Coinbase Institutional Market Call

Crypto Catalysts

Episode Notes

In this comprehensive episode, we delve into the latest developments, from the impact of ETH and BTC ETFs to significant political shifts and long-term catalysts. Our expert panel, including David, Greg, and David Han, provides in-depth analyses and insights into the forces shaping the future of digital assets.

(2:08) ETH and BTC ETF Updates:

• ETH ETFs Performance: David and Greg discuss the trading volume of ETH ETFs so far, the 10% drop in ETHE, and the implications of moving ETHE to mini ETH. They also cover issuer fees and Bitwise's disclosure of ENS addresses for spot Ethereum ETF holdings.
• (7: 05) BTC ETF Inflows: Greg highlights the significant inflows into BTC ETFs, with IBIT receiving $526 million yesterday alone.

(10:58) Political Landscape and Predictions:

• Biden Drops Out: Our panel discusses the implications of Biden dropping out of the race, Kamala Harris stepping in, and current prediction market trends showing 64% for Trump (down from 70%) and 33% for Kamala.
• Fairshake Super PAC: Explore how the pro-crypto group Fairshake has become the largest super PAC of the election cycle, raising over $200 million.
• Trump at Bitcoin 2024: Speculation around Trump's potential announcement to add Bitcoin to US reserves during his speech at Bitcoin 2024 on July 27th.

(20:09) Long-Term Crypto Catalysts:

• (20:20) Mt Gox Distributions: Greg and David Duong discuss the upcoming ~$3 billion distribution in kind from Mt Gox and its potential market impact.
• (21:30) FTX Claims Trading: An update on FTX claims trading ~$1.20, the unclear timeline, and hedge funds accumulating positions, now totaling $400 million.

Market Flows and Volumes:

• Funding and Futures Update: Greg provides insights into general market flows, volumes, and the latest updates on funding and futures.

(23:55) Real World Asset Developments:

• Private Credit Fund: David Han covers Hamilton Lane's launch of a $920.7 billion private credit fund on Solana and Ethereum, highlighting the integration of real-world assets into blockchain platforms.

(25:55) Onchain Activity:

• Solana vs. Ethereum DEX Volumes: David Han reports that Solana DEX volumes have recently surpassed Ethereum DEX volumes on a monthly basis.
• Pump.fun Revenue: Recap of Pump.fun generating $1 million in daily revenue, surpassing MakerDAO.
• Memecoin Volumes: Analysis of memecoin volumes being more "sticky" than anticipated.

This episode offers a thorough exploration of the latest trends, political developments, and long-term catalysts in the cryptocurrency market. Whether you're an investor, a crypto enthusiast, or simply curious about the evolving financial landscape, this discussion provides valuable insights into the strategic movements shaping the future of digital assets.

Subscribe and stay informed: Don’t miss out on our continued deep dives into cryptocurrency trends, market dynamics, and pivotal developments influencing the global markets.

Host:

• Ben Floyd, Head of Execution Services

Panelists:

• David Duong, Head of Institutional Research
• Greg Sutton, Senior CES Trader
• David Han, Research Analyst