview: Tariff and FOMC previews, PCE data implications.Ethereum Update: Pectra update and Paradigm's push for faster upgrades.Jupiter's Surge: Buyback plans and Moonshot investment.Host:Ben Floyd, Head of Execution ServicesPanelists:David Han, Research AnalystGeorg Toropov, Senior CES Sales Trader

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• $TRUMP Launch, Crypto Shifts, BTC & SOL ATHs and ETF Volumes

  We unpack the explosive market moves as Bitcoin hits a new all-time high of $110K and Solana reaches $293 as crypto welcomes President Trump. TRUMP Coin’s debut contributed to the market frenzy, while COIN50 posted an impressive 8.74% weekly gain, signaling strong momentum as new users flood into the crypto space.We provide a financing overview, highlighting DeFi lending growth on Solana, funding rate fluctuations, and weekend liquidations. Onchain activity breaks records with DEX volumes at all-time highs, despite some network degradation and Ethereum’s leadership reshuffle. The team also runs through Coinbase’s partnership with Morpho in the U.S. that now allows clients to take USD loans using DeFi protocols secured by their Bitcoin, marking a significant innovation in crypto-backed lending.ETF inflows soar with $2B in Bitcoin ETFs and $213M in Ethereum ETFs, alongside MicroStrategy’s bold addition of $1.1B in BTC.On the macro front, we preview the upcoming Fed meeting and discuss its implications for crypto markets.Topics Covered:Market Highlights: BTC & SOL ATHs, Trump Coin launch, and COIN50’s strong performance.Financing Trends: DeFi lending on Solana and funding rate insights.On-Chain Activity: Record DEX volumes, network challenges, and Ethereum’s leadership changes.ETF and Corporate Moves: Large inflows and MicroStrategy’s BTC holdings.Macro Preview: Key updates ahead of the Fed meeting.Links:Coinbase Research2025 Crypto OutlookLiquid Staking WebinarHost: Ben Floyd, Head of Execution ServicesPanelists: David Duong, Head of Institutional Research David Han, Research AnalystZaid Khan, Head of EMEA Financing 

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• Fresh Corporate BTC Demand, Macro Shifts, Regulatory Trends, Acquisitions and the New Corporates Onchain

  This episode unpacks the latest developments in crypto markets as corporates like Intesa Sanpaolo and Genius Group join the Bitcoin buying wave, with MicroStrategy’s premium holding steady at 1.91. We also highlight Tether’s move to El Salvador and the growing traction of IBIT options, now capturing 50% of Deribit’s open interest, signaling surging institutional demand. An ETF flow update and client strategies reveal how the big players are positioning themselves for 2024.We analyze funding rates, the Ondo unlock, and how to interpret these trends in relation to market dynamics. Recent aggressive crypto acquisitions reflect growing confidence in the new regulatory environment, paired with an update on Coinbase’s Third Circuit Court of Appeals filing.On the macro front, we discuss last week’s CPI, PPI, and employment data and we explore fiscal policy outlooks, debt sustainability, and potential policy shifts shaping the economic landscape. Additionally, we discuss China’s 10Y yield dropping from 2.1% to 1.65% and it's potential impact on global liquidity.In the on-chain segment, we break down stablecoin borrow rates, with Aave at 10-11% and Sky peaking at 12.5%, alongside a surge in USDS growth (25% in the past week). Finally, we examine Sony’s L2 launch on the OP stack, signaling a shift in how corporates leverage blockchain for Web3 adoption, and the interplay between public and permissioned chains.Topics Covered:Corporate Moves: New entrants into BTC buying, MicroStrategy premium analysis.Institutional Trends: IBIT options, ETF flows, and client strategies.Funding Rates & Unlocks: How market dynamics shape strategies.Regulatory Environment: Crypto acquisitions and Coinbase court updates.Macro Update: Key data reflections, China’s stimulus, and fiscal policy outlook.On-Chain: Stablecoin borrow rates, USDS growth, and Sony’s L2 launch for Web3 corporates.Host:Ben Floyd, Head of Execution ServicesPanelists: David Duong, Head of Institutional Research David Han, Research Analyst Georg Toropov, Senior CES Sales Trader

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• Bitcoin's Next Wave: Institutional Growth, Regulatory Shifts, and Onchain Innovations

  This week, we explore Bitcoin’s increasing institutional adoption, with MicroStrategy expanding its holdings and other companies considering BTC for their balance sheets. We analyze ETF flows over the past two weeks and provide a Q1 market outlook, focusing on key drivers and emerging trends. In the macro segment, we examine pro-crypto regulatory appointments, potential legislation from a crypto-friendly Congress, and the Fed's rate outlook for H1. We also discuss the implications of economic data volatility and what Canada’s potential new leadership could mean for Bitcoin. Additionally, we highlight global moves toward Bitcoin as a strategic reserve.Onchain, we delve into the growth of protocols like Morpho, Babylon, and Pendle, alongside AI agents gaining traction, with Eliza ai16z’s GitHub surpassing Google Gemini in stars. We also explore the significance of high DEX volumes and Backpack’s acquisition of FTX's EU operations, shedding light on its impact on European derivatives markets.Topics Covered:Market: Institutional BTC adoption, ETF flows, and Q1 market outlook.Macro: Pro-crypto regulatory changes, potential legislation, Fed rate trajectory, and global BTC reserves.On-Chain: Protocol growth, AI agent innovation, and European market developments through Backpack’s FTX acquisition.Host: Ben Floyd, Head of Execution ServicesPanelists: David Duong, Head of Institutional Research David Han, Research Analyst Georg Toropov, CES Sales Trader

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  33:19
• Bitcoin Hits ATH, Onchain Insights, and 2025 Crypto Outlook

  In this episode, we discuss Bitcoin’s breakout to a new all-time high and the factors driving it, including public companies like MicroStrategy, RIOT, and Semler continuing to stack BTC on their balance sheets. BlackRock’s recommendation of a 2% Bitcoin allocation further underscores growing institutional confidence in BTC as do conversations around global Bitcoin strategic reserves progressing in the U.S., Russia, and France. We also gather onchain insights into BTC active supply, with 4.1M BTC moving onchain in the last six months.Onchain developments include the rise of stablecoin supply, AI agents driving meme token trends, and Lido’s phased withdrawal of Polygon support. We also spotlight Pudgy Penguins' momentum and token launch with PENGU.On the macro side, we preview the upcoming Fed meeting and its potential market impact. Finally, David provides an overview of Coinbase’s crypto outlook for 2025, offering a forward-looking perspective on the year ahead.Topics Covered:Market: BTC’s all-time high, institutional moves, and BlackRock’s 2% allocation call.Strategic Reserves: Bitcoin reserve discussions across the U.S., Russia, and France.Onchain: Stablecoin growth, AI-driven memes, Pudgy Penguins' token launch, and Lido’s Polygon phase-out.Supply Trends: BTC active supply analysis and market implications.Macro: Fed meeting preview and its impact on markets.Outlook: Coinbase’s 2025 crypto market forecast.Host:Ben Floyd, Head of Execution ServicesPanelists:David Duong, Head of Institutional ResearchDavid Han, Research AnalystJoshua Pak, CES Salestrader

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