Coinbase Markets Podcast

we sit down with Lark Davis to discuss why hotter inflation data is forcing markets to rethink the Fed’s room to cut, and why that may keep crypto in a more selective regime. We cover whether Bitcoin is really an inflation hedge, why BTC dominance may stay elevated if liquidity remains tight, and how traders are weighing onchain data, technicals, and institutional ETF flows. We also discuss Solana’s Alpenglow upgrade and why better technology still needs to translate into usage and token value capture. We finish by analyzing the new Hyperliquid x Coinbase partnership and why Hyperliquid remains one of crypto’s clearest product-market-fit stories.

Main sections:

(01:21 - 10:17) Inflation, Fed policy, and Bitcoin dominance

(10:17 - 22:21) Bitcoin key trading indicators

(22:21 - 29:20) Solana’s Alpenglow upgrade and implications

(29:20 - 39:28) Hyperliquid x Coinbase

Speakers:

Colin Basco – Quantitative Strategist, Coinbase (X: https://x.com/colin_basco)

Lark Davis – Host of The Lark Davis Show (X: https://x.com/LarkDavis)

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In this episode, we focus on three of the biggest crypto stories of the week: Circle’s Q1 results and ARC token announcement, Bitcoin’s more nuanced setup after strong ETF demand ran into a hotter CPI print, and Ethereum’s increasingly important staking and float dynamics.

Main sections

(01:21 - 10:17) Circle’s Q1 results & ARC token

(10:17 - 19:16) Bitcoin after CPI

(19:16 - 23:12) The macro framework for crypto

(23:12 - 32:18) Ethereum’s setup

Speakers

 Colin Basco — Quantitative Strategist (X: https://x.com/colin_basco)

 Greg Sutton — Head of Prime Trading

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We connect the week’s biggest macro and crypto stories, from Iran-driven oil volatility and the equities earnings backdrop to bitcoin’s increasingly important test near $80K. We discuss why rising spot ETF inflows and tighter float have made BTC’s rebound more meaningful, but not yet a confirmed regime shift, and why the short-term holder cost basis remains the key level to watch. We also examine the fallout from the Kelp DAO exploit, how AI may increase risk in DeFi, and why prediction markets have evolved from a niche crypto product into a multi-billion-dollar industry driven by sports, geopolitics, and changing user behavior.

Main sections:

(04:31 - 12:21) The macro setup

(12:21 - 20:25) Bitcoin’s rebound and key levels

(20:43 - 27:36) DeFi’s security problem and Mythos AI Implications

(27:36 - 34:38) Prediction markets

Speakers

David Duong, CFA - Global Head of Investment Research (X: https://x.com/DavidDuong)

Colin Basco - Research Associate (X: https://x.com/colin_basco)

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In this inaugural episode of the Coinbase Advanced podcast, we break down one of the most confusing macro environments in modern history as crypto sentiment snaps back amid Middle East negotiations. The conversation explores the blurring lines between risk-on and risk-off assets, the systemic security threats posed by Anthropic’s new Mythos AI model, and recent DeFi contagion events involving Kelp DAO and Aave. We also dive into the evolution of the "Everything Exchange," examining how the introduction of 24/7 equity perpetuals, commodities trading, and institutional bitcoin accumulation are fundamentally altering the market structure for active traders.

(00:00 - 04:38) Coinbase introduces its new monthly series for advanced traders alongside a look at shifting macro sentiment and the SEC’s new podcast.

(04:38 - 09:07) Scott Melker discusses the breakdown of traditional "risk-off" assets and why current market conditions are the most confusing in history.

(09:07 - 15:02) The team analyzes the security risks of Anthropic’s Mythos AI model and recent DeFi exploits that highlight the danger of "unknown unknowns" in smart contracts.

(15:02 - 17:24) Moheeth breaks down Coinbase Advanced data showing a surge in spot volume and a widening base of unique active traders.

(17:24 - 21:07) A deep dive into bitcoin accumulation trends, institutional "strong hands" taking over retail supply, and the significance of whale wallet movements.

(21:07 - 31:21) The conversation shifts to the growth of derivatives, including USDC open interest rewards and the transition of Coinbase into a full-stack trading venue.

(31:21 - 37:32) Scott and Moheeth explore the disruptive potential of 24/7 equity perpetuals and how 100x leverage on everything will gamify global markets.

(37:32 - 41:17) The episode concludes with a look at diversifying trade flows into altcoins and commodities like gold and silver as traders seek an edge in volatile markets.

Speakers:

David Duong, CFA — Global Head of Investment Research (X: DavidDuong)

Moheeth Alvi — Product Lead, Coinbase Advanced (X: @MoheethR)

Scott Melker — The Wolf of Wall Street (X: scottmelker)

Additional disclaimer:
Listed futures and swaps are offered via Coinbase Financial Markets (“CFM”). CFM is a Futures Commission Merchant (FCM) registered with the National Futures Association (NFA), and regulated by the Commodity Futures Trading Commission (CFTC). Our offerings are available only to US residents. Trading in futures and options involves substantial risks. You should only trade in financial products that you are familiar with and understand the associated risks, and after carefully considering whether such trading is suitable in light of your investment experience, financial position, and investment objectives.

Please note, not all products, such as equity perpetual contracts would be available to customers in all jurisdictions.

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We unpack why oil remains the key macro lens for understanding markets as renewed Iran diplomacy, elevated crude prices, stronger labor data, and sticky inflation risks continue to shape the Fed backdrop and broader risk sentiment. We discuss why Bitcoin has remained relatively resilient in this environment and how we are thinking about the market in a headline-driven regime where tactical levels matter more than long-term conviction. We also break down why Strategy’s bitcoin purchases may still matter even if they look small in aggregated flow data, particularly through momentum, liquidity, and float absorption. Finally, we explore why Hyperliquid continues to strengthen its case as a weekend macro price discovery venue through oil and precious metals perps, and why Covenant’s exit from Bittensor has become a real near-term sentiment hit for TAO without necessarily invalidating the broader decentralized AI thesis.

Main sections

(00:41 - 07:43) The macro setup

(07:43 - 16:18) Bitcoin, oil, and market structure

(16:25 - 27:01) Strategy’s bitcoin buying & implications

(27:01 - 29:35) Hyperliquid’s competitive edge

(29:35 - 33:06) Bittensor and Covenant's exit

Speakers

David Duong, CFA - Global Head of Investment Research (X: https://x.com/DavidDuong)

Colin Basco - Research Associate (X: https://x.com/colin_basco)

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